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根據開曼群島法例註冊成立之有限公司股份代號 : 1197 獨家保薦人及獨家全球協調人聯席賬簿管理人及聯席牽頭經辦人 Hengshi_cover_E15(17.33mm).indd 1 4/12/2015 下午7:34

CHINA HENGSHI FOUNDATION COMPANY LIMITED 250,000,000 225,000,000 25,000,000 2.601% 0.005%0.0027% 0.001 1197 32 342C 2015 1211201512182.60 1.80 20151218 www.hkexnews.hkwww.chinahengshi.com.cn 2015128

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DNV GL 2014 DNV GL2014 13.7%DNV GL 2014 1.5 8.0 GB/T 25040 2010 20141231 75% 2014 80,50659,134 201572016 2017 201620156 20162 201632015133,355 109,60220141231 1

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(b)30 2012 2013 2014 2015 6 30 23.8%20.8%28.1%30.1%16.2%19.3%19.4%26.0% 1231 630 2012 2013 2014 2014 2015............... 344,374 78.1% 296,236 73.1% 488,122 71.9% 216,262 73.9% 366,265 73.2%............... 64,663 14.7% 61,908 15.3% 132,478 19.5% 42,161 14.4% 102,990 20.6%............. 22,416 5.1% 19,567 4.8% 20,708 3.1% 9,509 3.2% 10,295 2.1%..................... 5,403 1.2% 8,795 2.1% 8,924 1.3% 4,558 1.6% 1,898 0.4%........ 4,107 0.9% 18,887 4.7% 28,368 4.2% 20,308 6.9% 18,730 3.7%..................... 440,963 100.0% 405,393 100.0% 678,600 100.0% 292,798 100.0% 500,178 100.0% 1231 630 2012 2013 2014 2014 2015 1................. 331,133 75.1% 301,670 74.4% 563,940 83.1% 237,762 81.2% 432,715 86.5%...... 109,830 24.9% 103,723 25.6% 114,660 16.9% 55,036 18.8% 67,463 13.5%..................... 440,963 100.0% 405,393 100.0% 678,600 100.0% 292,798 100.0% 500,178 100.0% 1 7

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1231 630 2012 2013 2014 2014 2015............... 31,402 10,967 344,374 28,960 10,229 296,236 48,794 10,004 488,122 21,311 10,148 216,262 35,155 10,418 366,265............... 6,558 9,860 64,663 6,810 9,090 61,908 13,250 9,999 132,478 4,468 9,436 42,161 9,920 10,382 102,990............. 2,524 8,880 22,416 2,246 8,713 19,567 2,366 8,752 20,708 1,099 8,650 9,509 1,179 8,733 10,295..................... 746 7,238 5,403 1,170 7,519 8,795 1,136 7,852 8,924 580 7,853 4,558 226 8,410 1,898........ 199 20,634 4,107 941 20,065 18,887 1,490 19,043 28,368 1,071 18,966 20,308 990 18,925 18,730..................... 41,430 10,644 440,963 40,127 10,103 405,393 67,036 10,123 678,600 28,529 10,263 292,798 47,470 10,537 500,178 1231 630 2012 2013 2014 2015 (1) (1) (1) (1) 57,666 40,786 70.7% 61,173 42,262 69.1% 80,506 68,348 84.9% 59,441 49,157 82.7% (1) 20.5365183 (i)(ii) (x)(y)(z)12 20.5 1231 630 2012 2013 2014 2015 (1) (1) (1) (1) 41,068 30,766 74.9% 42,938 30,201 70.3% 59,134 56,293 95.2% 47,565 45,402 95.5% (1) 9

12311231 630 630 2012 2013 2014 2015................. (1) 1.0x 1.1x 1.3x 1.1x................. (2) 0.9x 1.0x 1.2x 0.9x................. (3) 136.4% 152.1% 93.3% 98.2%................. (4) 167.1% 160.2% 104.6% 110.3%.................... (5) 7.2% 7.2% 11.9% 22.2%.................... (6) 19.1% 19.0% 27.3% 46.0% (1) (2) (3) 100% (4) 100% (5) 100% (6) 100% 43.95%32.96% 31.77% DNV GL GLISDNV GLGLIS GLIS 10

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2015124 2219613 1999416 6001762015930 19.76% 622 32 15

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2012441.08.1%2013 405.420131 2013 20162017(i) (ii)2014(iii) 201511201511201611 26

2012 20132014201563076.9% 75.8%64.5%65.8%33.7%26.7%20.3%17.8% 3090 90 201212 2014 13.6201212 2016 27

2015 20156 20162 2016320162017 20152016 201739,95339,60317,693 28

201320.8% 201428.1%2014 2015 12.2 20141820122013 2014201220132014 308.0278.9412.6 69.8%68.8%60.8%20146302015630 207.2237.0 70.8%47.4%20156302014 2015630 20151120151120161 12015 1120161 1201611 29

2016 20156 20162 20163 2014122016 20,472 2011 2014 20113 30

2011 2012 20156302014 201220132014 441.0405.4678.620122014 24.1%2014630292.8 207.470.8%2015630500.2 20156302014 201463085.6177.6207.5% 2015630263.22015 11201511201611 201511 201611 31

20161120156 302014 20122013201420146302015630 11.423.316.6 9.82.92012201320142014 6302015630 34.947.6 38.215.865.3 20122013201420146302015630 77.583.5147.539.0 142.817.6%20.6%21.7%13.3%28.5% 20122013 201420146302015630 31.112.692.713.3 74.67.1%3.1%13.7%4.6%14.9% DNV GL 5.0 32

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2012 441.08.1%2013405.420131 2013 41

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15 42 77 334 88 35 Germanischer Lloyd Industrial Services (Shanghai) Co. Ltd. 381 1818 39 6 8 2703 20 58

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GLISGLIS GLIS GLISGLIS(i)GLIS (ii) GLIS GLIS GLISDNV GL120,000 GLIS2009GLIS DNV GL GLIS GLIS (i) (ii) (iii) DNV GL 61

GLIS2014 1.0398,400 DNV GL DNV GL (i)812(ii) (iii) GLIS812 20% DNV GL 201223%201319%DNV GL DNV GL 62

45-45 /0 /+45-45 /0 /+45 /+90 0 63

2009201420152020 600 20092020 +7.5% 579.7 550 500 450 400 350 300 250 200 150 100 50 0 249.1 23.5 262.7 25.0 277.3 34.0 109.3 150.7 148.6 58.5 57.7 30.3 56.8 +9.9% 41.1 53.7 322.3 36.2 130.9 82.8 72.4 268.3 38.6 148.4 398.4 403.2 64.8 65.3 227.6 227.5 2009 2010 2011 2012 2013 2014 2015 7.1 74.3 33.2 72.8 54.7 55.7 376.0 82.4 391.5 88.5 202.0 209.6 27.9 63.9 2016 27.3 66.4 2017 475.7 108.3 250.7 37.3 79.7 2018 527.6 121.5 272.8 46.7 87.0 2019 138.1 296.0 50.8 95.3 2020 DNV GL 2014398,400 2020DNV GL 2009249,1002014398,4009.9% 2020579,700201520207.5% DNV GL201410 2012201316.7%2013 12.0 DNV GL20162017 20092013 (i) (ii)2014(iii)20151 1201511201611 2020 200201412 64

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DNV GL200938.3201451.7 6.2%202067.320152020 5.7%2013201291.6% 20162017 201620172015 202020092014 2009201420152020 2009 2020 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 158.7 22.1 25.6 35.0 76.0 197.1 26.4 44.5 40.1 86.1 +18.5% 236.8 32.2 62.0 46.9 95.7 282.0 38.2 75.3 60.0 108.5 318.6 2009 2010 2011 2012 2013 2014 2015 44.5 91.4 61.1 121.6 370.3 55.0 115.0 66.0 134.4 421.4 65.5 137.6 74.2 144.1 468.7 78.9 156.2 78.4 155.2 2016 +10.8% 516.9 93.2 174.5 82.5 166.6 2017 574.0 110.8 194.7 88.2 180.3 2018 636.2 130.6 214.9 95.4 195.3 2019 703.5 152.9 236.2 103.1 211.2 2020 DNV GL 2009158.72014370.3 18.5%2015202010.8% 2020703.5DNV GL2020 236.220132020200 2015 50% 201320202002015 2020142015 11201511201611 67

20121220131 201213.12009 20131.1 201411 20132013 20152020 GWEC 201410(GWEC)20142014 201520202030 2020208GWEC 20202172302014 GWEC 3.8%6.2%10% 68

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2014 1 29% 2 16% 3 13% 4 6% 5 4% DNV GL 20122014 2013 2012 2013 2014 20154............................ 6,200 8,000 6,000 7,500 6,200 8,200 6,500 10,000 DNV GL 73

20153102015410 2015 2012927201210 12012 20121126 20113272013216201351 2011 74

19931229 1999122520048282005102720131228 201431 1986412200010 31 1990121220014122014219 10%50% 1994512200446200471 2004 75

2004625 19871222013629 20131228 19961291997114200885 2008 200078 20098272014831 2014424201511 76

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2000912000 198451119965152008228200861 200819961029 1997311995 103020041229200541 1998112920021028 200391 200811 25% (i)(ii) 25% 25% 20% 78

20081152008 20091120081215 2011111 17% 10% 25%5% 10%20091027 2009220 (i)(ii) (iii) 12 2009101 200531620055 1 79

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DNV GL 2014 DNV GL 201413.7% 2015 93,0092015 20162017 2014 2015630 20156302014166% 2015LM Wind PowerACCIONA Blades S.A2013 DNV GL2014 14 DNV GL 93

DNV 2014 DNV GL 2014 14DNV GL 8.0 GB/T 25040 2010 40 DNV GL 94

20156 3011726 91 201511 2015 20156304314 GBT 19022-2003/ISO100122003ISO140012004GB/T 28001-2011GB/T 19001-2008 idt ISO90012008 95

2000 14 2015630 26.4%18.9%52.6%20142015630 1820 20052008 200620072011 DNV GL 20082014 201210201313201420 20122013Tecsis GmbH 2014 Gamesa TPI Composites Inc201511 LM Wind Power ACCIONA Blades S.A.20132014 96

1%5% 20129.5% 201311.3% 40 5.0 97

9,933 20156 20162 20163 34.033.7 20156300.32015 2016 201511 98

5.0 5.0 2016 99

2014 80% 1.5 8.0 2012 2015630 22,500 2012201320142014 63020156301,002 2,2887,3512,61812,2702.4%5.7%11.0%9.24%26.03% 100

0/90 20122013201420146302015630 41,43040,12767,03628,52947,470 1231 630 2012 2013 2014 2014 2015 % % %.................... 344,374 78.1% 296,236 73.1% 488,122 71.9% 216,262 73.9% 366,265 73.2%.................... 64,663 14.7% 61,908 15.3% 132,478 19.5% 42,161 14.4% 102,990 20.6%.................. 22,416 5.1% 19,567 4.8% 20,708 3.1% 9,509 3.2% 10,295 2.1%.......................... 5,403 1.2% 8,795 2.1% 8,924 1.3% 4,558 1.6% 1,898 0.4%............. 4,107 0.9% 18,887 4.7% 28,368 4.2% 20,308 6.9% 18,730 3.7%.......................... 440,963 100.0% 405,393 100.0% 678,600 100.0% 292,798 100.0% 500,178 100.0% 101

2014201563071.9% 73.2%2004 8.0 20111.0E-BX800 12 DNV GL 102

200320142015630 19.5%20.6% 0 90 0 90 0 90 20122.0 DNV GL 103

200120142015630 3.1%2.1% 2012 ESM600/450 DNV GL 2001201420156301.3% 0.4% 104

DNV GL 201220142015630 4.2%3.7% 5.0 2014 2016 105

106

(1) (2) 107

20122013201420146302015630 1.513.4122.0 108

28.151.7 1.510.5117.111.324.8 2015630 100 20156 30117,906 90,00020156301,031 109

2014 59,1342014 1231 630 2012 2013 2014 2015 (1) (1) (1) (1) 57,666 40,786 70.7% 61,173 42,262 69.1% 80,506 68,348 84.9% 59,441 49,157 82.7% (1) 20.5365183 (i)(ii) (x)(y)(z)12 20.5 20122013201369.1% 201484.9%2014 1231 630 2012 2013 2014 2015 (1) (1) (1) (1) 41,068 30,766 74.9% 42,938 30,201 70.3% 59,134 56,293 95.2% 47,565 45,402 95.5% (1) 201274.9%201370.3% 2013 110

2013 70.3%201495.2%2014 20142015630 2014 5002014 1.0% 2000 2015 20162017 20157 213.0179.82015630 33.22015 26,2682015 111

2015 630 2015.................. 30,020 20157 213.0 179.8 33.2 201620172017 259.0196.0 63.020162017 2016 2017.................. 29,064 201612 259.0 196.0 63.0 4,076 201412 (i)industrial Development Authority)(ii) Eyptian Chamber of Textile Industries)(iii)(Ministry of Trade and Industry)(Industrial Register) 2014812019731 20156 20162 20163 112

34.0 33.720156300.3 2015 2015 630 2015.................. 9,933 20163 34.0 33.7 0.3 2016 52.0 2016 2016............................. 10,539 20169 52.0 52.0 113

20152017 (1) (2) 2015.............................. 10,882 30,020.............................. 4,966 9,933............................................. 15,848 39,953 2016.............................. 8,703 29,064.............................. 5,270 10,539............................................. 13,973 39,603 2017.............................. 3,731 17,693 (1) (2) 11 20152016 i 201459,1342015109,6022016155,027 2017184,389ii 2014123181,684201520162017135,082180,657 198,351 20142015 2014 2015112015123193,009 20141231 2013 201210201313201420 201511 114

LM Wind Power DNV GL20092014 6.2%201520205.7% DNV GL20092014 9.9%201520207.5% 2011 2012 115

DNV GL DNV GL 116

(Statement of Approval)......... DNV GL 2015211 2015515 2019228 2019514 (Type Approval Certificate)........ DNV (1) 201174 2015630 (2) (Certificate of approval of a fiber reinforcement)..... 2011919 201681 (Lloyd s Register s survey) (1) DNVDNV GL (2) 2016630....................................... 2012201320142015630 62.3%64.4%73.6%74.5%4.0%3.8%4.6% 4.8% 117

2015 2015 201220131 2013220153 201593019.76%201220132014 2015630257.3 208.3395.4271.5 76.6%64.9%81.0%77.7% 2013220153 20132014 201220131 2015 41 30 2012201320142015630 96.6%99.7%99.8%96.6% 87.9%94.2%98.6%56.5%2012 201320142015630 5% 118

20122013201420156 301.0% 20122013201420151 0.02 20152 20122013201420156 30257.3 208.3395.4271.576.6% 64.9%81.0%77.7% DNV GL2014 17%29% 19994 60017620151130207 201593019.76% 0.77%30% 1.3% 200092013 2014 1%2% 2013201435,917 75,545181.2359.1 119

20122013153,962259.8 20132014 12 24 3090 1% 201511 120

20151120171231 2000 DNV GL 2014 17%29% 14 20151 120151120171231 201220132014 6.6% 1,000 121

(i) (ii) (iii) (i) 122

(ii) 2014 17%29%1999 420151130207 1980 1,140,00050%570,000 2014 201220131201541 201541 123

20154114 2015331 DNV GL 201496.8% DNV GL2014 Owens Corning Corporation1,260,0001,020,000 540,000420,000PPG Industries, Inc.420,000 20141714766 2000 10,000 124

20053282006 20141231 33.82%2015930 70.28%19.76% 0.002% 2012201320142015630 32.224.844.8 66.3 125

(i)(ii) (iii) 20122013201420156 30184197164171 2012201320142015630 10132040 3090 90 20142015630 1820 1231 630 2012 2013 2014 2014 2015 % % %............... 173,466 39.3% 138,773 34.2% 195,962 28.9% 96,738 33.0% 131,933 26.4%............. 104,978 23.8% 77,451 19.1% 136,468 20.1% 70,862 24.2% 94,372 18.9% (1).............. 27,974 6.3% 59,283 14.6% 74,006 10.9% 37,517 12.8% 8,944 1.8%........... 875 0.2% 2,857 0.7% 5,853 0.9% 1,835 0.6% 1,617 0.3%............... 701 0.2% 555 0.1% 334 0.0% 242 0.08% 104 0.02%................. 307,994 69.8% 278,919 68.8% 412,623 60.8% 207,194 70.8% 236,970 47.4% (2)........... 132,969 30.2% 126,474 31.2% 265,977 39.2% 85,604 29.2% 263,208 52.6%................. 440,963 100.0% 405,393 100.0% 678,600 100.0% 292,798 100.0% 500,178 100.0% (1) (2) 2012201320142015630 76.9%75.8%64.5%65.8% 33.7%26.7%20.3%17.8% 126

201220132014 Zhenshi US2015630 201220132014 Zhenshi US60%30% 10%2012201320142015630 11.9%22.4%18.9%7.0%Zhenshi US 5% 2012 2013201420156304.9% 94.2%98.6%37.0%4.3%12.6%12.0%1.3%20122013 2014123120156303.4%8.0% 11.4%1.0% 2014 20142014 127

30 ISO9001ISO14001 20 6090 128

0.5% 15% 20132015630 5.87.52014 17.2 129

1231 630 2012 2013 2014 2014 2015............ 45,219 61,062 84,580 32,497 201563020 130

20142015630 131

業務以下地圖列示我們產品於 2014 年及截至 2015 年 6 月 30 日止六個月運送至的海外市場包括香港澳門及台灣的地點北美加拿大美國歐洲丹麥西班牙波蘭法國英國意大利烏克蘭斯洛伐克亞洲日本南韓台灣印度香港新加坡阿拉伯聯合酋長國及沙特阿拉伯中美墨西哥澳洲銷售網絡所覆蓋地區貿易公司客戶於往績記錄期間我們向若干貿易公司銷售部分產品彼等其後將我們的產品轉售予終端客戶大部分該等貿易公司為獨立第三方及餘下分銷商為我們的關聯方於 2012 年 2013 年及 2014 年以及截至 2014 年 6 月 30 日及 2015 年 6 月 30 日止六個月向貿易公司銷售產生的收益分別為人民幣 73.8 百萬元人民幣 114.2 百萬元人民幣 152.1 百萬元人民幣 73.7 百萬元及人民幣 47.8 百萬元分別佔我們同期總收益的 16.8% 28.2% 22.4% 25.2%及 9.6% 於該等銷量中向貿易公司其亦為我們的關聯方銷售產生的收益分別為人民幣 19.9 百萬元人民幣 54.1 百萬元人民幣 102.2 百萬元人民幣 40.0 百萬元及人民幣 36.0 百萬元分別佔同期總收益的 4.5% 13.4% 15.1% 13.6%及 7.2% 我們的董事確認於往績記錄期間向所有關聯方的銷售屬公平合理且與提供予其他貿易公司客戶屬獨立第三方的條款一致下表列示於所示日期的貿易公司客戶數目截至6月30日止六個月截至12月31日止年度 2012年期初的貿易公司客戶.................. 新增貿易公司客戶.................... 終止現有貿易公司客戶................ 期末的貿易公司客戶.................. 106 17 (50) 73(1) 132 2013年 73 21 (30) 64(2) 2014年 64 25 (27) 62(3) 2015年 62 6 33 35(4)

(1) Jushi International Group (Canada) Co., Ltd. Zhenshi Spain S.A.Temax Italia S.R.L. (2) Jushi International Group (Canada) Co., Ltd.Zhenshi Spain S.A. (3) Zhenshi Spain S.A.Temax Italia S.R.L. Jushi International Group (Canada) Co., Ltd. Zhenshi US (4) Zhenshi USJushi Italia S.R.L.Jushi International Group (Canada) Co., Ltd. 30120 (i) (ii) 2014 Zhenshi USZhenshi Spain S.A. 30% 133

20151 (i) (ii) (iii)2015122 134

201563019 2012201320 2012 1,49913.320123.0%2013 3,00727.220136.7% (i)20 (ii)(iii) 201212 2014 13.6 2012122016 135

20082010 201563011726 91 CNAS-AL01 2015 32 20122013201420146302015630 136

15.313.321.08.8 15.63.5%3.3%3.1%3.0%3.1% 2012 GB/T 25040 2010 2015 63017 60% 38 137

138

GB/T 19022-2003/ ISO100122003 2011 1020 2016 1019 GB/T 19022-2003/ISO 100122003 ISO140012004 201562 201855 ISO140012004 GB/T 28001-2011 201562 2016618 GB/T 28001-2011 GB/T 19001-2008 idt ISO90012008 201562 2017529 GB/T 19001-2008 idt ISO90012008 2015630431420156 30 B. 2. 139

2009 2012 2010 2010 2011 2011 2012 20082014 DNV GL2014 140

89.5% 14% SAERTEX GmbH & Co. KGOwens Corning Corporation (i) (Industrial Development Authority)(ii)(Egyptian Chamber of Textile Industries)(iii)(Ministry of Trade and Industry) (Industrial Register) 141

ISO140012004 2011 1 20122013201412312015630 0.10.10.2 0.4 142

143

1 (i)128,567(ii)127,692 3,495 110 4,076 2015124 75.9 144

2015630 32L 15% 6(2) 342(1)(b)34(2) 1. 3,299.625 2015124 2. 110 3. 4,076 20156301,184............................................................. 1,031............................................................. 48......................................................... 17....................................................... 20............................................................. 26............................................................. 7............................................................. 18............................................................. 1,167 201563025% 145

20113 2016 20156 20162 20163 2014122016 20,472 146

17.7 20166 2015515 (i)(ii) 2014 5% 2015522 147

20121120141031 (i)(ii) 148

(1) (2) (3) (1) (2) (3) 1231 2012 2013 2014...................... 11 14 9 27 15 49.................. (14.0) 19.5 (3.4) 14.9 (4.3) 18.1 20122013123120141231 33.518.3 22.42012201320141231 5.511.6 13.8201410 149

2014103120153 1231 2012 2013 2014............... 5.5 11.6 13.8........... 2.6% 2.5% 3.0%................... 0.1 0.3 0.4 2012201320141031 0.5%0.9%1.6% (i) 20122013201412312015630 441.5511.8420.3436.1 (ii) 2015630633.0227.0 (iii) 20122013201412312015630 124.533.461.769.8 2013123120141231 28.3201412312015630 5.1 12 150

2015417 10 (i) 3 (ii) 4 (iii) 112 (iv) 20153 (i) 102 151

103194 (ii) 20141031201518 (1) (2) 5.0 5.0 152

10.0 10.0 (3) (4) (5) 2015182015227 153

(1) (2) 20122013201412312015630 167.8441.2200.0 0.520122013201420146302015630 11.423.3 16.69.82.9201220132014 2014630201563077.5 83.5147.539.0142.8 17.6%20.6%21.7%13.3%28.5% 20122013201420146302015630 66.060.2130.9 29.1139.915.0%14.8% 19.3%10.0%28.0% 2015417 2004 2015417 154

3.54.0 0.05% 201598 201598 (1) (2)(a) (b) 155

43.95% 95.95% 95.95% 32.96% 60 70.28% 19994 60017619.76%2012 2013220153 201541 201563094.9%SMC 2015630 297.9201563014.6 SMC SMC 2015122 (i) 157

5% (ii)zhenshi US 900Zhenshi US 60 158

159

(a) (b) (c) (d) (e) 19.76% (1) 112 20% (2) 160

1. 70.28% (a) (b) (c) (d) (e) 2. 70% 163

1231 630 1231 2012 2013 2014 2015 2015 2016 2017 14A.35 14A.36 14A.46 13,381 17,759 28,843 23,342 45,808 54,407 72,225 14A.35 14A.76(2) 2,375 6,404 8,697 5,494 13,810 15,854 20,297 14A.76(1) 137 1 0 0 14A.76(1) 151 147 14A.76(1) 14A.97 14A.97 14A.97 164

(1)(2) (3) 20145 20145 20145 2015122 (a) (b) (c) (d) (e) 2013 165

2013 20171231 20122013201412312015630 13,381,00017,759,000 28,843,00023,342,000 2015201620171231 45,808,00054,407,000 72,225,000(i)(ii) (iii)(iv) 14A 166

2012 2015122 (a) (b) (c) (d) (e) 2012 167

2012 20171231 20122013201412312015630 2,375,000 6,404,0008,697,0005,494,000 2015201620171231 13,810,00015,854,000 20,297,000(i)(ii) (iii)(iv) 70% 0.1%5% 14A.76(2) 14A 168

(i) 14A.10514A (ii) 14A.10514A (i) 5%(ii)3 (iii)14a.76(1) 14A 20122013201412 312015630137,000 1,000 169

20146152015 11 1453,494.85 25,200 201412312015630 143,000147,000201220131231 2015 12 2 70.28% 14A (a) (b) (c) (i)(ii) (iii) 14A.9714A 2015124 170

75.9 3,3002018................................................................................................................................ 70% 15% 59 70.28% 14A 2015122 171

...... 60 20152 20041...... 32 20152 20139...... 62 20155 20041........ 37 20155 20155...... 50 20155 201411...... 35 20155 2008 172

...... 77 20155 20155...... 44 20155 20155........ 59 20155 20155...... 50 201411 201411...... 35 20141 2008...... 41 20155 20155........ 36 20091 20071 6020152 1971819896 19896 19933 173

19993 40200812 2009 MBA200212 3220152 20139 2009120081 20081220027 6220155 2004119962003United Suntech Craft Inc19952010Gibson Enterprises Inc 19766 3720155 2011 20102001520038 2003920078 2007200920006 20076 49201552014 11201411 19899199710 19971020082Saint-Gobain China2008220087 20088201411 20104201411 174

19896 3520155 2008201412003 720041020042006 2006320088 20102013 20036 7720155 19641998 199210 198712199512009 12 19617 4420155 20144 20149 20041020144 20016 5920155 20007 20097 20146 20113 2010620156 2012520155 2003620145 1349 19833199561995720006 175

198311991319987 4120155 2010 19972006 20062008 20082010 19977 3620091 2007119982002 20022004 20072009 199912 20155720093201312 20111201212 201412015420087 TMF Hong Kong LimitedKCS Hong Kong Limited 14 3A.19 3A.23 (a) (b) (c) 176

(d) 13.10 13.46 20155714 20155714 (i) (ii) 20155714 2012201320141231 177

2015630727,000 IAIB 13 2012201320141231 2012201320141231 1.2 1.11.22015630 2015630 0.5 20151231 2.2 8.12 3.288.17 178

XV23 10% (2) (1) (3)............... 329,602,500 43.95% 329,602,500 32.96% (4)............... 120,397,500 16.05% 120,397,500 12.04% (5)............... 225,000,000 30.0% 225,000,000 22.50% (6) 75,000,000 10.0% 75,000,000 7.50% (7)........ 329,602,500 43.95% 329,602,500 32.96% (8)........ 120,397,500 16.05% 120,397,500 12.04% (9)........ 225,000,000 30.0% 225,000,000 22.50% (10)........ 225,000,000 30.0% 225,000,000 22.50% Top Way Alliance Limited (11)... 75,000,000 10.0% 75,000,000 7.50% (12)............ 75,000,000 10.0% 75,000,000 7.50% (1) (2) 1,000,000,000 (3) 95.95% 329,602,500 43.95%32.96% (4) 120,397,500 16.05%12.04% (5) 225,000,000 30% 22.50% (6) Top Way Alliance Limited 179

75,000,000 10%7.50% (7) 329,602,500 43.95%32.96% (8) 120,397,500 16.05%12.04% (9) 225,000,00030% 22.50% (10) 225,000,000 30%22.50% (11) Top Way Alliance Limited 75,000,00010% 7.50% (12) 75,000,000 10%7.50% XV23 10% 180

2,000,000,000 0.001 2,000,000 100.00% 2,000,000,000 0.001 2,000,000 100.00% 750,000,000 750,000 75% 250,000,000 250,000 25% 1,000,000,000 1,000,000 100.00% (a) (b) (c) (i) 20% (ii) 181

(1) (2) (3) A. 6. 10% A. 6. (i) (ii) (iii) A. 2015572015124 (i) (ii)(iii)(iv) (v) 182

183

China Building Material Holdings Co., LimitedCBMH 10.077.5 2,0001.80 43,054,000 (i)4.15%(ii) 4.31%2.20 35,226,000 (i)3.40%(ii) 3.52%2.6 29,806,000(i) 2.87%(ii) 2.98% (i)(ii) (iii)(iv) 2,000 1.80........ 43,054,000 19.14% 17.22% 4.31% 4.15% 2.20...... 35,226,000 15.66% 14.09% 3.52% 3.40% 2.60........ 29,806,000 13.25% 11.92% 2.98% 2.87% 20151218 184

CBMH CBMH10.0 77.51%0.0027%0.005% 2,000 1.80 43,054,0004.31% 2.20 35,226,0003.52% 2.60 29,806,000 2.98% CBMH 2005328 20063233323 9 2014 40041317.8 1 (1) (2) 185

186

201220132014 12312015630 DNV GL2014 DNV GL2014 13.7%DNV GL 2014 20122013 201420146302015630 331.1301.7 563.9237.8432.7 75.1%74.4%83.1%81.2%86.5% 201220132014 441.0405.4678.62012 201424.1%2014630292.8 207.470.8%2015630500.2 201271.6201378.12014 131.72012201435.6%2014630 35.494.5266.9%2015630 129.9 2015223 20122013 201412312015630 187

188

20122013201412312015630 356.5327.4442.9 490.6 20122013201412312015630 127.712.5137.6 10.8178.410.1306.7 17.5 2012201320141231 20156309.110.2 8.98.920141231 2014 189

2012201320141231201563096.5 9.172.110.2 82.78.998.3 8.9(i)2012 (ii)2016 20131231 5.420141231 15.22015630 5.5 190

20121220131 201213.12009 201411 20131.12013 2013 50%2020200 2015202014 201611201511201511 DNV GL2015202010.8% DNV GL20152020 7.5% 20162017 2014 2015630 20156302014166% LM Wind Power ACCIONA Blades S.A.20152013 191

2015 20141231105,436 20151231158,8352015 20159,933 201459,1342014 2014 123181,6842015135,082 2014 2014 1.0% 192

201420132014 2014 20132012 2014 2012 2013201420142015630 85% 2012 193

2012201320142014630 201563062.3%64.4%73.6%73.7% 74.5% 201220132014 2014201563069.8%68.8%60.8%70.8%47.4% 2013 5.82013 201417.2 20142015630 7.52015 194

25% 15%20141231 2015 20152017 25% 1231 630 2012 2013 2014 2014 2015............... 344,374 78.1% 296,236 73.1% 488,122 71.9% 216,262 73.9% 366,265 73.2%............... 64,663 14.7% 61,908 15.3% 132,478 19.5% 42,161 14.4% 102,990 20.6%............. 22,416 5.1% 19,567 4.8% 20,708 3.1% 9,509 3.2% 10,295 2.1%..................... 5,403 1.2% 8,795 2.1% 8,924 1.3% 4,558 1.6% 1,898 0.4%........ 4,107 0.9% 18,887 4.7% 28,368 4.2% 20,308 6.9% 18,730 3.7%..................... 440,963 100.0% 405,393 100.0% 678,600 100.0% 292,798 100.0% 500,178 100.0% 195

1231 630 2012 2013 2014 2014 2015......... 31,402 10,967 (1) 344,374 28,960 10,229 (1) 296,236 48,794 10,004 (1) 488,122 21,311 10,148 216,262 35,155 10,418 366,265......... 6,558 9,860 64,663 6,810 9,090 61,908 13,250 9,999 132,478 4,468 9,436 42,161 9,920 10,382 102,990....... 2,524 8,880 22,416 2,246 8,713 19,567 2,366 8,752 20,708 1,099 8,650 9,509 1,179 8,733 10,295............... 746 7,238 5,403 1,170 7,519 8,795 1,136 7,852 8,924 580 7,853 4,558 226 8,410 1,898.. 199 20,634 4,107 941 20,065 18,887 1,490 19,042 28,368 1,071 18,966 20,308 990 18,925 18,730............... 41,430 10,644 440,963 40,127 10,103 405,393 67,036 10,123 678,600 28,529 10,263 292,798 47,470 10,537 500,178 (1) 201320126.7% 201420132.2%201420154 20132014 1231 630 2012 2013 2014 2014 2015 (1).................. 331,133 75.1% 301,670 74.4% 563,940 83.1% 237,762 81.2% 432,715 86.5%...... 109,830 24.9% 103,723 25.6% 114,660 16.9% 55,036 18.8% 67,463 13.5%..................... 440,963 100.0% 405,393 100.0% 678,600 100.0% 292,798 100.0% 500,178 100.0% 1 2012201320142014630 201563093.3%84.5%88.2%86.5%97.9% 196

1231 630 2012 2013 2014 2014 2015................... 173,466 39.3% 138,773 34.2% 195,962 28.9% 96,738 33.0% 131,933 26.4%................... 104,978 23.8% 77,451 19.1% 136,468 20.1% 70,862 24.2% 94,372 18.9% (1).................. 27,974 6.3% 59,283 14.6% 74,006 10.9% 37,517 12.8% 8,944 1.8%............... 875 0.2% 2,857 0.7% 5,853 0.9% 1,835 0.6% 1,617 0.3%................... 701 0.2% 555 0.1% 334 0.0% 242 0.08% 104 0.02%..................... 307,994 69.8% 278,919 68.8% 412,623 60.8% 207,194 70.8% 236,970 47.4% (2)............... 132,969 30.2% 126,474 31.2% 265,977 39.2% 85,604 29.2% 263,208 52.6%..................... 440,963 100.0% 405,393 100.0% 678,600 100.0% 292,798 100.0% 500,178 100.0% (1) (2) (i) (ii)(iii) (iv)(v)(vi) 1231 630 2012 2013 2014 2014 2015............... 209,404 62.3% 206,597 64.4% 359,022 73.6% 158,094 73.7% 260,478 74.5%..................... 38,251 11.4% 36,890 11.5% 38,019 7.8% 18,476 8.6% 20,986 6.0%................. 20,270 6.0% 19,607 6.1% 32,665 6.7% 13,123 6.1% 29,348 8.4%............. 13,466 4.0% 12,336 3.8% 22,603 4.6% 9,522 4.4% 16,837 4.8%...... 35,521 10.6% 33,823 10.5% 4,228 0.9% 4,228 2.0% %..................... 19,074 5.7% 11,699 3.7% 31,404 6.4% 11,206 5.2% 21,858 6.3%..................... 335,986 100.0% 320,952 100.0% 487,941 100.0% 214,649 100.0% 349,507 100.0% 197

+20% +15% +10% +5% -5% -10% -15% -20% 2015630.................... 48.3 36.2 24.1 12.1 (12.1) (24.1) (36.2) (48.3)............................. (48.3) (36.2) (24.1) (12.1) 12.1 24.1 36.2 48.3........................... (9.7%) (7.2%) (4.8%) (2.4%) 2.4% 4.8% 7.2% 9.7% 2014.................... 63 48 32 16 (16) (32) (48) (63)............................. (63) (48) (32) (16) 16 32 48 63........................... (9.3%) (7.0%) (4.7%) (2.3%) 2.3% 4.7% 7.0% 9.3% 2013.................... 39.9 29.9 19.9 10.0 (10.0) (19.9) (29.9) (39.9)............................. (39.9) (29.9) (19.9) (10.0) 10.0 19.9 29.9 39.9........................... (9.8%) (7.4%) (4.9%) (2.5%) 2.5% 4.9% 7.4% 9.8% 2012.................... 42.0 31.5 21.0 10.5 (10.5) (21.0) (31.5) (42.0)............................. (42.0) (31.5) (21.0) (10.5) 10.5 21.0 31.5 42.0........................... (9.5%) (7.1%) (4.8%) (2.4%) 2.4% 4.8% 7.1% 9.5% 20122013201420146302015 630105.084.4190.7 78.1150.723.8%20.8%28.1% 26.7%30.1% 198

+20% +15% +10% +5% -5% -10% -15% -20% 2015630............................. 125.3 93.9 62.6 31.3 (31.3) (62.6) (93.9) (125.3)......................... 72.6 54.5 36.3 18.2 (18.2) (36.4) (54.6) (72.9)........................... 2.4% 1.9% 1.3% 0.7% (0.8%) (1.7%) (2.7%) (3.9%) 2014............................. 163.0 122.2 81.5 40.7 (40.7) (81.5) (122.2) (163.0)......................... 97.2 72.9 48.7 24.3 (24.3) (48.6) (73.1) (97.4)........................... 2.4% 1.9% 1.3% 0.7% (0.8%) (1.7%) (2.7%) (3.8%) 2013............................. 123.6 92.7 61.8 30.9 (30.9) (61.8) (92.7) (123.6)......................... 79.6 59.7 39.8 19.9 (20.0) (40.0) (60.0) (80.2)........................... 3.5% 2.8% 2.0% 1.1% (1.2%) (2.6%) (4.2%) (6.3%) 2012............................. 122.8 92.1 61.4 30.7 (30.7) (61.4) (92.1) (122.8)......................... 74.9 56.2 37.4 18.7 (18.7) (37.4) (56.1) (74.7)........................... 3.3% 2.6% 1.9% 1.0% (1.1%) (2.5%) (4.0%) (5.9%) (i) (ii)(iii) (iv) (v)(vi) (vii)2012 2013201420146302015630 25.537.426.912.96.5 5.8%9.2%4.0%4.4%1.3% (i) (ii)(iii) (iv) (i)(ii)(iii) 199

1231 630 2012 2013 2014 2014 2015........... 5,800 (17,200) (17,900) 7,520.................... (2,500) (508) (448) (8,139)............... 1,700....... 34,900 47,600 38,200 15,800 65,300 77 5,843 47..... 11,271......... (62) (4,256) (578) 1,205 259........................ 32,338 50,921 37,028 (1,296) 64,940 (i)(ii) (iii)(iv) 20122013201420146302015630 27.330.244.021.0 30.96.2%7.5%6.5%7.2%6.2% (i)(ii) (iii) (iv)2012 2013201420146302015630 11.911.013.56.913.4 2.7%2.7%2.0%2.4%2.7% (i)(ii) (iii)(iv)2012201320142014 630201563015.313.3 21.08.815.63.5% 3.3%3.1%3.0%3.1% 201220132014201463020156 200

300.70.73.1 0.78.70.2%0.2%0.5%0.2%1.7% 2012 201320142014630201563030.1 34.225.513.410.7 6.8%8.4%3.8%4.6%2.1% 200811 25%20122014 15% 2015 20141225% 201

2012201320141231201463020156 30 1231 630 2012 2013 2014 2014 2015........................ 440,963 405,393 678,600 292,798 500,178.................... (335,986) (320,952) (487,941) (214,649) (349,507)........................ 104,977 84,441 190,659 78,149 150,671.................... 25,453 37,437 26,865 12,874 6,518............. 32,338 50,921 37,028 (1,296) 64,940............. (27,288) (30,215) (43,974) (21,004) (30,885).................... (11,921) (10,978) (13,495) (6,891) (13,420).................... (15,284) (13,310) (21,004) (8,769) (15,574).................... (736) (668) (3,093) (703) (8,726).................... (30,086) (34,174) (25,507) (13,406) (10,727).................. 77,453 83,454 147,479 38,954 142,797.................. (5,841) (5,344) (15,745) (3,517) (12,906)............... 71,612 78,110 131,734 35,437 129,891............. 71,612 78,110 131,789 35,437 130,160............... (55) (269) 20156302014630 2014630292.8 207.470.8%2015630500.2 201463028,529201563047,470 201463010,2632015 63010,5372015630 2015630 95.9% 2014630216.3 150.069.4%2015630366.3 201463021,31120156 3035,155201463010,148 201563010,418 202

(i) (ii)2015 2014 20132014(iii) 201463042.2 60.8144.1%2015630103.0 20146304,4682015630 9,92020146309,436 201563010,382 i)2014 (ii)2015 2014 20132014 2014630 9.50.88.4%201563010.3 20146301,0992015630 1,17820146308,650 20156308,733 20146304.6 2.758.7%20156301.9 20146305802015630226 20146307,8532015630 8,410 20152014 2014630 20.31.67.9%2015630 18.720146301,07120156 30990201463018,966 201563018,925 203

2014630292.8 207.470.8%2015630500.2 2014630237.8 194.982.0%2015630432.7(i) (ii)2015 2014630 55.012.522.7%2015630 67.5 2014630292.8 207.470.8%2015630500.2 2014630 253.2236.393.3%2015630 489.5 2015 201463085.6177.6207.5% 2015630263.2 201511201511201611 201511 2016 11 201611 201463037.5 28.676.3%20156308.9 2015 20146301.80.2 11.1%20156301.6 2014630214.6134.9 62.9%2015630349.5 2014630158.1 204

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201564.92014 1.3(i) (ii) 201463021.09.9 47.1%201563030.92015 2015 20146306.96.594.2% 201563013.42015630 20146308.86.877.3% 201563015.6(i)2015630 (ii)2015630 20146300.78.01,142.9% 20156308.7 8.62014630 201463013.42.720.1% 201563010.7(i) (ii)(iii)1.4 201463039.0 103.8266.2%2015630142.8 206

20146303.59.4268.6% 201563012.92015 6309.0%2014 201463035.4 94.5266.9%2015630129.9 2014123120131231 2013405.4273.2 67.4%2014678.6201340,127 201467,036201310,1032014 10,1232014 2013296.2 191.964.8%2014488.12013 28,960201448,7942013 10,229201410,004 2014 201336.641.3%201451.72013 158,90048.5%2014235,900 (i)(ii) 20142013 2014(iii) 2014 201361.9 70.6114.1%2014132.52013 6,810201413,25020139,090 20149,999 201336.641.3%201451.7 2013109,40048.6%2014162,600 20141 201319.6 1.15.6%201420.72013 207

2,24620142,36620138,713 20148,752 2013201420138.8 0.11.5%20148.9 201318.9 9.550.2%201428.42013 94120141,4902013 20,065201419,042 2013405.4273.2 67.4%2014678.6 2013301.7262.286.9%2014563.9 (i)(ii) 2014 2013103.711.010.6%2014114.7 2013405.4273.2 67.4%2014678.6 2013 404.8273.467.5%2014678.3 (i)20132014 36.641.3%51.7(ii) 20130.60.350.0%2014 0.3 2013321.0167.052.0%2014 488.0 2013206.6152.4 73.8%2014359.0(i) 208

(ii)2014 2013 2013 20142 20142 201336.91.13.1% 201438.0(i)2014(ii) 2013820142013 201319.613.166.6% 201432.7 201312.310.3 83.2%201422.6(i) (ii) 2014 20132013 20142 20142 201333.8 29.687.5%20144.2 201422014 201311.719.7168.4%2014 31.42014 201384.4106.3125.9% 2014190.7201320.8%201428.1% (i)20142014 (ii)2014 209

20132013 20132012 2012 (iii) 2014 201337.410.528.1%2014 26.9(i) (ii)2014 2014 201350.913.927.3%2014 37.0(i)20142014 17.220132013 5.8(ii) 201411.3 5.8 18 201330.213.845.7%2014 44.02014 2014 201311.02.522.7%2014 13.52014 210

201313.37.757.9%2014 21.0(i)2014 (ii) 2014 20130.72.4342.9%2014 3.12.2 2013 201334.28.725.4%2014 25.5 201383.564.0 76.6%2014147.5 20135.310.4196.2%2014 15.720136.4%2014 10.7%2014 201378.153.6 68.6%2014131.7 2013123120121231 2012441.035.6 8.1%2013405.4201241,430 201340,127201210,6442013 10,1032013 2012344.4 48.114.0%2013296.22012 31,402201328,960201210,967 211

201310,229 20131 201213.191.6%20131.1 2013 20131 201264.7 2.84.3%201361.92012 9,86020139,0902012 6,55820136,810 20131 201213.191.6%20131.1 2013 2013 201222.4 2.812.7%201319.62012 2,52420132,24620128,880 20138,713 (i)2013 (ii) 2013 20125.43.4 62.8%20138.820127462013 1,17020127,23820137,519 2013 20124.1 14.8359.9%201318.9 201219920139412012 20,634201320,065 (i)(ii) 2012 2012441.035.6 8.1%2013405.4 2012331.129.58.9%2013301.7 20131 212

20132012109.86.1 5.6%2013103.7(i)2013 (ii) 2012441.035.6 8.1%2013405.4 2012412.1 68.916.7%2013343.320131 201213.1 91.6%20131.1 201228.031.3 111.9%201359.3 2013 20120.92.0226.5% 20132.9 2012336.015.04.5%2013 321.0 2012209.42.81.3% 2013206.6 2013 201238.31.43.6% 201336.9 2013 201220.3 0.73.3%201319.6 201213.51.2 8.4%201312.3 213

201235.5 1.74.8%201333.8 20131 201219.17.438.7%2013 11.72012 9.120131.2 2012105.020.619.6% 201384.4201223.8%201320.8% 201210,644201310,103 2013 201225.511.946.7%2013 37.4(i)2013 (ii)2011 2013 2013212 2013 2012 201232.318.657.6%2013 50.9(i) (ii)2013 5.8 201227.32.910.6%2013 30.2 2013 214

201211.90.97.6%2013 11.02012 2013 2012 201215.32.013.1%2013 13.3(i)2012 (ii)2013 201220130.7 201230.14.113.6%2013 34.2 201277.56.0 7.7%201383.5 20125.80.58.6%2013 5.320127.5%20136.4%2013 201271.66.59.1% 201378.1 2015 63069.8 215

2015630633.05.0 203.04.0 12 1231 630 2012 2013 2014 2014 2015.................. 124,147 (35,880) 1,625 12,592 106,436 (110,064) (91,156) 110,155 175,088 (2,980) 44,851 35,673 (83,402) (157,764) (95,482)............... 58,934 (91,363) 28,378 29,916 7,974... 65,510 124,463 33,412 33,412 61,741... 124,463 33,412 61,741 63,185 69,797 2015630106.4 142.8 65.324.110.7 7.52.9 (i)1.92015 4(ii) 20.3(a) (b)zhenshi US20154 (iii) 144.12015 (iv)15.8 (v)2.320156 (vi)103.5 216

201541 (vii) 36.2 (viii)4.7 20141.6 147.543.8 25.516.6 17.211.3 (i)62.8 (ii)41.7 (iii) 44.62014 (iv)11.320151 (v)9.7201312 201335.9 83.542.3 34.223.3 (i)167.92012 2013212 (ii)67.4 2012(iii)23.2 2013 (iv)21.1 (v)10.7201312 20131231 2012124.1 77.541.9 30.1(i)64.2 2012(ii)37.2 201212 (iii)21.7 (iv) 20.52012 217

20156303.0 (i)94.9(ii)170.7(iii) 162.3(i)370.7(ii) 61.3 2014110.2(i) 1,086.1(ii)360.3(iii) 189.4(i)1,107.2(ii) 221.6(iii)123.3(iv) 97.6 201391.2(i) 1,289.2(ii)449.0(iii) 82.0(iv) 20.9(v)11.4 (i)1,110.2(ii)354.6 (iii)189.6(iv)82.0 2012110.1(i) 1,146.7(ii)771.2(iii) 269.5 (i)1,089.5(ii)771.2(iii) 206.7 201220132014 11.423.3 16.6 218

201563095.5 (i)515.4(ii)100.2(iii) 607.1(i)607.1(ii) 531.2 201483.4 921.825.7 830.436.1 201335.7 672.6602.334.6 201244.9 630.742.5 598.228.7 1231 630 2012 2013 2014 2015................................... 92 3,206 464............................. 721 1,220 13,449 3,538................................... 96 182...................... 39 305 546............................... 1,817 12,141 149,561 67,095................................... 2,699 13,361 166,617 71,825 20122.7201313.4 2014166.62015630 71.8 20151231157.0 219

1231 630 1031 2012 2013 2014 2015 2015........................ 96,497 72,066 82,711 98,315 94,540............... 436 436 776 776 776......... 134,243 138,402 182,487 317,171 379,772.................... 1,300 12,020 2,335 4,650 23,022............. 175,107 290,640 70,128 50,357 19,859............... 179,358 201,930 1............... 5,400 2,600............. 168,670 32,218 133,173 121,887............. 124,463 33,412 61,741 69,797 122,104............... 700,716 731,734 634,326 674,240 764,560......... 11,181 6,130 40,919 42,203 84,404.................... 167,902 10,465 103,945 155,078.................... 32,979......... 2,261 8,753 6,914 43,169 55,169............... 19 67,453 4,683 509 1,272... 15,200 5,460........................ 51,800 38,300 65,300.................... 3,043 2,054 8,290 2,405.................... 441,500 511,750 320,400 430,000 400,000............... 677,706 667,419 472,171 627,691 695,923............... 23,010 64,315 162,155 46,549 68,637 2012123123.020131231 64.3 2013 123164.320141231162.2 20141231201412 31 20141231162.2201563046.5 2015630 2015630 220

630 1231 2012 2013 2014 2015................................. 69,139 31,625 23,221 20,922................................. 3,863 5,334 7,536 9,909................................. 23,495 35,107 51,954 67,484................................... 96,497 72,066 82,711 98,315 2014123182.7201563098.3 2015 2013123172.12014123182.7 20151 2014 2012123196.52013 123172.12013 20142013 20151031201563087.8 89.3% 630 1231 2012 2013 2014 2015 (1)..................... 88 95 57 47 (1) 2012882013952013 2012122013 201395201457 201563047 221

(i) (ii)(iii) (iv) (v) 1231 630 2012 2013 2014 2015.......................... 140,206 148,393 188,467 324,174.......................... (12,500) (10,800) (10,100) (17,500) 127,706 137,593 178,367 306,674............................... 571 153 856 1,412........................ 4,951 2,253 3,986................................... 185 406 1,821.............. 2,800.......................... 830 656 605 478 6,537 809 4,120 10,497................................... 134,243 138,402 182,487 317,171 20141231182.52015630 317.2(i)(ii)20142015 20131231138.420141231 182.5(i)2014 (ii) 20142013 20121231134.2 20131231138.42013 2012 2013 222

1231 630 2012 2013 2014 2015 90............................... 48,725 82,829 125,014 197,277 91180.............................. 25,938 19,070 33,747 91,485 1811............................. 28,275 17,913 2,864 9,831 12................................. 24,768 9,297 5,992 1,591 2................................ 8,484 10,750 6,490................................... 127,706 137,593 178,367 306,674 3090 90 201510312015630 187.058.7% 1231 630 2012 2013 2014 2015............................... 10,000 12,500 10,800 10,100............................... 2,500 508 8,139.......................... (1,700)............................. (1,208) (739)............................... 12,500 10,800 10,100 17,500 201220132014 1231201563012.510.8 10.117.5 223 1231 630 2012 2013 2014 2015 90................................. 7,335 10,579 17,812 8,430 91181.............................. 25,938 19,070 33,747 91,485 1811............................. 28,275 17,913 2,864 9,831 12............................... 24,768 9,297 5,992 1,591 2................................ 8,484 10,750 6,490................................... 86,316 65,343 71,165 117,827

2014 188.550.5 138.010.1 178.471.2 3.168.1 3090 2012201320142015630 217298168134 20156302014166.8 21.70.521.2 (1) (2) 2014 7.82.3 201563015.0 201420166 201412314.7 201563020141231 6.7201412315.4 2014 23 630 1231 2012 2013 2014 2015 (1)............ 52 118 84 87 (1) 2012522013118 2013 224

2013118201484 2014 2014842015630872015 2014 20122013201412312015 63018.351.9 148.8166.4 20122013201412312015630 20122013201412312015630 1.312.02.34.720131231 201312 2015630201412312015 6 1231 630 2012 2013 2014 2015 90................................. 300 5,750 3,550 91180.............................. 1,000 6,270 2,335 1,100................................... 1,300 12,020 2,335 4,650 (i) (ii) (iii)(iv)(v) (vi)(vii) 225

1231 630 2012 2013 2014 2015.......................... 4,219 118 389 10,989.......................... 929 1,909 2,673 4,158............................... 1,521 1,118 931 800.......................... 1,574 825 194 1,258.......... 990 977 32,712 12,465............................... 809............................. 146 186 471 1,691.......................... 6,044.......................... 1,802 997 3,549 3,989................................... 11,181 6,130 40,919 42,203 2014123140.920156 3042.2 2015 201312316.120141231 40.9 2012123111.2 201312316.12012 2013 20131231 1231 630 2012 2013 2014 2015 90................................. 3,452 10 293 9,681 91181............................ 682 6 13 1,292 1811............................. 17 9 3 12................................. 10 62 2................................ 75 85 12 13................................... 4,219 118 389 10,989 3090 226

630 1231 2012 2013 2014 2015 (1)............ 5 2 0 3 (1) 2012201320142015630 9463217201292013 462013122014 12201346201432 2013 201432201563017 (i) (ii) 201220131 20132 201220131231167.92014 123110.5 2015630103.9 201541 1231 630 2012 2013 2014 2015 30............................... 53,000 47,933 3160............................... 28,700 4,445 35,476 6190............................... 18,500 4,800 18,578 91180.............................. 67,702 1,220 1,958................................... 167,902 10,465 103,945 227

(i) (ii)2014201220132014 12312015630168.7 32.2133.220131231 (i) (ii)2013 2012201320141231201563051.8 38.365.3 2015630 2015630 20122013201412312015630 175.1290.670.150.4 1231 630 2012 2013 2014 2015............................... 7,321 28,436 70,128 49,848............................. 167,786 262,204 509................................... 175,107 290,640 70,128 50,357 Zhenshi Spain S.A.Zhenshi US 2012201320142015630 6.56%8.02%6.36%7.37% 25(A) 20121231175.120131231 290.62013 1231290.62014123170.1 228

2014123170.12015630 50.4(i) (ii)zhenshi US20154 2012201320141231179.4 201.920156301,000 1231 630 2012 2013 2014 2015............................... 408 1,930............................. 178,950 200,000 1................................... 179,358 201,930 1 20122015630 25(B) 20122013201412312015630 2.38.86.943.2 1231 630 2012 2013 2014 2015............................... 2,241 8,733 6,338 42,573............................. 20 20 576 596................................... 2,261 8,753 6,914 43,169 (i) (ii)(iii) 25(C) 201212312.320131231 8.82013 229

2013201320141231 201412316.9 201563043.22015 2015 20122013201412312015630 19,00067.54.70.5 1231 630 2012 2013 2014 2015............................... 67,435 4,664............................. 19 18 19 509................................... 19 67,453 4,683 509 20132122014 2012 2015412015630 20131231201220141231 201312201412 25(D) 1231 630 1031 2012 2013 2014 2015 2015.................... 441,500 511,750 420,299 436,114 406,350......... 20 20 576 596 619............... 19 18 19 509 1,273........................ 441,539 511,788 420,894 437,219 408,242 230

20156306.1 201220131231 441.5511.8 20141231420.3320.4 99.9 2015630436.1430.0 6.1 2012201320146.90%7.54%5.60%6.95% 6.00%6.60%5.88%6.60%3.13%6.72% 5.04%6.78%20156302.59% 5.35%5.35%5.36% 2012 2013201412312015630135.9142.3 103.4100.5 3137 20155 20151031633.05.0 164.54.0 20151031 20151031 408.2(i) 406.3220.0 186.3(ii) 0.6(iii)1.3 201510312015515 231

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1231 630 2012 2013 2014 2015............................... 820 790............ 2,397 1,936................................... 3,217 2,726 1231 630 2012 2013 2014 2015........... 22,000 22,000 22,000.............................. 54,000.............................. 1,057,428 845,242 1,118,000............................... 1,133,428 867,242 1,140,000........................ 51,800 47,600 65,300.................................. 1,081,628 819,642 1,074,700 20122013201412312015630 201510312015515 (i) (ii) 201586Hengshi USA Company Limited 233

2015817 329,558,553120,381,447 224,970,00074,990,00043.615.929.8 9.9 26 1231 630 1231 630 2012 2013 2014 2015 2012 2013 2014 2015................. 51,949 88,847 130,509 141,999 3,077 4,535 30,352 17,176................. 60 61 702 71,992 14,894 446................. 3 3.......................... 52,009 88,908 131,214 213,994 3,077 4,535 45,246 17,622 5% 5% 5% 1231 630 2012 2013 2014 2014 2015........................ 2,077 3,584 4,257 5,930 5,305........................ 3 4 (604) 3 3,040................................................ 2,080 3,587 3,653 5,933 8,345 234

20122013201412312015630 500.2 0.60.51.0 (i) (ii) 1231 630 2012 2013 2014 2015.................. 34% 20% 20% 22%.................. 72% 75% 68% 61% 201220132014 201220132014123120156301,133.4 867.21,140.0 6 201282920131129201452820152 25201541414.833.0 235

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630 12311231 2012 2013 2014 2015................. (1) 1.0x 1.1x 1.3x 1.1x................. (2) 0.9x 1.0x 1.2x 0.9x................. (3) 136.4% 152.1% 93.3% 98.2%................. (4) 167.1% 160.2% 104.6% 110.3%.................... (5) 7.2% 7.2% 11.9% 22.2%.................... (6) 19.1% 19.0% 27.3% 46.0% (1) (2) (3) (4) (5) (6) 201220132014123120156301.0 1.11.31.1201412312015630 472.2627.72015630 2013123120141231 20131231667.420141231472.2 (i)2014(ii) 20131231201312 (iii)20141231201220131231 201220132014123120156300.9 1.01.20.9201412312015630 472.2627.72015630 2013123120141231 20131231667.420141231472.2 (i)2014(ii) 20131231201312 (iii)20141231201220131231 237

20122013201412312015630 136.4%152.1%93.3%98.2%201412312015630 20141231420.32015630 436.120131231201412312013 1231416.720141231549.9 201494.4131.720121231 2013123120131231(i) 20121231441.520131231511.8(ii) 201320131231 20122013201412312015630 167.1%160.2%104.6%110.3%201412312015630 20141231420.32015630 436.120131231201412312013 1231416.720141231549.92014 94.4131.7201220131231 2012201320142015630 7.2%7.2%11.9%22.2%2015630 2014131.72015630129.9 2014201378.12014 131.720122013 2012201320142015630 19.1%19.0%27.3%46.0%2015 2014131.72015630129.9 2014201378.12014131.7 201420122013 2015630 2015630 13.13 13.1913.1313.19 20151031 238

197.0 5.07201510312014 1231 2015630.................................... 90.0............................ 47.3................................................... 32.0.......................................................... 1.2.......................................................... (2.0) 20151031....................................... 168.5..................................................... 28.5 20151031... 197.0 239

2.20........... 482 564 2.60........... 582 679 1.80........... 382 449 2.20 45%218 292016 692016 1202016 240

30%144 167 132........ 127 100........ 5.35% 2015 331 5.35% 2015 331 2016 331 2016 330 20154 (i) 20155272016 385.67% 6.72% 112 (ii) 201931 2019825 3.13% 6.78% 120 15%72 10%48 241

25,000,000 (a) (i) (ii) (iii) (iv) 242

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(3) (4) (b) (i) 2015127(www. hkexnews.hk) (ii) (i)(ii) (iii) (iv) (v) (vi) (vii) (viii) 244

(A) 10.08 (B) 10.07(1) (a) (b) 10.07(2)3 (a) 155 (b) 245

(A) (a) (b) (c) (a)(b) (d) (a)(b)(c) (a)(b)(c) (a)(b)(c) (B) 32.96% 31.77% 30% 246

22.50% 21.69% (a) (i) (ii) (iii)(i)(ii) (iv)(i)(ii) (iii)(i)(ii)(iii) (b) (a)(i)(ii)(iii) (c) (b) (a)(i)(ii)(iii) (C) 247

(a) (b) (c) (a)(b) (d) (a)(b)(c) (a)(b)(c) (A) (B) (C) 248

30 37,500,000 15% 3% 1% 2.20 31.0 65.4 2.20 249

(a) (b) 3A.07 250

(i) 25,000,000 (ii) S225,000,000 S 201512112015 1218 www.hkexnews.hkwww.chinahengshi.com.cn 20151211 251

20151218 www.hkexnews.hkwww.chinahengshi.com.cn 25,000,000 250,000,00010% 2.5% 2.601%0.0027%0.005% 25,000,000 12,500,00012,500,000 252

5 5 25,000,000 50%12,500,000 (i)1550(ii)50 100(iii)100 75,000,000100,000,000125,000,000 30%(i)40%(ii) 50%(iii) 20151221 253

30 201512 18 www.hkexnews.hkwww.chinahengshi.com.cn 155 20151218(i) (ii) 20151221 225,000,000 90% S 30 37,500,000 15% 254

30 37,500,00015% 15% Morgan Stanley & Co. International plc 30 37,500,000 15% (i)(ii) (iii) (i)(ii)(iv) (v) (vi)(ii)(iii)(iv)(v) 255

2016110 30 37,500,000 10.07(3) 10.07(1)(a) (i)(ii) 20151211 256

201512212015 12212,000 257

1. www.hkeipo.hk 2. 18 S (i) (ii) 258

3. www.hkeipo.hk 201512820151211 (a) 1 46 189 22 71 19 (b) 20 18 38 37U1 136 1N118 2 14 2B 201512820151211 8121 259

2015128 2015129 20151210 20151211 20151211 4. (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) 260

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201512820151211 www.hkeipo.hk24 20151211 40 40 342E 6. 2979 7888 (http://ip.ccass.com) 8 121 262

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2,0002,000 2015128 (1) 2015129 (1) 20151210 (1) 20151211 (1) (1) 2015128201512 1124 20151211 40 40 342E 265

7. (i)(ii)20151211 8. 9. 266

2,000 2,000 www.hkeipo.hk 10. 20151211 20151211 11. 20151218 www.chinahengshi.com.cnwww.hkexnews.hk 20151218www.chinahengshi.com.cn www.hkexnews.hk 2015121820151224 24www.tricor.com.hk/ipo/result 2015121820151223 3691 8488 2015121820151222 267

12. (i) 30 264 40342E (ii) (iii) (iv) 268

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18 20151221 (i) 1,000,000 20151218 18322 1,000,00020151218 (ii) 1,000,000 1,000,00020151218 20151218 270

20151218 (iii) 1,000,000 20151218 1,000,00020151218 (iv) 20151218 20151218 20151218 2015 1218 271

20151218 15. 272

Hengshi Holdings 2012201320141231 2015630 2015128 2015223 20154 1231 2012 2013 2014 2015 630 201534 1 100% 100% 2015320 100 100% 100% 200097 a Hengshi Egypt Fiberglass Fabrios S.A.E. Hengshi Egypt 20141210 73,680,000 3,500,000 100% 100% 100% 100% 100% 90% 90% 90% Hengshi USA Company Limited Hengshi USA 201586 200,000 100% I-1

(a) 1231 20122013 20141231 Hengshi Egypt 20141210 2014 1231 Mohammed Magdy Elsayed Shaban Certified Accountant and Tax Expert Joint Stock Company Hengshi USA 3.340 201220132014 12312015630 2014630 2014 6 I-2

2410 2014620146 20146 20146 I-3

A. 1231 630 2012 2013 2014 2014 2015.................. 7 440,963 405,393 678,600 292,798 500,178.............. (335,986) (320,952) (487,941) (214,649) (349,507).................. 104,977 84,441 190,659 78,149 150,671.............. 8 25,453 37,437 26,865 12,874 6,518....... 9 32,338 50,921 37,028 (1,296) 64,940....... (27,288) (30,215) (43,974) (21,004) (30,885).............. (11,921) (10,978) (13,495) (6,891) (13,420).............. (15,284) (13,310) (21,004) (8,769) (15,574).............. 10 (736) (668) (3,093) (703) (8,726).............. 11 (30,086) (34,174) (25,507) (13,406) (10,727)............ 12 77,453 83,454 147,479 38,954 142,797............ 15 (5,841) (5,344) (15,745) (3,517) (12,906)......... 71,612 78,110 131,734 35,437 129,891................ (68) (1,222).. 71,612 78,110 131,666 35,437 128,669....... 71,612 78,110 131,789 35,437 130,160......... (55) (269) 71,612 78,110 131,734 35,437 129,891....... 71,612 78,110 131,728 35,437 129,060......... (62) (391) 71,612 78,110 131,666 35,437 128,669....... 17 0.15 0.14 0.21 0.06 0.18 I-4

1231 630 2012 2013 2014 2015............... 18 356,508 327,411 442,899 490,580................... 19 18,686 18,250 31,585 31,203................... 20 5,483 5,125 8,722 9,530. 21 2,003 1,620 7,447 10,493 382,680 352,406 490,653 541,806............................ 22 96,497 72,066 82,711 98,315................... 19 436 436 776 776..... 23 134,243 138,402 182,487 317,171........................ 24 1,300 12,020 2,335 4,650............. 25 175,107 290,640 70,128 50,357................... 25 179,358 201,930 1......... 26 5,400................. 27 168,670 32,218 133,173................. 27 124,463 33,412 61,741 69,797 700,716 731,734 634,326 674,240..... 28 11,181 6,130 40,919 42,203........................ 29 167,902 10,465 103,945........................ 32,979............. 25 2,261 8,753 6,914 43,169................... 25 19 67,453 4,683 509..... 26 15,200 5,460............................ 30 51,800 38,300 65,300........................ 3,043 2,054 8,290 2,405........................ 31 441,500 511,750 320,400 430,000 677,706 667,419 472,171 627,691................... 23,010 64,315 162,155 46,549............. 405,690 416,721 652,808 588,355........................ 31 99,899 6,114................... 20 900........................ 32 3,000 3,000 102,899 10,014........................ 405,690 416,721 549,909 578,341............................ 33 361,014 361,014 455,434 1............................ 44,676 55,707 92,390 576,646........... 405,690 416,721 547,824 576,647...................... 2,085 1,694........................ 405,690 416,721 549,909 578,341 I-5

a d 201211....................... 305,161 11,270 28,386 344,817 344,817.............. 71,612 71,612 71,612......................... 8,292 (8,292) b.. (51,800) (51,800) (51,800) 16.................... (14,792) (14,792) (14,792)................................. 55,853 55,853 55,853 20121231..................... 361,014 19,562 25,114 405,690 405,690.............. 78,110 78,110 78,110......................... 3,790 (3,790) b.. (34,100) (34,100) (34,100) 16.................... (32,979) (32,979) (32,979) 20131231..................... 361,014 23,352 32,355 416,721 416,721............................. 131,789 131,789 (55) 131,734.................... (61) (61) (7) (68).............. 131,789 (61) 131,728 (62) 131,666......................... 3,176 (3,176) b.. (65,200) (65,200) (65,200) 16.................... (29,845) (29,845) (29,845)................................. 94,420 94,420 94,420 c........................ 2,147 2,147 20141231..................... 455,434 26,528 65,923 (61) 547,824 2,085 549,909............................. 130,160 130,160 (269) 129,891.................... (1,100) (1,100) (122) (1,222).............. 130,160 (1,100) 129,060 (391) 128,669......................... 16,376 (16,376) 16.................... (147,381) (147,381) (147,381)................................. 47,144 47,144 47,144................................. 607,109 607,109 607,109 d..................... (502,577) (104,532) (607,109) (607,109) 2015630...................... 1 42,904 502,577 32,326 (1,161) 576,647 1,694 578,341 20131231..................... 361,014 23,352 32,355 416,721 416,721.............. 35,437 35,437 35,437......................... 3,176 (3,176).......... (64,294) (64,294) (64,294)............................. (29,845) (29,845) (29,845)................................. 29,681 29,681 29,681 2014630........... 390,695 26,528 (29,523) 387,700 387,700 I-6

(a) 50% 25% (b) 34 20122013201412312015630 1,133,428,000867,242,0001,140,000,000 20154 (c) 20141210 Hengshi Egypt Hengshi Egypt3,500,000 Hengshi EgyptHengshi Egypt 10% (d) 2015630 (i) 20154607,109,000 2 (ii) 502,577,00020154 607,109,000 I-7

1231 630 2012 2013 2014 2014 2015............... 77,453 83,454 147,479 38,954 142,797............... 2,500 508 448 8,139........... (1,700)... (34,900) (47,600) (38,200) (15,800) (65,300)............... 9,104 1,246 944 75 214........... (317) (5,800) 17,200 17,900 (7,520)... 41,871 42,318 43,837 21,588 24,078....... 436 436 644 249 388.................. (77) (5,843) (47) (11,271)............... 30,086 34,174 25,507 13,406 10,727........... (4,418) (3,044) (1,732) (235) (635)................. (5,663) (9,464) (3,285) (1,514) (2,901)........... (5,747) (13,808) (13,268) (8,297)............. 110,722 80,135 162,203 66,727 109,987......... (37,248) 23,185 (11,272) 5,931 (15,818)........... (20,477) (2,771) (44,612) (25,538) (144,098)..... 21,679 (10,720) 9,685 (557) (2,315)........... (2,201) (21,115) (41,692) (6,715) 20,280........... (408) (1,522) (13,959) 1,930... 400 3,400 1,300... (4,456) (4,636) 3,242 11,639 22,337..... 64,226 (167,902) 465 30,000 103,480........... 2,101 6,492 (2,395) 16,663 36,236 67,435 (62,771) (67,435) (4,664)... (2,220)......... 134,346 (29,905) 14,731 18,056 125,135..... (10,199) (5,975) (13,106) (5,464) (18,699) 124,147 (35,880) 1,625 12,592 106,436 I-8

1231 I-9 630 2012 2013 2014 2014 2015. (3,843) (11,371) (123,262) (41,970) (94,851)......... (2,003) (1,620) (7,447) (5,281) (10,201)......... 217 13,135..... (15,613)........... 12,565... 4,418 3,044 1,732 235 635..... 5,747 13,808 13,268 8,297....... 5,663 9,464 3,285 1,514 2,901........... 3,000.............. (82,000) 82,000......... (1,146,744) (448,990) (97,579) (85,449) (509)........... 1,089,520 354,572 360,339 133,600........... (771,234) (1,289,156) (1,107,184) (379,303) (170,700).............. 771,234 1,110,206 1,086,134 558,191 370,700... (269,503) (20,928) (221,589) (15,632) (162,278)... 206,681 189,598 189,371 886 61,323.................. (110,064) (91,156) 110,155 175,088 (2,980)..... 630,708 672,596 830,383 335,345 531,150......... (598,208) (602,346) (921,834) (475,580) (515,370).............. (28,710) (34,577) (25,694) (14,231) (11,533).............. 40 (1,480) (4,492) (3,298) (100,238)........... 509.................. 40 42,541 36,088....... (607,109).................. 607,109... 40 2,147.................. 44,851 35,673 (83,402) (157,764) (95,482)........... 58,934 (91,363) 28,378 29,916 7,974.................. 65,510 124,463 33,412 33,412 61,741......... 19 312 (49) (143) 82................ 124,463 33,412 61,741 63,185 69,797 201382,000,000

1. 2015223 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands 2015 57Hengshi Holdings 2. 50,000 50,0001.02015223 1.0 93.5795.421 94.579%5.421% 201534 201536 2015320 20154140%10.632% 43.947%16.053% 2015414.05% 95.95% 2015415 99,173,000607,109,000 20154 2015499,173,000 607,109,0002015630 42.16% 16.03%58.22%41.78% I-10

20122013201412312015630 3. 201511 9 1 15 1 1 2 1638 1641 2 2 27 2 10 28 10 1228 20122014 2 2 2 11 2 1 2 201811 201611 I-11

9 20099 92010 20132014 9a)b) 9 39 9 9 39 39 9 9 9 15 2014515 15 1811 15 I-12

1 2 3 4 5 15 1515 15 15 1638 16 38 a) b) 201611 16 38 4. I-13

2 17 2 36 123 1 21 3 I-14

I-15

I-16

I-17

I-18

I-19

6 I-20

6 I-21

37 5. 4 I-22

18 1820141231 24,638,000 18 20122013201412312015630 356,508,000327,411,000442,899,000490,580,000 20122013201412312015630 127,706,00012,500,000137,593,000 10,800,000178,367,00010,100,000 306,674,00017,500,000 20122013201412312015630 175,107,000290,640,000 70,128,00049,786,000 2013201412312015630 179,358,000201,930,0001,000 I-23

201220132014 12 312015 6 30 96,497,0009,104,00072,066,000 10,150,00082,711,0008,889,00098,315,000 8,889,000 37 20122013201412312015630 51,800,00038,300,00065,300,000 1518807 2012123120131231 5,400,00020141231 15,200,0002015630 5,460,000 6. I-24

1231 630 2012 2013 2014 2015........................ 5,400..................... 598,076 653,679 547,324 565,130 598,076 659,079 547,324 565,130........................ 15,200 5,460...................... 51,800 38,300 65,300...................... 620,360 624,331 480,413 619,714 672,160 662,631 560,913 625,174 26 I-25

1231 630 1231 630 2012 2013 2014 2015 2012 2013 2014 2015 51,949 88,847 130,509 141,999 3,077 4,535 30,352 17,176 60 61 702 71,992 14,894 446 3 3 52,009 88,908 131,214 213,994 3,077 4,535 45,246 17,622 5% 5% 5% 5% 5% 1231 630 2012 2013 2014 2015............................... 2,077 3,584 4,257 5,305............................... 3 3 (604) 3,040............................... 2,080 3,587 3,653 8,345 2731 2731 I-26

50 50 1231 630 2012 2013 2014 2014 2015..... 170 595 541 595 1,088 50 34 1231 630 2012 2013 2014 2015............ 34% 20% 20% 22%............ 72% 75% 68% 61% I-27

34 20122013201412312015630 1,133,428,000867,242,0001,140,000,000 201220132014123132 2 I-28

% 20121231............ 682 7,996 8,678 8,678................... 22,902 44,800 100,200 167,902 167,902............ 2,261 2,261 2,261............... 19 19 19 *...... 7.21 153 20,238 20,199 40,590 40,000 *...... 6.42 705 143,504 267,685 411,894 401,500............... 1,133,428 1,133,428 51,800 1,160,150 216,538 388,084 1,764,772 672,160 20131231............ 6 3,390 3,396 3,396................... 32,979 32,979 32,979............ 8,753 8,753 8,753............... 67,453 67,453 67,453 *...... 6.43 99,998 400 40,940 141,338 140,000 *...... 6.25 50,941 134,392 195,148 380,481 371,750............... 867,242 867,242 38,300 1,127,372 138,182 236,088 1,501,642 662,631 20141231............ 13 38,039 38,052 38,052................... 1,220 9,245 10,465 10,465............ 6,914 6,914 6,914............... 4,683 4,683 4,683 *...... 5.96 178 1,263 105,271 30,004 136,716 127,209 *...... 6.37 20,994 118,160 89,927 91,018 320,099 293,090............... 1,140,000 1,140,000 65,300 1,172,782 158,682 204,443 121,022 1,656,929 545,713 2015630 1,292 34,685 35,977 35,977................... 47,933 54,054 1,958 103,945 103,945............ 43,169 43,169 43,169............... 509 509 509 *...... 5.28% 1,128 2,256 256,955 6,665 267,004 256,114 *...... 5.35% 803 1,606 185,169 187,578 180,000 94,834 92,601 444,082 6,665 638,182 619,714 * I-29

27,500,00027,750,000 129,201,000227,454,00020122013201412312015630 20131231................. 19,100 38,100 224,200 281,400 274,900................. (18,700) (37,400) (219,600) (275,700) (269,500) 400 700 4,600 5,700 5,400 20141231................. 29,200 47,500 293,800 370,500 363,900................. (30,100) (49,200) (306,700) (386,000) (379,100) (900) (1,700) (12,900) (15,500) (15,200) 2015630................. 33,400 66,000 97,900 197,300 196,300................. 34,200 (67,700) (100,900) (202,800) (201,760) (800) (1,700) (3,000) (5,500) (5,460) I-30

20131231 5,400 20141231 15,200 2015630 5,460 7. I-31

4 1231 630 2012 2013 2014 2014 2015.................... 377,197 347,281 478,013 372,402 502,513.................... 3,918 29,763.................... 377,197 347,281 481,931 372,402 532,276 1231 630 2012 2013 2014 2014 2015............. 344,374 296,236 488,122 216,262 366,265............. 64,663 61,908 132,478 42,161 102,990........... 22,416 19,567 20,708 9,509 10,295.................... 5,403 8,795 8,924 4,558 1,898....... 4,107 18,887 28,368 20,308 18,730 440,963 405,393 678,600 292,798 500,178 1231 630 2012 2013 2014 2014 2015........... 331,133 301,670 563,940 237,762 432,715.................... 109,830 103,723 114,660 55,036 67,463 440,963 405,393 678,600 292,798 500,178 I-32

1231 630 2012 2013 2014 2014 2015.................. 173,466 138,773 195,962 96,738 131,933................ 104,978 77,451 136,468 70,862 94,372 a........... 27,974 59,283 74,006 37,517 8,944............. 875 2,857 5,853 1,835 1,617.................. 701 555 334 242 104 307,994 278,919 412,623 207,194 236,970 b........ 132,969 126,474 265,977 85,604 263,208 440,963 405,393 678,600 292,798 500,178 (a) (b) 10% 1231 630 2012 2013 2014 2014 2015 A.................. 148,633 108,265 127,393 57,523 89,129 B................... 105,749 83,442 137,520 78,501 56,285 C................... 50,960 81,117 40,820 D.................. 75,074 E................... 66,273 254,382 242,667 346,030 176,844 286,761 10% I-33

8. 1231 630 2012 2013 2014 2014 2015........... 4,418 3,044 1,732 235 635 a............... 5,747 13,808 13,268 8,297 a............... 5,663 9,464 3,285 1,514 2,901 b........ 3,238 4,747 3,994 256 174................ 3,633 3,554 2,597 1,385 2,656 c........ 2,736 2,711 1,385 1,104 147................ 18 109 604 83 5 25,453 37,437 26,865 12,874 6,518 (a) 41 (b) 2012201320141231 201420156303,238,0004,747,000 3,994,000256,000174,000 (c) 20141231 182015630 9. 1231 630 2012 2013 2014 2014 2015 5,800 (17,200) (17,900) 7,520................ (2,500) (508) (448) (8,139)........... 1,700... 34,900 47,600 38,200 15,800 65,300.................. 77 5,843 47 11,271..... (62) (4,256) (578) 1,205 259 32,338 50,921 37,028 (1,296) 64,940 I-34

10. 1231 630 2012 2013 2014 2014 2015................ 605 605 421 280 101.................... 400 400................ 2,199 8,622.................... 131 63 73 23 3 736 668 3,093 703 8,726 11. 1231 630 2012 2013 2014 2014 2015....... 30,086 34,174 26,041 13,406 12,165................ 534 1,438 30,086 34,174 25,507 13,406 10,727 201220132014123120142015630 6.78%6.78% I-35

12. 1231 630 2012 2013 2014 2014 2015............. 23 38 38 19 19 13....... 727........... 27,944 29,811 44,388 16,550 37,978.................. 1,681 1,824 1,946 1,054 1,949........... 29,625 31,635 46,334 17,604 40,654....... 436 436 644 249 388... 41,871 42,318 43,837 21,588 24,078......... 42,307 42,754 44,481 21,837 24,466................ 2,500 508 448 8,139........... (1,700)... 9,104 1,246 944 75 214... (317)... (34,900) (47,600) (38,200) (15,800) (65,300).................. 77 5,843 47 11,271... 335,986 320,952 487,941 214,649 349,507..... 342 495 I-36

13. 20152 d 20121231 c......... c......... 20131231 c......... c......... a......... 20141231 c......... c......... a......... 2014630 c......... c......... a......... 2015630 b........ 203 11 7 221 b........ 221 28 7 256 a......... 424 39 14 477 c......... 250 250 c......... a......... c........... 250 250 (a) 201391120152 I-37

(b) (c) (d) 20141120155 20155 20152 20155 20155 20122013201412312014630 2015630 20122013201412312014 2015630 201220132014123120142015630 14. 2012201320141231 20146302015630 1231 630 2012 2013 2014 2014 2015......... 1,017 923 950 467 431......... 171 165 180 86 46....... 28 26 34 16 12.................... 1,216 1,114 1,164 569 489 1231 630 2012 2013 2014 2014 2015 1,000,000........ 5 5 5 5 2 I-38

15. 1231 630 2012 2013 2014 2014 2015..... 7,841 4,813 19,311 6,358 12,436........... 87 173 31 31 405 7,928 4,986 19,342 6,389 12,841 20.............. (2,087) 358 (3,597) (2,872) 65 5,841 5,344 15,745 3,517 12,906 1231 630 2012 2013 2014 2014 2015............. 77,453 83,454 147,479 38,954 142,797 25%....... 19,363 20,864 36,870 9,739 35,699 107 111 466 19 309..... (1,155) (455) (1,475) (8,725) (11,900) (9,550) (3,950) (16,325)..... 900 (3,836) (3,449) (10,597) (2,322) (8,082)....... 87 173 31 31 405............. 5,841 5,344 15,745 3,517 12,906 25% 2012201415% 15% Hengshi Egypt25%Hengshi Egypt201412312015630 I-39

16. 2012 8 29 2013 11 29 2014 5 2820152252015414 14,792,000 32,979,000 29,845,000 52,381,000 95,000,00013,312,00029,681,00028,651,000 47,143,000201211820141262014717 2015324 17. 1231 630 2012 2013 2014 2014 2015....... 71,612 78,110 131,789 35,437 130,160.... 486,506,853 538,744,312 624,471,074 576,919,678 718,127,866 201220132014123120142015630 201211 2015817749,900,000 I-40

18. 201211................... 79,172 387,042 675 2,304 51,660 520,853.............................. 92 721 39 1,817 2,669.............................. 52,249 (52,249) 20121231.................. 131,513 387,763 675 2,343 1,228 523,522.............................. 1,220 12,141 13,361.............................. 13,335 33 (13,368).............................. (347) (8) (355) 20131231.................. 131,513 402,318 328 2,368 1 536,528.............................. 3,206 13,449 96 305 149,561 166,617.............................. 27,608 (27,608).............................. (12,218) (4,330) (96) (977) (17,621) 20141231.................. 122,501 439,045 328 1,696 121,954 685,524.............................. 464 3,538 182 546 67,095 71,825.............................. 88,441 157 (88,598)......................... (2) (64) (66) 2015630................... 122,965 531,024 510 2,397 100,387 757,283 201211................... 18,521 104,545 229 1,848 125,143......................... 5,242 36,341 64 224 41,871 20121231.................. 23,763 140,886 293 2,072 167,014......................... 6,206 36,016 31 65 42,318..................... (208) (7) (215) 20131231.................. 29,969 176,902 116 2,130 209,117......................... 5,762 37,756 89 230 43,837..................... (5,677) (3,783) (41) (828) (10,329) 20141231.................. 30,054 210,875 164 1,532 242,625......................... 2,950 21,045 23 60 24,078 2015630................... 33,004 231,920 187 1,592 266,703 20121231.................. 107,750 246,877 382 271 1,228 356,508 20131231.................. 101,544 225,416 212 238 1 327,411 20141231.................. 92,447 228,170 164 164 121,954 442,899 2015630................... 89,961 299,104 323 805 100,387 490,580 201220131231 2014201412312015 63037 I-41

.......................................................... 4.75%................................................... 9.50 19.00%.......................................................... 9.50%............................................. 19.00% 20141117 12,565,00011,963,000110,000 50% 30% 20141231 24,638,000 5,499,00011,271,000 2014126 15,146,000 5,618,000145 20132014123120142015630 596,00017,289,000 3,909,00010,693,000 19. 1231 630 2012 2013 2014 2015. 18,686 18,250 31,585 31,203... 436 436 776 776 19,122 18,686 32,361 31,979 I-42

4250 201220131231 2014201412312015630 37 1820141231 12,565,000 30%50%18 20. 1231 630 2012 2013 2014 2015... 5,483 5,125 8,722 9,530... (900) 5,483 5,125 8,722 8,630 201211...... 1,500 1,191 705 3,396.......... 375 1,366 296 50 2,087 20121231.... 1,875 1,366 1,487 755 5,483.......... (810) (255) 157 285 265 (358) 20131231.... (810) 1,620 1,523 1,772 1,020 5,125.......... 3,090 (105) (190) 185 450 182 (15) 3,597 20141231.... 2,280 1,515 1,333 1,957 450 182 1,005 8,722.......... (1,461) 1,110 8 522 (900) 656 (65)............ (27) (27) 2015630..... 819 2,625 1,333 1,965 450 677 (900) 1,661 8,630 20122013201412312015630 200811 900,0002015630 I-43

10%20156 3020,932,000 21. 1231 630 2012 2013 2014 2015... 2,003 1,620 7,447 10,493 36 22. 1231 630 2012 2013 2014 2015............ 69,139 31,625 23,221 20,922.......... 3,863 5,334 7,536 9,909.......... 23,495 35,107 51,954 67,484 96,497 72,066 82,711 98,315 201220132014123120142015630 9,104,0001,246,000 944,00075,000214,000 20141231317,000 23. 1231 630 2012 2013 2014 2015... 140,206 148,393 188,467 324,174... (12,500) (10,800) (10,100) (17,500) 127,706 137,593 178,367 306,674........ 571 153 856 1,412. 4,951 2,253 3,986............ 185 406 1,821..... 2,800... 830 656 605 478 6,537 809 4,120 10,497. 134,243 138,402 182,487 317,171 I-44

3090 1231 630 2012 2013 2014 2015 90.......... 48,725 82,829 125,014 197,277 91180....... 25,938 19,070 33,747 91,485 181..... 28,275 17,913 2,864 9,831........ 24,768 9,297 5,992 1,591........ 8,484 10,750 6,490 127,706 137,593 178,367 306,674 20122013201412312015630 41,390,00072,250,000107,202,000 188,847,000 1231 630 2012 2013 2014 2015 90.......... 7,335 10,579 17,812 8,430 91180....... 25,938 19,070 33,747 91,485 181..... 28,275 17,913 2,864 9,831........ 24,768 9,297 5,992 1,591........ 8,484 10,750 6,490 86,316 65,343 71,165 117,827 630 1231 2012 2013 2014 2015........ 10,000 12,500 10,800 10,100........ 2,500 508 8,139... (1,700)........ (1,208) (739)........ 12,500 10,800 10,100 17,500 20122013201412312015630 9,708,0008,911,0007,769,00014,165,000 I-45

1231 630 2012 2013 2014 2015............ 39,643 46,567 49,870 79,831............ 647 689 39,643 46,567 50,517 80,520 201220131231 37 24. 1231 630 2012 2013 2014 2015 90.......... 300 5,750 3,550 91180....... 1,000 6,270 2,335 1,100 1,300 12,020 2,335 4,650 20122013201412312015630200,000 550,00039 20122013201412312015630 18,277,00051,854,000 148,828,000166,392,00039 25. (A) 1231 630 2012 2013 2014 2015........ 7,321 28,436 70,128 49,848..... 167,786 262,204 509 175,107 290,640 70,128 50,357 I-46

1231 630 2012 2013 2014 2015.................... (i) 2,947 25,603 29,580 26,047 Zhenshi Spain S.A.................... (i) 1,997 1,593 7,393 4,518......................... (i) 164 25................ (i) 2........................... (i) 13,815 147.................... (i) 9 8.................... (ii) 1,400........................... (iii) 681.......... (iii) 121 836 473 86 Temax Italia S.R.L. Temax Italia................... (iii) 154 325...... (iii) 34 270 142.................... (iii) 639 342 556...... (iii) 15 7 29.................... (iii) 321 480.......... (iii) 29 20 54 Zhenshi (US) International Trading Limited Zhenshi USHengshi Fiberglass (USA). INC.............. (v) 18,061 14,857........................... (viii) 1,953 7,321 28,436 70,128 49,848 I-47

30120 1231 630 2012 2013 2014 2015 90.......... 2,792 17,960 44,871 18,983 91180....... 2,549 9,905 24,672 2,508 181..... 1,971 562 585 28,357........ 9 9 7,321 28,436 70,128 49,848 2012201320141231 20156302,914,00022,780,000 41,160,00013,649,000 1231 630 2012 2013 2014 2015 90.......... 444 324 11,028 5,334 91180....... 1,983 4,761 17,355 2,259 181..... 1,971 562 585 28,357........ 9 9 4,407 5,656 28,968 35,950 I-48

1231 630 1231 630 2012 2013 2014 2015 2012 2013 2014 2015..................... (viii) 1 1.... (vii) 508 508................... (i) 108,416 146,940 108,806 151,786 170,295................... (i) 1,250............ (i) 32,150 70,904 32,216 105,482 70,904...... (i) 4,200 5,610 13,280 5,741 6,910........ (i) 101,540.............. (i) 23,020 38,750 23,073 39,200 51,399...... (i) 3,017 700..................... (i) 1,005.............. (i) 800 167,786 262,204 509 201220131231 2015630 20122013201412312015630 1231 630 2012 2013 2014 2015........ 6.56% 8.02% 6.36% 7.37% I-49

(B) 1231 630 2012 2013 2014 2015........................... 408 1,930........................ 178,950 200,000 1 179,358 201,930 1 1231 630 2012 2013 2014 2015................... (viii) 408 1,930 30 1231 630 2012 2013 2014 2015 90................................. 408 1,433 91180.............................. 497 408 1,930 1231 630 1231 630 2012 2013 2014 2015 2012 2013 2014 2015............... (viii) 178,950 200,000 180,900 279,850 255,950 201,112........ (ix) 1 1 178,950 200,000 1 I-50

2012201320141231 1231 630 2012 2013 2014 2015........ 6.00% 7.57% 6.67% 7.12% 6.40% 7.28% 5.57% 6.52% (C) 1231 630 2012 2013 2014 2015........................... 2,241 8,733 6,338 42,573........................ 20 20 576 596 2,261 8,753 6,914 43,169 I-51

1231 630 2012 2013 2014 2015................... (i) 1,609 5,572 6,088 9,965................... (i) 12................ (i) 125 20 3............ (i) 28 19 5............ (i) 150 150................ (i) 40................... (iii) 751 20,222................ (iii) 70................ (iii) 37............ (iii) 3,286............ (iii) 2,137................... (iii) 1,879............ (iii) 511 Jushi Japan.................. (iii)................... (viii) 3,173.... (iv) 562 2,220 21 1,230 2,241 8,733 6,338 42,573 I-52

3090 1231 630 2012 2013 2014 2015 90............................. 2,238 8,730 6,186 39,707 91180.......................... 2,716 181........................ 1 150 150........................... 1........................... 2 2 2 2,241 8,733 6,338 42,573 1231 630 2012 2013 2014 2015 PT. FAJAR BHAKTI LINTAS NUSANTARAPT FAJAR.. (i) 556 557................... (vi) 20 20 20 20......................... (vii) 19 20 20 576 596 PT FAJAR 557,000 (D) 1231 630 2012 2013 2014 2015........................... 67,435 4,664........................ 19 18 19 509 19 67,453 4,683 509 1231 630 2012 2013 2014 2015................... (viii) 67,435 4,664 I-53

3090 1231 630 2012 2013 2014 2015 090............................ 67,435 4,664 1231 630 2012 2013 2014 2015.. (vii) 19 18 19.......... (ix) 1.............. (ix) 506................... (ix) 1.......... (ix) 1 19 18 19 509 20154 (i) (ii) 20121231 20138 (iii) (iv) (v) 2014812Zhenshi Group (HK) Heshi Composite Materials Trading LimitedHeshi Composite 30% (vi) (vii) (viii) 20154 (ix) 20154 I-54

1231 630 1231 630 2012 2013 2014 2015 2012 2013 2014 2015....... 5,748 28,427 56,314 47,550 1,619 4,380 2,019 3,720....... 42 446 5,748 28,427 56,314 47,550 1,619 4,380 2,061 4,166 26. 1231 630 2012 2013 2014 2015.................... 5,400.................... 15,200 5,460 5,400 15,200 5,460 I-55

20131231 1,500,000...... 20141229 6.2082 1,500,000...... 201421028 6.2180 1,500,000...... 20143331 6.2247 2,000,000...... 20144130 6.2345 2,000,000...... 20145830 6.2438 2,000,000...... 20146330 6.2515 2,000,000...... 20147131 6.2560 2,000,000...... 20148129 6.2582 1,350,000...... 20149130 6.2648 2,000,000...... 201410631 6.2695 2,000,000...... 201411328 6.2780 2,000,000...... 201412131 6.2838 1,586,400...... 20141629 6.1554 1,573,900...... 201421028 6.1644 1,573,900...... 20143331 6.1696 2,156,100...... 20144129 6.1744 2,156,100...... 20145530 6.1824 2,156,100...... 20146330 6.1891 2,156,100...... 20147129 6.1941 2,156,100...... 20148127 6.2015 1,386,100...... 20149126 6.2080 2,156,000...... 201410631 6.2131 2,156,000...... 201411328 6.2174 2,156,000...... 201412331 6.2224 20141231 4,818,800...... 20151230 6.0590 3,273,800...... 20152227 6.0640 4,559,300...... 20153231 6.0618 5,238,000...... 20154130 6.0633 5,238,000...... 20155429 6.0649 5,436,800...... 20156130 6.0663 5,504,300...... 20157131 6.0678 5,436,800...... 20158331 6.0695 5,436,800...... 20159130 6.0711 5,436,800...... 201510830 6.0731 5,436,800...... 201511230 6.0745 5,245,500...... 201512131 6.0760 2015630 5,504,300...... 20157131 6.0678 5,436,800...... 20158331 6.0695 5,436,800...... 20159130 6.0711 5,436,800...... 201510830 6.0731 5,436,800...... 201511230 6.0745 5,245,500...... 201512131 6.0760 I-56

27. 20122013201412312015630 0.503.362.752.35 201220132014123120156300.011.44 0.011.441.441.44 1231 630 2012 2013 2014 2015............................... 6,558 13,853 24,325 14,618............................... 60 61 55 71,303............................... 3 3 6,618 13,914 24,383 85,924 28. 1231 630 2012 2013 2014 2015...................... 4,219 118 389 10,989...................... 929 1,909 2,673 4,158........................... 1,521 1,118 931 800...................... 1,574 825 194 1,258... 990 977 32,712 12,465........................... 809........................ 146 186 471 1,691...................... 6,044...................... 1,802 997 3,549 3,989........ 11,181 6,130 40,919 42,203 I-57

3090 1231 630 2012 2013 2014 2015 90............................. 3,452 10 293 9,681 91180.......................... 682 6 13 1,292 181........................ 17 9 3........................... 10 62........................... 75 85 12 13 4,219 118 389 10,989 1231 630 2012 2013 2014 2015............................... 1,458 155 1,124 7,342............................... 14,852 1,458 155 15,976 7,342 29. 1231 630 2012 2013 2014 2015 30............................. 53,000 47,933 3160......................... 28,700 4,445 35,476 6190......................... 18,500 4,800 18,578 91180........................ 67,702 1,220 1,958 167,902 10,465 103,945 2012 12 31 165,852,000 2015 6 30 21,337,000 56,682,000 12,903,000 I-58

30. 201211................................................ 34,900................................................. 51,800.................................................... (34,900) 20121231.............................................. 51,800................................................. 34,100..................................................... (47,600) 20131231.............................................. 38,300................................................. 65,200..................................................... (38,200) 20141231.............................................. 65,300..................................................... (65,300) 2015630............................................... 2015630 I-59

31. 1231 630 2012 2013 2014 2015........................... 441,500 511,750 420,299 436,114 1231 630 2012 2013 2014 2015 b.......................... 220,000 210,000 174,000.............. 110,000 120,000............................ 45,000 25,000................ 100,000 c......... 20,000 Zhou Jingqid............ 100,000 395,000 455,000 274,000 ab.......... 30,000 b.. 99,899 a......... 16,500 56,750 46,400 256,114...................... 180,000 441,500 511,750 420,299 436,114........................ 40,000 140,000 127,209 256,114........................ 401,500 371,750 293,090 180,000 441,500 511,750 420,299 436,114 1231 630 2012 2013 2014 2015 *................ 441,500 511,750 320,400 430,000... 99,899 6,114 441,500 511,750 420,299 436,114 * I-60

20122013201412312015630 1231 630 2012 2013 2014 2015... 6.90% 7.54% 6.00% 6.60% 3.13% 6.72% 2.59% 5.35%... 5.60% 6.95% 5.88% 6.60% 5.04% 6.78% 5.35% 5.36% 1231 630 2012 2013 2014 2015............................... 27,209 6,114 (a) 37 (b) 2015 (c) (d) Zhou Jingqi 32. 1231 630 2012 2013 2014 2015...................... 3,000 3,000............................................................ 3,000 3,000 3,000 3,000 201412313,000,000 33. 2012201320141231 2015630 2012123155,853,000 20121231361,014,000 2014123194,420,000 20141231455,434,000 201563047,144,000 2015630502,577,000 I-61

220154 0.001 2015223...................................... 50,000 50,000 201557.................. 49,950,000 201557.................. 1,950,000,000 1,950,000 2015630.................................... 2,000,000,000 2,000,000 0.001 2015223...... 1 1 6 2015223.... 99 99 607 201557....... 99,900 100 613 2015630..................... 100,000 100 613 20155750,0000.00150,000,000 50,000,0000.0012,000,000,000 2015 8 17 749,900,000750,000,000 I-62

34. 1231 630 2012 2013 2014 2015...................... 22,000 22,000 22,000.................... 54,000...................... 1,057,428 845,242 1,118,000........................... 1,133,428 867,242 1,140,000... 51,800 38,300 65,300 1,081,628 828,942 1,074,700 2015630 2015515 (i) (ii) 35. 1231 630 2012 2013 2014 2015............................... 820 790... 2,397 1,936 3,217 2,726 36. 1231 630 2012 2013 2014 2015................ 5,819 22,083................ 9,262 27,029 47,758 70,087 I-63

37. 24 1231 630 2012 2013 2014 2015............ 104,138 98,191 86,481 83,770................ 19,122 18,686 16,958 16,758...................... 12,664 25,422 135,924 142,299 103,439 100,528 38. 2012201312316,811,0001,362,000 1,362,0001,327,00020,000,000 20141231 Hengshi EgyptHengshi Egypt Hengshi Egypt 201220132014123120142015 6301,681,000 1,824,0001,946,0001,054,0001,949,000 39. 201220132014 12 31 100,00014,212,0008,082,000 I-64

41 20141030 40. 20128292012118 14,792,00013,312,000 201311292014126 32,979,00029,681,000 20145282014717 29,845,00028,651,000 2252015324 57,381,00047,143,000 41. 1231 630 2012 2013 2014 2014 2015...... 25(i) 5,446 46,291 64,323 32,993 3,007 Zhenshi Spain S.A.......... 25(i) 11,911 2,078 11,311 4,559 108.... 25(i) 137 1 2,467 8,300 7,202 5,084 3,200 350 3,226 100 612 344 53 5 1,142...... 25(i) 13,381 17,759 28,843 11,540 24,342 5,715 350 1,220 I-65

1231 630 2012 2013 2014 2014 2015 50 100 1,368 410 143 147 5,618 5,618 15,146 15,146 13,815 2,523...... 25(i) 46 100 135 135...... 25(i) 655.... 25(i) 118.... 25(i) 1 2,445 800 400 47 47.... 25(i) 163 163 50 2,813 500 500.... 25(i) 30 510 1,700 750.... 25(i) 474 599 587 312 1,388 714 3,251 2,874 1,677 500 644 20 20 2...... 25(i) 82 164 203 53 217...... 25(i) 179 3 102 698 323 386 194 I-66

1231 630 2012 2013 2014 2014 2015........ 25(i) 1,775...... 25(i) 93 1,843 2,806 1,342...... 25(i) 59 2,651 155 2,344 2,344 170 190 190 10...... 25(i) 24...... 25(i) 7........ 25(i) 25(i) 7,002 7,002 390 140 PT. FAJAR..... 25(i) 556...... 25(ii) 1,562 1,335...... 25(iii) 254,591 11,138 4,987 1,512 52,175 2,736 666 533 395 747 777 201 172 263 9...... 25(iii) 1,226 506...... 25(iii) 955 202 1,827...... 25(iii) 460 2,125 18...... 25(iii) 666 2,932 2,251 990 1,322 Temax Italia.... 25(iii) 106 382 0 171.... 25(iii) 571 689 981 292 335...... 25(iii) 1,072 1,744 1,130 610 926.... 25(iii) 177 391 748 359 291...... 25(iii) 648 156 467 I-67

1231 630 2012 2013 2014 2014 2015...... 25(iii) 64 79 36 51...... 25(iii) 2,045 709 709 582 122,952.... 25(iii) 433 Jushi Egypt for Fiberglass industry S.A.E....... 25(iii) 111...... 25(iv) 2,375 6,404 8,697 3,747 5,494 Zhenshi US..... 25(v) 21,108 29,100...... 25(viii) 1,256 5,483 3,267 3,149 196,900 390,375 147,167 91,763 596 17,289 3,909 10,693 5,663 9,464 3,285 1,514 2,901 15,440 10,339 7,970 6,600 10 6 1231 630 2012 2013 2014 2014 2015............. 738 686 668 327 1,106............. 171 154 160 79 84........... 15 16 23 11 26 924 856 851 417 1,216 I-68

B. 2015630........................................... 606,816............................................... 1.................................................... 2,800 2,801............................................... 509........................................... 13,621 14,130................................................. 11,329........................................... 595,487........................................................ 1........................................................ 595,486 595,487 201511............................................ (11,623) (11,623).............................. 1 1.......................... 607,109 607,109 2015630................... 1 607,109 (11,623) 595,487 C. (i) 2015817 329,559,000120,381,000 224,970,00074,990,00043,584,00015,920,000 29,752,0009,917,000 (ii) Hengshi USA Company Limited201586 D. 2015630 I-69

E. 20151231 2,200,000 2015128 I-70

201412312015630 A. 4.29 2015630 2015630 2015630 2015 2015 630 630 1 2 3 4 1.80................. 576,647 311,791 888,438 0.89 1.13 2.60................. 576,647 469,511 1,046,158 1.05 1.33 (1) 2015630576,647,000 2015630 (2) 250,000,0001.80 1.422.602.05 43,079,0002015630 1.000.7886 2015630 (3) 1,000,000,000 2015630 (4) 0.7886 1.002015630 (5) 2015630 2015630 II-1

B. 2015630 2015128II-1 II-1 2015 6302015630 20141231 2015630 4.29 7 7 4.29(7) 3420 4.29 7 II-2

2015630 (a) (b) (c) 4.29(1) 2015128 II-3

20151031 6 8 2703 20151031 I. II. III-1

III. IV. V. III-2

VI. VII. 512 2012 201532520159 2015128 FHKIoD, FRICS, MHKIS, MCIREA 27 III-3

1 145 128,566.89 2010 2015 127,692.24 4 2 117,905.86 1 5 4,919.57 1 6 3,494.85 1 2 1,371.96 7 127,692.24 84 201511 20151231 302,000 2015 1031 197,000,000 205610 16 (i) (ii) (iii) (iv) (v) (vi) (2014)10114 2056 1016 2007420 102,032.9150 2014612 26,532.916,528.12 20,764,000 003029760020684600206847002178080021780900217810 00325503127,692.24 (i)(iv) 0020684600206847002178080021780900217810 1. (i) 2. (iv) 3. 84 III-4

2015223 2015124 1. (a) 27(2) (b) 2. (a) (i) (ii) IV-1

(iii) (iv) (v) (vi) (aa) IV-2

(bb) (cc) (dd) 13.44 5% (ee) (1) (2) (ff) (vii) IV-3

(viii) (aa) (bb) (cc) 12 (dd) (ee) IV-4

(ff) (gg) (hh) (ix) (x) (xi) (b) IV-5

14 30 (f) (g) (h) 15 (i) 21 14 (i) IV-7

(ii) 95% (a)(b) (c) (d)(e) (f) (g) (j) (k) 15 (l) IV-8

(m) (n) 21 IV-9

(o) (i) (ii) (a) (b) IV-10

(p) 0.25 (q) (r) 3(f) (s) (i) (ii) IV-11

(t) (i) (ii) (iii) (iii) (u) 3. (a) IV-12

(b) (a)(b) (c)37(d)(e) (c) (d) IV-13

(e) 34 34 (f) (a)(b) (c) (a)(b) (c) (d) (g) (h) (i)(ii) IV-14

(iii) (i) (j) 20116 (i) (ii) (k) (l) (m) (n) IV-15

(a) (b) (c)(d) (o) (p) IV-16

(q) (r) 4. Walkers IV-17

A. 1. 2015223 Intertrust Corporate Services (Cayman) Limited190 Elgin Avenue, George Town, Grand Cayman KYI-9005, Cayman Islands 136201562616 136 2. 50,00050,0001.00 20152231.00Walkers Nominees Limited1.00 20152231.0093.579 1.005.421 20154110.63230.010.01.00 2015571.001,0000.001 1001.00100,0000.001 49,9001.0049,900,0000.001 50,00050,000,0000.001 2,000,0002,000,000,0000.001100,000 43,94716,05310,00030,000 2015819 329,558,553120,381,44774,990,000224,970,000 43,583,82215,920,2779,917,35029,752,050 V-1

3. 2015572015124 I. 201557 (a) 1.0010049,900 100,0000.00149,900,0000.001 (b) 50,00050,000,0000.001 2,000,0002,000,000,0000.001 (c) Hengshi Holdings II. 2015124 (a) (i) (ii)(iii) (i) (ii) (iii) (iv) (b) (i)(ii) (iii) (iv) (x) 20%(y) (c) (c) V-2

10% (d) (b) (c) 10% 4. 5. 6. (a) (i) 2015 12 4 10% V-3

(ii) (iii) 10%30 5% (iv) (v) (a) (b) (vi) 30 V-4

(vii) (b) (c) (d) 1,000,000,000 100,000,000 (i) (ii) (iii) V-5

26 25% 8.08 B. 1. (a) 59,504,098.6560.0%2015 415 (b) 39,669,399.10 40.0%2015415 (c) 2015522 (d) China Building Material Holdings Co., LimitedCBMH 2015124CBMH 10,000,000 (e) (f) 2015127 2. (a) 1 4633473 17 2005429 2018116 2 7754498 17 2011128 2021128 V-6

(b) 1 ZL200820164683.4 2009715 2018911 2 ZL200820168041.1 2009916 20181112 3 ZL200920114186.8 2010127 2019225 4 ZL201020160056.0 20101124 2020414 5 ZL201020160049.0 20101124 2020414 6 ZL201020160051.8 20101124 2020414 7 ZL201020545788.1 201054 2020927 8 ZL200910095976.0 2011713 2029225 9 ZL201120074140.5 2011112 2021320 10 ZL201120199474.5 2012118 2021613 11 ZL201220203844.2 2013130 2022105 V-7

12 ZL201220370884.6 2013213 2022729 13 ZL201220369784.1 201358 2022729 14 ZL201220519546.4 201358 20221010 15 ZL201220519660.7 201358 20221010 16 ZL201320535852.1 201449 2023829 17 ZL201320535937.X 201449 2023829 18 ZL201320720657.6 2014514 20231114 19 ZL201420604785.9 2015211 20241019 20 ZL201420604759.6 2015211 20241019 21 ZL201210383738.1 2015319 2035318 22 ZL201310386865.1 2015514 2035513 V-8

1. 1 201420549015.9 2014923 2 201410488744.2 2014923 3 201410489396.0 2014923 4 201410711749.7 20141128 5 201410709164.1 20141128 6 201310550292.1 2013118 7 201310386865.1 2013830 (c) 1 chinahengshi.com.cn 2006524 2016624 C. 1. (a) XV XV78 V-9

352 (1) (2) 329,602,500 32.96 (3) 120,397,500 12.04 (4) 225,000,000 22.50 (1) 1,000,000,000 (2) 95.95%329,602,500 32.96% (3) 120,397,500 12.04% (4) 225,000,00022.50% XV23 10% (b) 2. V-10

D. 1. 2. 3. 3A.07 1,000,000 4............................ Walkers Global................... Mena Associates Amereller Rechtsanwälte.......... Germanischer Lloyd Industrial Services (Shanghai) Co. Ltd.............................. 14 5 69 5. 44A44B V-11

6. 32L4 7. 600,000 8. (a) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) D. 4. (b) 12 (c) V-12