2 3 4 10 25 55 70 72 75 77 79 80 82 84 188 1
Jacobus Petrus Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Ian Charles Stone Jacobus Petrus Bekker Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 518057 1 29 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 183 17 1712-1716 www.tencent.com 700 2
12,440 19,646 28,496 43,894 60,437 8,550 13,326 18,568 25,687 32,659 6,041 9,913 12,099 15,051 19,281 5,222 8,115 10,225 12,785 15,563 5,156 8,054 10,203 12,732 15,502 5,222 9,936 8,957 13,619 18,376 5,156 9,875 8,938 13,567 18,327 4,349 10,456 21,301 38,747 53,549 13,157 25,374 35,503 36,509 53,686 17,506 35,830 56,804 75,256 107,235 12,179 21,757 28,463 41,298 57,945 120 84 625 850 518 12,299 21,841 29,088 42,148 58,463 644 967 6,533 12,443 15,505 4,563 13,022 21,183 20,665 33,267 5,207 13,989 27,716 33,108 48,772 17,506 35,830 56,804 75,256 107,235 3
主席報告 馬化騰 主席 本人欣然向各股東提呈我們截至二零一三年十二月三十一日止年度的年報 業績 本集團截至二零一三年十二月三十一日止年度經審計的本公司權益持有人應佔盈利為人民幣 155.02 億元 較上一 年度的業績增加 22% 截至二零一三年十二月三十一日止年度的基本及攤薄每股盈利分別為人民幣 8.464 元及人 民幣 8.298 元 騰 訊 控 股 有 限 公 司 4
O2O O2O QQ QQ QQ 5
O2O 6
QQ QQ QQ 1% 8.08 2% 1.80 QQ QQ 1 74% 4.26 QQ 4% 6.25 QQ 63% 4.16 QQ WeChat 3.55 WeChat WeChat O2O QQ.com QQ 1 QQ ios QQ ios QQ QQ QQ 7
QQ QQ 6.00 B2C QQ C2C QQ 8
(1) (2) (3) O2O (1) (2) WeChat (3) 1.20 1.00 9
QQ 808.0 815.6-0.9% 798.2 1.2% QQ 180.3 178.2 1.2% 176.4 2.2% WeChat 355.0 336.0 5.7% 160.8 120.8% QQ 625.2 623.3 0.3% 602.7 3.7% QQ 8.5 8.2 3.7% 8.8-3.4% 88.6 89.0-0.4% 104.5-15.2% WeChat WeChat WeChat WeChat QQ QQ 74% 4.26 WeChat QQ 63% 4.16 10
16,970 15,535 (8,198) (7,036) 8,772 8,499 377 336 405 66 (2,033) (1,465) (2,770) (2,621) 4,751 4,815 6 (22) (14) 50 (4) (11) 4,739 4,832 (808) (955) 3,931 3,877 3,911 3,867 20 10 3,931 3,877 4,498 4,376 11
9% 169.70 11,932 70% 11,635 75% 1,497 9% 1,390 9% 3,324 20% 2,359 15% 217 1% 151 1% 16,970 100% 15,535 100% 3% 119.32 84.75 QQ 8% 34.57 QQ 8% 14.97 41% 33.24 12
17% 81.98 45% 48% 3,886 33% 4,069 35% 1,011 68% 662 48% 3,164 95% 2,220 94% 137 63% 85 56% 8,198 7,036 4% 38.86 53% 10.11 3.17 5% 43% 31.64 13
0.66 4.05 39% 20.33 WeChat 9% 12% 6% 27.70 17% 16% ( ) 0.06 0.22 15% 8.08 1.35 1% 39.11 3% 44.98 14
60,437 43,894 (27,778) (18,207) 32,659 25,687 1,314 836 904 (284) (5,695) (2,994) (9,988) (7,766) 19,194 15,479 (84) (348) ( ) 213 (54) (42) (26) 19,281 15,051 (3,718) (2,266) 15,563 12,785 15,502 12,732 61 53 15,563 12,785 17,063 14,286 15
38% 604.37 44,985 75% 35,718 81% 5,034 8% 3,382 8% 9,796 16% 4,428 10% 622 1% 366 1% 60,437 100% 43,894 100% 26% 449.85 34% 319.66 9% 130.19 QQ 49% 50.34 121% 97.96 16
53% 277.78 41% 46% 15,384 34% 12,064 34% 2,777 55% 1,733 51% 9,239 94% 4,192 95% 378 61% 218 60% 27,778 18,207 28% 153.84 60% 27.77 3.17 42% 120% 92.39 17
9.04 2.84 90% 56.95 WeChat 7% 9% 29% 99.88 18% 17% 76% 0.84 64% 37.18 22% 155.02 19% 170.63 18
EBITDA(a) 20,566 17,540 5,184 5,257 4,363 EBITDA(a) 21,734 18,445 5,467 5,601 4,641 EBITDA (b) 36% 42% 32% 36% 38% 394 327 105 99 104 (c) 36,218 27,381 36,218 34,400 27,381 (d) 5,799 4,493 1,679 1,621 1,784 (a) (b) (c) (d) EBITDA EBITDA EBITDA EBITDA EBITDA 19
EBITDA EBITDA 19,194 15,479 4,751 4,815 3,726 : (1,314) (836) (377) (336) (266) (904) 284 (405) (66) 202 2,484 1,880 680 644 531 1,106 733 535 200 170 EBITDA 20,566 17,540 5,184 5,257 4,363 1,168 905 283 344 278 EBITDA 21,734 18,445 5,467 5,601 4,641 20
(a) (b) (c) (d) (e) 19,194 1,168 618 139 87 (438) 20,768 15,563 1,168 618 240 87 (438) 17,238 15,502 1,155 547 210 87 (438) 17,063 32% 34% 26% 29% (a) (b) (c) (d) (e) 15,479 905 108 5 247 699 (390) 17,053 12,785 905 108 5 286 699 (390) 14,398 12,732 890 95 5 255 699 (390) 14,286 35% 39% 29% 33% 21
(a) (b) (c) (d) (e) 4,751 283 180 24 87 5,325 3,931 283 180 66 87 4,547 3,911 278 160 62 87 4,498 28% 31% 23% 27% (a) (b) (c) (d) (e) 4,815 344 134 38 5,331 3,877 344 134 58 4,413 3,867 340 119 50 4,376 31% 34% 25% 28% 22
(a) (b) (c) (d) (e) 3,726 278 25 40 251 4,320 3,471 278 25 65 251 4,090 3,464 275 22 56 251 4,068 31% 36% 29% 34% (a) (b) (c) (d) (e) Mail.ru 23
20,228 18,602 31,043 31,021 51,271 49,623 (5,912) (6,007) (9,141) (9,216) 36,218 34,400 60.39 84.49 24
10 5 79 1.20 1.20 42.70 46.69 19 20 25
6 19 10 25 26 1.24 3 26
16.34 6,643,000 2,057,300 258.8 239.6 508,772,607 4,585,700 251.4 238.4 1,125,505,991 6,643,000 1,634,278,598 19 27
I II III I 3,000,000 33.05 1,000,000 1,000,000 5 1 33.05 3,000,000 1,000,000 2,000,000 5 2 158.50 1,000,000 1,000,000 3 5,000,000 2,000,000 3,000,000 25.26 40,000 40,000 5 4 Iain Ferguson 25.26 40,000 40,000 Bruce 5 4 Ian Charles 25.26 60,000 60,000 Stone 5 4 5,140,000 2,140,000 3,000,000 28
1. 20% 20% 2. 20% 20% 20% 20% 3. 25% 25% 4. 20% 20% 5. 321.3 417.2 Iain Ferguson Bruce 421.8 Ian Charles Stone 300.4 6. 29
I II III 1. 2. 30
I II III 3. II III 72,386,370 60,413,683 88,903,654 36,018,666 5% 2% I II III I I III II 30% 30% 31
I II III 4. 12 12 12 1% 1% 1% 10% 5. 7 10 32
I II III 6. 15 28 28 28 1 1 1 1 7. (i) (ii) (iii) (i) (ii) (iii) (i) (ii) (iii) 33
I II III 8. II III 86,247,332 4.63% 21 21 34
1. 2. I 15 3. I 2% 35,755,232 II (i) II (ii) II 3% 55,787,452 4. I 1% 17,877,616 II 1% 18,595,817 35
5. I II 36
6. (i) 13.09 XIVA (ii) (iii) 60 30 (1) (2) (iv) 37
7. 8. I II 14A 5,188,175 21 38
21,000 Iain Ferguson Bruce Ian Charles Stone 16,000 4,000 12,000 12,000 3,000 9,000 28,000 7,000 21,000 Jacobus Petrus Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 87 Charles St Leger Searle 3.13 39
42 Advance Data Services Limited 40 42 Best Update International Limited Jacobus Petrus Bekker61 Bekker Naspers Limited Bekker M-Net/ MultiChoice MTN Bekker Naspers Limited Naspers (University of Stellenbosch) Bekker (University of the Witwatersrand) Bekker 40
Charles St Leger Searle50 Searle Naspers Internet Listed Assets Naspers Searle Naspers Searle University of Cape Town Searle 56 TCL TCL TCL Legrand Iain Ferguson Bruce73 Bruce Bruce Bruce KCS Limited MSIG Insurance (Hong KongLimited Bruce Bruce Bruce 41
Ian Charles Stone63 Stone SITC UK Broadband Stone Stone CSL Stone 42 38 EMBA James Gordon Mitchell40 Mitchell Mitchell Mitchell 42
47 ad:tech (Publicis) (BBDO) (Dentsu Young & Rubicam) McCann-Erickson EMBA (AMP) 40 QQ Sendmail Oracle Oracle Oracle (University of Michigan, Ann Arbor) (Stanford University) 39 43
38 Tencent E-Commerce Holdings Limited QQ QQ Tencent E-Commerce Holdings Limited EMBA 39 Tencent America LLC Naspers 44 QQ Foxmail 40 45 Curtin University of Technology EMBA 44
41 38 IT MBA 45
(a) XV 7 8 XV (b) 352 (c) (A) 1 189,892,880 10.20% 2 65,000,000 3.49% 8,953,600 3 0.48% Iain Ferguson Bruce 82,000 4 0.004% Ian Charles Stone 75,000 5 0.004% 1. Advance Data Services Limited 2. Best Update International Limited 3. 5,953,600 II III 3,000,000 4. 70,000 12,000 5. 66,000 9,000 46
(B) 16,285,710 54.29% 5,971,427 54.29% 6,857,130 22.86% 2,514,281 22.86% 14A 47
1. 17,636,000,000 2,280,000,000 4,777,000,000 1,022,000,000 1,896,000,000 405,000,000 351,000,000 2. 3. 4. 48
5. 6. 7. 8. 9. 49
10. 11. 125,000,000 37,000,000 404,000,000 203,353 7,000,000 31,000,000 57,000,000 151,000,000 261,000,000 31,000,000 2,000,000 30 7,000,000 30,000,000 62 88,215 MIH Naspers Limited 44 14A 50
XV 2 3 336 5% MIH TC 1 630,240,380 33.85% Advance Data Services Limited 2 189,892,880 10.20% JPMorgan Chase & Co. 10,614,241 17,273,400 6,630 65,643,029 3(i) 93,537,300 5.02% 3,708,714 0.19% 3(ii) 1. MIH TC Naspers Limited MIH (Mauritius) LimitedMIH Ming He Holdings Limited MIH Holdings (Proprietary) Limited XV Naspers LimitedMIH (Mauritius) LimitedMIH Ming He Limited MIH Holdings (Proprietary) Limited 630,240,380 2. Advance Data Services Limited 3. (i) 4,758,558 1,164,452 2,460,800 312,691 820,615 65,643,029 (ii) 3,695,614 1,073,376 1,070,300 98,623 1,453,315 51
336 6.1% 1.9% 27.0% 16.2% 5% A.2.1 A.4.2 52
27,492 24,160 103.64 77.24 (A) 183 17 1712-1716 (B) 183 17 1712-1716 53
54
A.2.1 A.4.2 55
56
62 65 57
( ) 58
A.2.1 39 42 3.10A 59
3.10 3.13 Ian Charles Stone Ian Charles Stone Jacobus Petrus Bekker 86(3) A.4.2 60
A.4.2 Charles St Leger Searle A.4.2 Charles St Leger Searle A.4.2 7/7 1/1 7/7 7/7 Jacobus Petrus Bekker 7/7 4/4 Charles St Leger Searle 7/7 5/5 2/2 1/1 5/7 0/1 1/4 Iain Ferguson Bruce 7/7 5/5 2/2 1/1 Ian Charles Stone 7/7 5/5 1/2 1/1 4/4 61
Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Iain Ferguson Bruce Charles St Leger Searle 62
61 Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone ( ) Charles St Leger Searle 61 63
Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle 61 Ian Charles Stone Jacobus Petrus Bekker Ian Charles Stone 64
61 65
COSO 66
67
68
70 1,800 1,100 69
72 187 70
71
6 8,693 7,403 7 2,041 534 22 8 871 794 9 4,103 4,719 11 12,170 7,310 9 35 28 431 169 13 12,515 5,633 16 1,296 1,236 17 11,420 10,892 53,549 38,747 14 1,384 568 15 2,955 2,354 16 5,365 3,878 17 19,623 13,806 23 4,131 2,520 18 20,228 13,383 53,686 36,509 107,235 75,256 72
19 19 2,846 2,880 19 (871) (667) 20 3,746 816 52,224 38,269 57,945 41,298 518 850 58,463 42,148 25 3,323 2,106 26 9,141 7,517 28 1,441 1,312 24 1,600 1,508 15,505 12,443 73
22 6,680 4,212 23 10,246 6,301 25 2,589 1,077 1,318 420 37(b) 593 540 27 11,841 8,115 33,267 20,665 48,772 33,108 107,235 75,256 20,419 15,844 73,968 54,591 84 187 72 187 74
21 10 10(a) 10,684 9,419 10(d) 2 12 10,707 9,441 10(c) 4,934 4,906 114 25 18 346 166 5,394 5,097 16,101 14,538 19 19 2,846 2,880 19 (871) (667) 2,295 2,456 4,270 4,669 75
26 9,141 7,517 10(c) 2,632 2,308 58 44 2,690 2,352 11,831 9,869 16,101 14,538 2,704 2,745 13,411 12,186 84 187 72 187 76
44,985 35,718 5,034 3,382 9,796 4,428 622 366 5 60,437 43,894 29, 32 (27,778) (18,207) 32,659 25,687 30 1,314 836 31 904 (284) 32 (5,695) (2,994) 32 (9,988) (7,766) 19,194 15,479 36 (84) (348) 213 (54) (42) (26) 19,281 15,051 37(a) (3,718) (2,266) 15,563 12,785 15,502 12,732 61 53 15,563 12,785 77
39(a) 8.464 6.965 39(b) 8.298 6.833 40 1.20 1.00 84 187 78
15,563 12,785 48 2,825 824 (60) 10 2,813 834 18,376 13,619 18,327 13,567 49 52 18,376 13,619 84 187 79
2,880 (667) 816 38,269 41,298 850 42,148 15,502 15,502 61 15,563 48 48 48 2,825 2,825 2,825 (48) (48) (12) (60) 2,825 15,502 18,327 49 18,376 5 5 58 62 120 9 129 308 308 308 999 36 1,035 4 1,039 (278) (278) (278) (74) 74 79 (79) (1,325) (1,325) (1,325) 40 (1,468) (1,468) (77) (1,545) (34) (204) 177 (1,547) (1,608) (59) (1,667) 2 2 (247) (247) (72) (72) (77) (149) (34) (204) 105 (1,547) (1,680) (381) (2,061) 2,846 (871) 3,746 52,224 57,945 518 58,463 80
1,951 (607) 409 26,710 28,463 625 29,088 12,732 12,732 53 12,785 824 824 824 11 11 (1) 10 835 12,732 13,567 52 13,619 22 22 95 59 154 22 176 238 238 238 677 45 722 7 729 (121) (121) (121) (61) 61 65 (65) (20) (20) (20) (1,108) (1,108) (117) (1,225) 929 (60) 169 (1,173) (135) (66) (201) 248 248 (240) (240) (9) (249) (357) (357) (357) 929 (60) (428) (1,173) (732) 173 (559) 2,880 (667) 816 38,269 41,298 850 42,148 84 187 81
41(a) 27,492 21,654 (3,118) (2,225) 24,374 19,429 4 (435) 203 (4,788) (3,657) 41(a) 17 4 (4,456) (3,668) (9) (1,200) (869) (93) (313) (3,651) (557) 155 111 (20) (38) (34) 15,950 18,532 (22,295) (29,513) 3,063 536 626 551 440 (19,134) (16,270) 82
2,320 982 (986) (8,024) (42) 2,846 2,215 (1,328) 1,847 3,768 308 238 (1,325) (20) (278) (121) 5 22 (1,468) (1,108) (73) (117) (160) (179) 1,708 (2,386) 6,948 773 13,383 12,612 (103) (2) 20,228 13,383 84 187 83
1 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 84
1 2.2(a) 10 2 2.1 4 85
2 2.1 (a) 1 19 1 20 86
2 2.1 (a) 7 7 10 11 12 87
2 2.1 (a) 13 36 36 13 36 88
2 2.1 (b) 32 32 32 39 39 9 9 39 9 39 9 89
2 2.1 (b) 10 12 27 12 10 12 27 21 21 2.2 (a) 90
2 2.2 (a) (i) 39 91
2 2.2 (a) (ii) (iii) (b) 10(d) 92
2 2.2 (b) 2.3 20% 50% 93
2 2.4 11 11 2.5 94
2 2.6 2.7 (a) (b) 95
2 2.7 (c) (i) (ii) (iii) 96
2 2.8 20 50 3 5 5 5 2.13 97
2 2.9 50 2.10 98
2 2.11 (a) (b) (c) 99
2 2.12 10(d) 2.13 100
2 2.14 (a) (i) 12 (ii) 12 (iii) 12 101
2 2.14 (b) 2.15 102
2 2.16 (a) 103
2 2.16 (b) 2.17 2.18 2.19 104
2 2.20 2.21 2.22 105
2 2.23 12 2.24 106
2 2.25 107
2 2.26 (a) (b) (c) Black-Scholes BS 108
2 2.26 (c) 2.27 2.28 (a) 109
2 2.28 (a) 27 (i) (ii) 110
2 2.28 (b) (c) 18 111
2 2.29 2.30 2.31 2.32 2.33 2.34 5 112
3 3.1 (a) (i) 113
3 3.1 (a) (i) 43 1 4,099 7,349 556 285 1,351 418 916 470 28 12,784 10,646 4,260 2,276 67 23 2,182 1,278 2,752 3,805 9,141 7,517 114
3 3.1 (a) (i) 3.1 0.21 5%5% 5.06 2.21 (ii) 5%5% 6.03 2.72 115
3 3.1 (a) (iii) 1117 18 5% 5% 0.03 0.05 (b) 116
3 3.1 (b) 15 (c) 12 117
3 3.1 (c) 1 1 2 2 5 5 327 2,156 7,794 10,277 1,197 308 206 1,711 2,689 2,217 1,171 6,077 13,651 13,651 16,667 5,570 9,273 206 31,716 302 302 4,502 3,835 8,941 284 1,151 195 1,630 1,160 244 1,964 3,368 8,216 8,216 9,678 830 7,617 4,030 22,155 118
3 3.1 (c) 1 1 2 2 5 5 327 2,156 7,794 10,277 2,632 2,632 58 58 3,017 2,156 7,794 12,967 302 302 4,502 3,835 8,941 2,308 2,308 44 44 2,654 302 4,502 3,835 11,293 3.2 119
3 3.2 48,772 33,108 107,235 75,256 45% 44% 3.3 13 6,245 3,495 2,775 12,515 120
3 3.3 4,083 1,550 5,633 121
3 3.3 1,550 1,251 (26) 2,775 1,025 557 (31) 54 (55) 1,550 0.26 0.55 122
3 3.3 4 4.1 (a) 123
4 4.1 (a) 5.64 7.06 5%5% 0.28 0.35 0.28 0.35 (b) 2.26(c) BS BS 21 BS 0.15 0.12 16.15 12.87 18.62 15.20 124
4 4.1 (b) 91%91% 5%5% 0.78 0.64 (c) 2.28(a) 125
4 4.1 (d) 5% 0.66 0.21 0.72 0.66 0.66 0.21 0.72 0.66 (e) 126
5 127
5 44,985 5,034 9,796 622 60,437 29,601 2,257 557 244 32,659 1,656 138 16 19 1,829 336 514 850 170 (27) (53) 123 213 (42) (42) 128
5 35,718 3,382 4,428 366 43,894 23,654 1,649 236 148 25,687 1,231 107 9 17 1,364 200 199 399 (85) (33) 64 (54) (26) (26) 55,978 41,735 4,459 2,159 60,437 43,894 129
5 68,807 51,535 3,269 3,174 10,726 4,818 10,535 6,382 4,185 2,938 6,235 3,974 3,478 2,435 107,235 75,256 208.48 149.87 70.32 60.66 10% 604.37 438.94 130
6 2,358 8,227 414 32 586 11,617 (281) (3,578) (131) (12) (212) (4,214) (1) 1 2,077 4,648 284 20 374 7,403 2,077 4,648 284 20 374 7,403 10 2 3 15 442 3,095 140 16 286 3,979 (168) (6) (1) (2) (177) (116) (2,128) (86) (6) (148) (2,484) (42) (1) (43) 2,403 5,415 334 29 512 8,693 2,800 10,494 541 47 873 14,755 (397) (5,036) (208) (18) (360) (6,019) (43) 1 (1) (43) 2,403 5,415 334 29 512 8,693 131
6 1,732 6,159 255 12 386 8,544 (185) (2,289) (71) (6) (108) (2,659) 1,547 3,870 184 6 278 5,885 1,547 3,870 184 6 278 5,885 1 19 3 23 626 2,388 147 20 197 3,378 - - (3) (3) (96) (1,610) (64) (6) (104) (1,880) (1) 1 2,077 4,648 284 20 374 7,403 2,358 8,227 414 32 586 11,617 (281) (3,578) (131) (12) (212) (4,214) (1) 1 2,077 4,648 284 20 374 7,403 18.29 13.64 0.42 0.21 6.13 4.95 132
7 534 159 1,815 640 (308) (265) 2,041 534 8 794 231 93 571 (16) (8) 871 794 43 49 0.16 0.08 133
9 3,013 915 1,510 797 403 6,638 (436) (887) (265) (243) (1,831) (84) 1 (3) (2) (88) 2,929 480 620 532 158 4,719 2,929 480 620 532 158 4,719 87 2 89 224 151 644 17 1,036 (402) (9) (154) (565) (219) (153) (685) (49) (1,106) (62) (8) (70) 2,552 470 464 491 126 4,103 2,698 1,125 1,386 1,441 420 7,070 (648) (919) (950) (292) (2,809) (146) (7) (3) (2) (158) 2,552 470 464 491 126 4,103 134
9 2,695 629 1,355 283 4,962 (260) (645) (193) (1,098) (79) (3) (2) (84) 2,616 369 707 88 3,780 2,616 369 707 88 3,780 318 122 55 116 611 164 100 797 4 1,065 (176) (242) (265) (50) (733) (5) 1 (4) 2,929 480 620 532 158 4,719 3,013 915 1,510 797 403 6,638 (436) (887) (265) (243) (1,831) (84) 1 (3) (2) (88) 2,929 480 620 532 158 4,719 2.56 3.34 8.50 3.99 135
9 EV EBITDA EBITDA EV EBITDA 4.1-6.3x 6.0-8.0x 25% 25% 136
10 (a) 69 (i) 3,648 2,600 (ii) 7,036 6,750 10,684 9,419 (%) (%) 100% 30,000,000 (iii) 2,000,000 100% 100% 11,000,000 (iii) 90,000,000 100% 137
10 (a) (%) (%) Tencent Asset 100 100% Management Limited 1,000,000 100% 100% 10,290,000 (iii) 100% 16,500,000 (iii) 100% 10,000,000 (iii) 30,000,000 100% 5,000,000 100% 138
10 (a) (%) (%) 60,000,000 100% 30,000,000 100% Riot Games, Inc. 43,068,238 88.5% 11.5% Riot Games (i) (ii) (iii) (iv) 1 139
10 (b) 448.18 (c) (d) 10(a)(iii) 21(b) 2.78 1.21 140
10 (e) 65.8% 1.89 11 (a) 1,426 1,481 9,441 4,829 10,867 6,310 (b) 1,119 838 (c) 184 162 12,170 7,310 141
11 (a) 6,310 3,764 (i)(ii) (iii) 4,534 2,969 213 (54) 48 (152) (98) (iv) (44) (195) (42) (33) (43) 10,867 6,310 (i) 0.47 2.90 Kingsoft Internet Security Software Holdings LimitedKIS KIS 10.0% 18.0% (ii) 5.16 31.79 Sogou Inc. 40.9% 24.8% (iii) 7.02 (iv) 0.44 1.95 142
11 (a) 1,105 322 431 63 (1) 62 3,514 10,774 690 1,905 150 49 199 11,879 1,012 2,336 213 48 261 1,743 262 411 34 34 1,451 5,274 445 1,191 (88) (88) 7,017 707 1,602 (54) (54) 20% 143
11 (b) 0.17 4.49 (c) 1.84 1.62 1.79 1.60 4.0% 6.0% (d) 144
12 11) 1,303 1,303 13 12,515 12,515 15 2,955 2,955 2,880 2,880 17 31,043 31,043 4,131 4,131 18 20,228 20,228 62,540 12,515 75,055 1,000 1,000 5,633 5,633 2,354 2,354 1,785 1,785 24,698 24,698 2,520 2,520 13,383 13,383 45,740 5,633 51,373 145
12 26 9,141 24 1,600 22 6,680 6,971 25 5,912 30,304 7,517 1,508 4,212 4,004 3,183 20,424 146
12 10(c) 4,934 111 18 346 5,391 4,906 24 166 5,096 26 9,141 10(c) 2,632 58 11,831 7,517 2,308 44 9,869 147
13 5,633 4,344 (a)(b) (c) 3,890 556 (31) 3,018 819 (26) (55) 12,515 5,633 Mail.ru Group Limited 7.76%7.76% 4,413 3,519 4.60%4.60% 1,547 396 3.98%3.98% 270 136 4.92%5.01% 15 32 6,245 4,083 6,270 1,550 12,515 5,633 148
13 (a) (b) (c) 0.50 3.09 4.29 26.38 Activision Blizzard Inc. Activision Blizzard Inc. 6.0% 9.43 9,668 4,545 15 32 2,832 1,056 12,515 5,633 14 89.91 40.67 149
15 0 30 1,537 1,407 31 60 827 553 61 90 369 257 90 222 137 2,955 2,354 1,031 1,237 1,296 811 628 306 2,955 2,354 30 120 90 150
16 840 575 37 97 244 50 419 270 1,296 1,236 1,454 1,640 1,131 353 1,031 503 220 589 138 120 1,391 673 5,365 3,878 6,661 5,114 151
17 3.97% 3.87% 11,420 10,891 1 11,420 10,892 19,024 10,448 597 3,358 2 19,623 13,806 31,043 24,698 152
18 11,093 8,460 346 166 9,135 4,923 20,228 13,383 346 166 20,227 13,383 346 166 2.39% 2.21% 103.03 86.87 19 10,000,000,000 10,000,000,000 0.0001 0.0001 1,862,110,840 1,853,333,230 19,501,655 19,349,672 21(b) 153
19 1,853,333,230 2,880 (667) 2,213 58 58 (a) 11,361,870 308 308 999 999 (b) (278) (278) (c) 4,058,740 (d) (74) 74 (6,643,000) (1,325) (1,325) 1,862,110,840 2,846 (871) 1,975 154
19 1,839,814,008 1,951 (607) 1,344 95 95 9,295,222 238 238 677 677 (121) (121) 4,378,400 (61) 61 (154,400) (20) (20) 1,853,333,230 2,880 (667) 2,213 (a) (b) (c) (d) (e) 11,361,870 9,295,222 3.665 194.40 3.665 189.00 999,306 651,901 3.48 2.78 1.49 1.21 4,058,740 4,378,400 4,906,063 3,490,468 1,435,659 405,230 155
20 (a) (b) (b) (c) (1,370) 1,411 (20) 571 12 212 816 62 62 36 36 (72) (72) 79 79 2,825 2,825 48 48 (48) (48) (1,442) 4,236 48 (68) 650 12 310 3,746 156
20 (773) 587 (31) 506 12 108 409 (357) (357) 59 59 45 45 (240) (240) 65 65 824 824 11 11 (1,370) 1,411 (20) 571 12 212 816 157
20 (a) (b) 10% 50% 25% 10% 50% (c) 21(d) 158
21 (a) I II III I II II III (1) (2) (3) (i) I II III 11.13 4,596,489 65.50 20,633,097 158.50 1,000,000 26,229,586 11.10 (3,777,146) 45.33 (7,584,724) (11,361,870) 5.51 (77) 125.67 (400,368) (400,445) 11.25 819,266 75.69 12,648,005 158.50 1,000,000 14,467,271 11.25 819,266 53.99 7,896,272 8,715,538 12.39 8,761,937 59.97 26,156,088 158.50 1,000,000 35,918,025 248.80 165,800 165,800 13.81 (4,090,290) 45.49 (5,204,932) (9,295,222) 11.54 (75,158) 44.68 (483,859) (559,017) 11.13 4,596,489 65.50 20,633,097 158.50 1,000,000 26,229,586 11.13 4,596,489 45.03 9,931,574 14,528,063 159
21 (a) (i) 11,361,870 9,295,222 19 348.05 276.79 231.04 187.98 (ii) 3.665 8.35 492,741 2,362,976 I 11.55 25.26 326,525 2,233,513 819,266 4,596,489 31.75 43.50 4,846,040 9,718,200 45.50 90.30 4,586,510 7,125,022 II 128.40 248.80 3,215,455 3,789,875 12,648,005 20,633,097 III 158.50 1,000,000 1,000,000 14,467,271 26,229,586 160
21 (a) (iii) BS 87.89 71.78 BS 0.40% 0.36%48.1% 161
21 (b) 405,230 18,944,442 19,349,672 19 999,306 999,306 4,058,740 4,058,740 (5,188,175) 5,188,175 1,160,558 (1,160,558) (4,906,063) (4,906,063) 1,435,659 18,065,996 19,501,655 1,970,840 15,838,999 17,809,839 651,901 651,901 4,378,400 4,378,400 (7,569,380) 7,569,380 973,469 (973,469) (3,490,468) (3,490,468) 405,230 18,944,442 19,349,672 5 162
21 (b) 311.24 248.05 245.95 200.81 (c) 0.80 4 7 163
21 (d) (e) 91%91% 22 0 30 4,063 3,574 31 60 1,147 430 61 90 366 176 90 1,104 32 6,680 4,212 164
23 3,085 2,222 1,440 873 4,045 2,487 30 44 11 40 1,635 635 10,246 6,301 24 1,297 1,138 99 104 37 97 167 169 1,600 1,508 165
25 (a) 3,323 2,106 15 150 25 (b) 2,134 943 (a) 305 94 2,589 1,077 5,912 3,183 (a) 5.95 LIBOR 1.05% 1.97% 1 305 1 2 2,164 2 5 1,159 3,628 166
25 (b) 3.50 LIBOR 1.20% 1.25% 26 6.00 4.625% 6.00 3.375% 3.00 1.860% 99.766% 2.99 18.47 94.76 79.50 27 167
28 12 348 122 12 83 47 431 169 12 (824) (1,044) 12 (617) (268) (1,441) (1,312) (1,143) (742) 37 (111) (519) 412 187 (193) 5 23 (72) 2 (2) (1,010) (1,143) 168
28 162 7 169 9 213 47 269 (7) (7) 171 213 47 431 197 1 198 (35) (35) 6 6 162 7 169 20.57 9.10 4.43 2.51 169
28 (118) (1,193) (1) (1,312) 24 (347) (57) (380) 23 23 412 412 (186) (186) 2 2 (69) (1,128) (187) (57) (1,441) (112) (828) (940) (72) (72) 68 (552) (484) 187 187 (1) (1) (2) (2) (118) (1,193) (1) (1,312) 37(a)(vi) 170
28 11.28 11.93 158.18 57.26 29 2.28(a) 30 31 (87) (699) 509 407 267 7 368 226 (21) (124) (120) (29) (84) 904 (284) 171
32 (a) 33 10,364 7,724 (b) 8,523 6,587 8,991 4,067 4,207 3,409 3,894 1,998 (a) 6 2,484 1,880 (b) 9 1,106 733 867 615 422 316 18 15 11 7 (a) 50.95 41.76 40.00 33.58 5.33 4.50 (b) 172
33 6,955 5,577 848 504 1,786 1,013 740 593 35 37 10,364 7,724 10-22% 6-12% 0-2% 10-12% 173
34 (a) 2,513 2,600 51,235 45,534 142 122 16,242 18,021 70,132 66,277 6 6 2 3 8 9 174
34 (a) 23,071 71 23,142 15,918 71 15,989 1,097 12,246 15,300 28,643 Iain Ferguson Bruce 629 538 1,167 Ian Charles Stone 433 404 837 354 354 Jacobus Petrus Bekker Charles St Leger Searle 2,513 51,235 142 16,242 70,132 175
34 (a) 20,617 61 20,678 14,741 61 14,802 1,136 10,176 16,153 27,465 Iain Ferguson Bruce 651 1,001 1,652 Ian Charles Stone 447 774 1,221 366 93 459 Antonie Andries Roux Jacobus Petrus Bekker Charles St Leger Searle 2,600 45,534 122 18,021 66,277 Antonie Andries Roux 176
34 (b) 34(a) 109,378 116,931 786 706 148,721 107,495 258,885 225,132 800,000-15,000,000 8 6 15,000,001-30,000,000 3 8 30,000,001-45,000,000 3 45,000,001-60,000,000 1 75,000,001-90,000,000 1 177
35 34 176,100 27,017 669 140 375,153 55,251 551,922 82,408 23,500,001-24,000,000 1 26,500,001-27,000,000 1 50,500,001-51,000,000 1 54,000,001-54,500,000 1* 82,000,001-82,500,000 1 87,500,001-88,000,000 1* 238,500,001-239,000,000 1* 239,000,001-239,500,000 1* * 178
36 310 (21) (394) (327) (84) (348) 25 26 37 (a) (i) (ii) 16.5% 16.5% (iii) 25% 15% 179
37 (a) (iii) 50% (iv) 36%36% (v) 12.5% 35% 12.5% 35% (vi) 10% 10% 5% 5% 180
37 (a) 3,607 1,747 28 111 519 3,718 2,266 25% 25% 19,281 15,051 (171) 80 19,110 15,131 25%25% 4,777 3,783 (1,657) (2,028) (317) (308) (125) (110) 358 275 28 347 552 315 87 20 15 3,718 2,266 181
37 (b) 6%-17% 3% 3%-5% 7% 3% 5% 38 13.07 32.64 39 (a) 15,502 12,732 1,832 1,828 8.464 6.965 182
39 (b) 15,502 12,732 1,832 1,828 16 23 20 12 1,868 1,863 8.298 6.833 40 14.68 11.08 0.15 0.11 1.20 1.00 183
41 (a) 15,563 12,785 3,718 2,266 (267) (7) (509) (407) 2,484 1,880 1,106 733 16 8 6 (1) 21 (1,314) (836) 1,168 905 (213) 54 42 26 87 699 (310) 21 (606) (267) (815) (301) (940) (2,255) 2,036 1,689 4,071 1,786 52 397 (1,611) (640) 3,728 3,098 27,492 21,654 184
41 (a) 177 3 (154) (6) 1 17 4 (b) 41(a) 42 43 (a) 2,166 447 403 142 854 868 3,423 1,457 185
43 (a) 851 1,109 451 851 1,560 4,274 3,017 (b) 760 533 2,013 1,360 1,455 288 4,228 2,181 (c) 1,397 1,052 1,299 1,299 2,696 2,351 186
44 11 21 34 35 45 (a) JD. com, Inc. 9.9% 8 351,678,637 15.0% 5.0% (b) 0.0001 0.00002 187
I II I II B2C C2C I II II 188
www.tencent.com COSO COSO Dianping Holdings Ltd. Xiaoju Science and Technology Limited EBITDA 189
JD.com, Inc. Mail.ru Mail.ru Group Limited MIH TC MIH TC Holdings Limited O2O 190
I II III 571 Sogou Inc. 191
I II 192