2 4 7 12 16 22 39 41 42 43 45 47 48 49 114
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183 17 1712-1716 http://www.xinyisolar.com 00968 2,000 2.30 13,984 3 I
2,000 3,800 22.5% 2,410.0 62.3% 493.0 8.42 7.33 2.40 10.6 14 11.3 1% 900 3,800 I 4
900 250 100 30 50 20 13.1 25 EPC 750 EPC EPC 5 I
14 900 500 500 15 7 8 250 38.1 I 6
900 250 2,410.0 22.5% 62.3% 493.0 8.42 7.33 (i) (ii) % 237.2 9.8 561.9 28.6 (324.7) (57.8) 2,142.2 88.9 1,405.6 71.4 736.6 52.4 2,379.4 98.7 1,967.5 100.0 411.9 20.9 30.6 1.3 30.6 2,410.0 100.0 1,967.5 100.0 442.5 22.5 1,945.7 80.7 1,673.4 85.1 272.3 16.3 464.3 19.3 294.1 14.9 170.2 57.9 2,410.0 100.0 1,967.5 100.0 442.5 22.5 7 I
2,410.0 22.5% (i) 80% 60% 4% 250 150 100 30.6 592.3 168.6 28.5% 760.9 31.6% 30.1% 7.3% 1.7% 11.1% 33.1% 0.8% 30.9% 26.6 24.7 87.4 62.7 (i) (ii) I 8
13.0 0.2 98.5 124.3 4.1% 6.3% (i) (ii) (iii) 162.2 2.1 1.3% 160.1 (i) 22.6 (ii) 22.2 (iii) 8.2% 6.6% 66.7 78.7 15% 13.8% 18.0% EBITDA EBITDA 673.6 470.2 43.3% EBITDA 27.9% 23.9% 493.0 303.8 62.3% 15.4% 20.5% (i) (ii) (iii) (iv) 9 I
114.5% 5,764.0 43.1% 3,305.9 1.2 2.9 715.0 653.7 2,328.0 124.6 1,878.3 305.3 1,300.0 778.2 22.9% 2,381.0 5,570.9 I 10
2,250 485 4,039,500 26 28 1.60 2.40 11 I
62 26 00868 49 26 2006 39 2014 I 12
60 57 TCO 37 63 30 Leach & Co., Chartered Accountants Mitsubishi UFJ Securities (HK) Holdings, Limited 13 I
8185 Forterra Real Estate Pte. Ltd Forterra Real Estate Pte. Ltd Forterra Trust Forterra Forterra Forterra Forterra Forterra 638 67 00109 32 13.51(2) I 14
45 Minmetals Resources Limited MMG Limited 01208 35 53 15 I
12 14 3.10 3.10A I 16
3.13 3.13 4/4 1/1 4/4 1/1 4/4 1/1 4/4 0/1 4/4 1/1 4/4 1/1 4/4 0/1 4/4 0/1 4/4 1/1 17 I
B1.5 1,000,000 2 1,000,001 1,500,000 1 80 83 9 I 18
(i) (ii) 39 40 1,200,000 19 I
3.29 58 21 I 20
(i) (ii) (iii) www.xinyisolar.com (iv) ir@xinyisolar.com 21 I
22 5 41 1.6 97.3 2.40 183 17 1712-1716 183 17 1712-1716 I 22
20 13 18 2.40 1,779.1 1,238.8 23 I
84 3.13 I 24
(i) (ii) (iii) : 150,000 250,000 : 150,000 200,000 344,384 9 4,039,500 0.07% 25 I
375,000 375,000 3,664,500 3,664,500 2.29 2.29 2.29 2.29 4,039,500 4,039,500 (i) (i) (ii) (ii) (i) (ii) (iii) (iv) (v) (vi) I 26
(iii) 30% (iv) 12 1% (v) 10 (vi) 30 1.00 27 I
(vii) (a) (b) (c) (viii) 12 15 13.51B Forterra Real Estate Pte. Ltd Forterra Real Estate Pte. Ltd Forterra Trust Forterra Forterra Forterra Forterra Forterra XV 352 XV 7 8 I 28
(1) (1) Realbest 725,209,552 11.93% (2) 73,190,000 1.20% (1) 32,912,000 0.54% (3) 2,169,153,059 35.68% (4) (4) Copark 246,932,579 4.06% (4) 66,256,000 1.09% (3) 2,169,153,059 35.68% (5) (5) Perfect All 79,041,911 1.30% (5) 1,960,000 0.03% (3) 2,169,153,059 35.68% (6) (6) Telerich 251,595,089 4.14% (7) 200,000 * * 29 I
(1) Realbest Investment Limited Realbest Realbest 725,209,552 Xinyi Automobile Glass (BVI) Company Limited (BVI) (BVI) (Xinyi Group (Glass) Company Limited) 56,748,000 Realbest 725,209,552 32,912,000 (2) 33.98% 12.50% 19.91% 11.85% 5.56% 3.70% 3.70% 5.09% 3.70% (3) 67.6% (4) Copark Investment Limited Copark Copark 246,932,579 (BVI) (BVI) 52,802,000 Copark 246,932,579 13,782,000 52,474,000 (5) Perfect All Investments Limited Perfect All Perfect All 79,041,911 (BVI) (BVI) 1,540,000 Perfect All 79,041,911 1,960,000 (6) Telerich Investment Limited Telerich Telerich Telerich 251,595,089 (7) 200,000 I 30
375,000 375,000 375,000 2.29 0.006% XV 352 XV 7 8 XV 2 3 336 31 I
1,778,709,301 29.26% (BVI) 1,778,709,301 29.26% 12,500,000 0.21% 1,778,709,301 29.26% (1) 266,766,456 4.39% (1) 23,000,000 0.38% (2) 2,169,153,059 35.68% (3) 251,595,089 4.14% 19,770,000 0.33% (2) 2,169,153,059 35.68% (4) 116,580,868 1.92% (2) 2,169,153,059 35.68% (5) 105,630,781 1.74% (2) 2,169,153,059 35.68% (6) 77,852,912 1.28% 2,200,000 0.04% (2) 2,169,153,059 35.68% (7) 77,853,911 1.28% (7) 2,400,000 0.04% (2) 2,169,153,059 35.68% I 32
(1) High Park Technology Limited (2) 67.6% (3) Telerich Investment Limited (4) Goldbo International Limited (5) Goldpine Limited (6) Linkall Investment Limited (7) Herosmart Holdings Limited 2,000,000 400,000 10% 10% XV 2 3 33 I
13.1% 54.2% 25.8% 49.4% 25% 5% 1,300.0 24 I 34
2,250 30 A 1) 11,000 924,000 2) 28,680 3,441,600 35 I
3) 924,000 A A A 1,164,000 4,334,000 5,498,000 5,830,000 1,164,000 1,240,000 (a) (b) (c) 14A.56 3000 740 14A.56 35 36 I 36
380,000,000 778.2 25% 37 I
2 16 2 3 www.hkexnews.hk www.xinyisolar.com I 38
41 113 39 I
I 40
5 2,410,004 1,967,507 7 (1,649,067) (1,375,161) 760,937 592,346 5 87,413 62,679 6 (13,038) 187 7 (98,459) (124,331) 7 (160,125) (162,172) 576,728 368,709 8 2,361 1,749 8 (7,441) 571,648 370,458 10 (78,676) (66,659) 492,972 303,799 11 8.42 7.33 49 113 12 2.40 1.80 41 I
492,972 303,799 (76,133) 45,469 416,839 349,268 49 113 I 42
13 3,685,227 1,367,987 14 180,186 188,888 16 294,989 54,176 25 1,244 1,244 4,161,646 1,612,295 15 299,198 91,031 16 732,529 498,681 16 27,868 205,866 17 542,726 279,122 1,602,321 1,074,700 5,763,967 2,686,995 608,000 570,000 12 145,920 102,600 1,633,156 1,136,205 18 2,387,076 1,808,805 20 72,774 98,838 846,038 402,792 3,305,888 2,310,435 43 I
24 1,157,143 25 9,619 9,619 1,166,762 9,619 24 142,857 23 1,120,819 350,158 27,641 16,783 1,291,317 366,941 2,458,079 376,560 5,763,967 2,686,995 311,004 707,759 4,472,650 2,320,054 41 113 49 113 I 44
22 899,850 899,850 22 1,434,615 863,995 664 449 17 110 55 1,435,389 864,499 2,335,239 1,764,349 608,000 570,000 12 145,920 102,600 1,633,156 1,136,205 18 2,387,076 1,808,805 21 (51,837) (48,110) 2,335,239 1,760,695 45 I
3,654 3,654 2,335,239 1,764,349 1,435,389 860,845 2,335,239 1,760,695 41 113 49 113 I 46
18 18 20 570,000 1,238,805 98,838 402,792 2,310,435 492,972 492,972 (76,133) (76,133) (76,133) 492,972 416,839 38,000 740,151 778,151 343 343 (706) 706 (199,880) (199,880) 50,432 (50,432) 608,000 1,779,076 72,774 846,038 3,305,888 18 18 20 899,850 20,886 144,382 1,065,118 303,799 303,799 45,469 45,469 45,469 303,799 349,268 570,000 338,955 908,955 (1,851) (11,149) (13,000) (4,962) (4,962) 5,056 5,056 34,240 (34,240) 570,000 1,238,805 98,838 402,792 2,310,435 49 113 47 I
26(a) 788,471 697,618 (6,450) (67,008) (43,932) 715,013 653,686 (59,249) (2,321,744) (239,666) 13 50,475 96,767 14,487 26(b) 107 2,072 2,361 1,749 (2,328,050) (124,591) 778,151 1,300,000 (199,880) (13,000) (292,272) 1,878,271 (305,272) 265,234 223,823 279,122 54,176 (1,630) 1,123 17 542,726 279,122 49 113 I 48
1 2 2.1 32 4 49 I
2 2.1 (a) 32 36 39 10 12 27 21 I 50
2 2.1 (b) 19 11 16 38 10 28 16 41 27 14 15 9 51 I
2 2.1 (c) 622 622 358 9 622 9 2.2 2.2.1 (a) I 52
2 2.2 2.2.1 (a) 39 (b) (c) 53 I
2 2.2 2.2.2 2.3 2.4 (a) (b) I 54
2 2.4 (c) (i) (ii) (iii) 2.5 55 I
2 2.5 30 5 15 25 3 7 2.7 2.6 2.7 I 56
2 2.8 12 2.12 2.13 2.9 2.10 57 I
2 2.10 2.11 2.12 2.13 I 58
2 2.14 2.15 2.16 59 I
2 2.17 12 2.18 2.19 I 60
2 2.20 2.21 (a) (b) 61 I
2 2.21 (b) (c) 2.22 (a) (b) (c) I 62
2 2.22 (d) (e) 2.23 (a) (b) (c) 63 I
2 2.24 (a) (b) I 64
2 2.25 2.26 18 2.27 65 I
3 3.1 (a) (i) 1% 878,000 1,616,000 1% 2,117,000 389,000 16 17 (ii) 17 24 25 1,581,000 582,000 I 66
3 3.1 (b) 680,106 463,297 27,868 205,866 17 542,459 278,935 1,250,433 948,098 90 54% 59% 47% 77% 67 I
3 3.1 (b) (c) I 68
3 3.1 (c) 12 1 1 2 2 5 1,043,771 1,043,771 153,257 594,203 616,961 1,364,421 1,197,028 594,203 616,961 2,408,192 288,556 288,556 1 1 2 2 5 a 153,257 594,203 616,961 1,364,421 3,654 3,654 (a) 69 I
3 3.2 1,300,000 17 (542,726) (279,122) 757,274 (279,122) 3,305,888 2,310,435 22.9% 3.3 I 70
4 (a) (i) (ii) (b) 71 I
4 (c) (d) I 72
5 237,219 561,857 2,142,205 1,405,650 2,379,424 1,967,507 13,102 17,478 2,410,004 1,967,507 1,163 391 (a) 71,019 60,281 (b) 15,231 2,007 87,413 62,679 (a) 13 (b) 73 I
5 (1) (2) (3) 8 I 74
5 237,243 2,148,089 30,580 2,415,912 (24) (5,884) (5,908) 237,219 2,142,205 30,580 2,410,004 (210,930) (1,434,198) (3,939) (1,649,067) 26,289 708,007 26,641 760,937 561,857 1,405,650 1,967,507 (458,208) (916,953) (1,375,161) 103,649 488,697 592,346 75 I
5 88,700 3,390 92,090 2,405 2,405 454,245 2,250,076 2,704,321 97,334 97,334 2,405 2,405 114,654 114,654 3,966,064 1,787,044 10,859 5,763,967 1,128,493 18,662 1,310,924 2,458,079 2,471,202 215,793 2,686,995 342,246 34,314 376,560 I 76
5 5,753,108 2,471,202 (1,147,155) (342,246) 3,144 1,875 7,576 213,918 139 (1,305) (24,695) (1,300,000) (9,619) (9,619) 5,763,967 2,686,995 (2,458,079) (376,560) 760,937 592,346 87,413 62,679 (13,038) 187 (98,459) (124,331) (160,125) (162,172) 2,361 1,749 (7,441) 571,648 370,458 77 I
5 1,945,732 1,673,419 464,272 294,088 2,410,004 1,967,507 316,678,000 289,714,000 266,706,000 258,886,000 A B C D 259,135,000 347,652,000 324,074,000 A B E C D 10% 4,144,976 1,611,051 15,426 4,160,402 1,611,051 6 (12,837) 258 26 (201) (71) (13,038) 187 I 78
7 1,200 1,100 2,300 20,347 16(b) (123) (80) 13 92,090 97,334 14 2,405 2,405 9 139,518 123,310 1,070,726 954,690 208,167 126,385 15 1,278,893 1,081,075 8,233 7,586 77,416 106,266 91,639 69,405 216,380 150,616 1,907,651 1,661,664 79 I
8 2,361 1,749 7,329 112 7,441 9 120,188 102,805 (i) 18,987 15,449 20 343 5,056 139,518 123,310 (i): 5% 1,500 1,250 I 80
9 (a) (i) 172 2,975 4,652 17 7,816 172 1,209 1,381 172 571 189 20 62 32 1,046 172 172 195 195 172 172 172 172 1,227 4,755 4,841 37 62 32 10,954 (i) 18 18 18 18 18 2,875 2,352 15 5,260 18 345 300 3 666 18 161 93 5 17 294 18 18 305 148 435 888 18 18 18 18 18 18 162 3,686 2,893 23 17 435 7,216 81 I
9 (a) (i) (ii) 172,000 172,000 (iii) I 82
9 (b) 1,765 2,050 35 53 38 1,121 1,838 3,224 1,000,000 1 2 1,000,001 1,500,000 1 1 2 3 (i) 83 I
10 (ii) 1,244 934 (iii) 80,000 60,544 (2,568) 25 5,181 78,676 66,659 (i) (ii) (iii) 22 3 16.5% 16.5% 15% 15% 50% 571,648 370,458 25.0% 24.9% 142,912 92,244 (65,243) (33,026) (47) (2,568) (320) (23) 3,942 1,967 5,497 78,676 66,659 I 84
11 492,972 303,799 * 5,853,041 4,142,264 8.42 7.33 * 12 1.60 a 97,280 2.40 1.80 b 145,920 102,600 (a) 1.6 (b) 2.40 1.80 145,920,000 102,600,000 6,080,000,000 5,700,000,000 85 I
13 203,503 1,168,427 1,499 281,396 1,654,825 14,088 529 66,694 81,311 114,382 939 (115,321) (123,403) (20) (190,894) (314,317) (5,906) (84,332) (298) (90,536) 5,110 28,743 56 2,795 36,704 202,707 1,117,905 2,705 44,670 1,367,987 215,481 1,342,772 4,305 44,670 1,607,228 (12,774) (224,867) (1,600) (239,241) 202,707 1,117,905 2,705 44,670 1,367,987 202,707 1,117,905 2,705 44,670 1,367,987 10,095 2,333 378 2,450,702 2,463,508 268,255 811,925 (1,080,180) (308) (308) (5,906) (84,747) (3,372) (391) (94,416) (5,025) (29,582) (5,879) (64) (10,994) (51,544) 191,776 1,281,618 805,007 2,628 1,404,198 3,685,227 210,094 1,584,771 808,355 4,579 1,404,198 4,011,997 (18,318) (303,153) (3,348) (1,951) (326,770) 191,776 1,281,618 805,007 2,628 1,404,198 3,685,227 I 86
13 80,116 85,325 11,974 12,009 92,090 97,334 5,154 2,828 25,061 50,475 96,767 (50,475) (121,729) (99) 87 I
14 188,888 188,146 (4,009) (4,009) (4,693) 4,751 180,186 188,888 10 50 1,604,000 1,604,000 2,405,000 2,405,000 15 153,752 61,983 38,951 13,513 106,495 15,535 299,198 91,031 1,278,893,000 1,081,075,000 I 88
16 350,777 413,929 27,868 205,866 (a) 378,645 619,795 (b) (123) 378,645 619,672 340,210 89,560 (c) 329,329 49,491 (d) 7,202 1,055,386 758,723 (294,989) (54,176) 760,397 704,547 (a) 30 90 0 90 349,247 394,875 91 180 1,240 18,003 180 290 1,051 350,777 413,929 89 I
16 (a) 310,890 594,630 50,094 25,121 17,661 44 378,645 619,795 (b) 28,058,000 206,392,000 0 90 27,420 188,805 91 180 348 17,427 180 290 160 28,058 206,392 I 90
16 (b) 123,000 180 307 123 825 7 (123) (80) (631) 9 123 91 I
16 (c) 1 321,963 49,323 1 2 7,366 168 329,329 49,491 329,110 49,491 219 329,329 49,491 (d) (e) (f) I 92
17 542,459 278,935 267 187 542,726 279,122 386,101,000 65,018,000 156,358,000 213,917,000 253,487 46,536 229,236 62,004 55,057 168,383 2,986 2,047 1,960 152 542,726 279,122 110 55 93 I
18 0.1 80,000,000,000 8,000,000 8,000,000 200 899,850 899,850 5,699,999,800 570,000 338,955 908,955 5,700,000,000 570,000 1,238,805 1,808,805 (a) 380,000,000 38,000 740,151 778,151 (199,880) (199,880) 6,080,000,000 608,000 1,779,076 2,387,076 (a) 2.07 380,000,000 786,600,000 8,449,000 19 (a) (i) (ii) (iii) 1 10% I 94
19 (a) 30% 4,039,500 2.29 0.68 2.29 2.29 (%) 44.862 (%) 1.75 3.5 (%) 1.02 9 95 I
19 (b) (i) (ii) (iii) 1 10% 30% 5.33 6,939 4.48 8,565 4.80 2,982 3.55 (176) 3.17 (4,128) 5.46 (267) 5.49 (480) 5.37 6,496 5.33 6,939 2,167,000 176,000 3.55 3.17 176,000 4,128,000 I 96
19 (b) 3.55 176 6.44 2,167 2,256 4.34 2,535 2,621 5.55 1,794 1,886 6,496 6,939 1.39 5.28 5.55 (%) 47.72 (%) 3.29 3.5 (%) 0.29 9 97 I
20 (a) (b) (c) (209,495) 26,744 111,214 6,931 163,444 98,838 (76,133) (76,133) 343 343 (706) (706) 50,432 50,432 (209,495) 26,744 161,646 6,568 87,311 72,774 (209,495) 26,744 76,974 6,837 1,851 117,975 20,886 45,469 45,469 (1,851) (1,851) (4,962) (4,962) 5,056 5,056 34,240 34,240 (209,495) 26,744 111,214 6,931 163,444 98,838 (a) I 98
20 (b) 421,826,000 514,423,000 26,744,000 (c) 10% 50% 25% 50,432,000 34,240,000 21 (48,110) (13,156) (11,149) (3,727) (23,805) (51,837) (48,110) 22 (i) 899,850 899,850 (ii) 1,434,615 863,995 (i) (ii) 99 I
22 (BVI) (BVI) 200 100% 200 100% 100% 154,200,000 100% 10,000,000 Tianjin Xinyi Renewable Energy Limited Liuan Xinyi Renewable Energy Limited Nanping Xinyi Renewable Energy Limited Hongan Xinyi Renewable Energy Limited Xinyi Solar (Malaysia) Sdn Bhd 10,000,000 300,000,000 18,000,000 35,000,000 40,000 2 1 100% 100% 100% 100% 100% 10,000 100% I 100
22 10,000 100% 10,000 100% (BVI) 23 (a) 171,020 104,734 (b) 344,815 44,109 515,835 148,843 (c) 604,984 201,315 1,120,819 350,158 (a) 0 90 163,502 100,953 91 180 4,061 1,402 180 3,457 2,379 171,020 104,734 101 I
23 (b) (c) 471,513 99,314 46,503 33,374 21,073 11,047 15,560 15,889 9,472 17,181 14,862 9,228 26,001 15,282 604,984 201,315 (d) 24 1 142,857 1 2 555,714 2 5 601,429 1,300,000 (1,157,143) 142,857 2.39% I 102
25 12 1,244 1,244 12 (9,619) (9,619) (8,375) (8,375) 8,375 3,194 10 5,181 8,375 8,375 1,244 928 316 1,244 1,244 103 I
25 9,619 4,122 5,497 9,619 9,619 5% 38,847,000 18,216,000 776,937,000 364,320,000 I 104
26 (a) 571,648 370,458 9 343 5,056 (2,361) (1,749) 7,441 7 92,090 97,334 7 2,405 2,405 6 201 71 7 (123) (80) 671,644 473,495 (205,841) 119,587 (55,727) (68,320) 378,395 168,445 4,411 788,471 697,618 (b) 13 308 2,143 (201) (71) 107 2,072 179,357,000 136,081,000 105 I
27 7,725 5,597 16,983 9,328 170,819 195,527 14,925 1,170 1,185 780 1,974 1,950 3,159 I 106
28 4,837,840 733,035 118,587 5,570,875 118,587 29 1,708,089 1,644,815 256,410 44,109 107 I
30 (a) (i) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (ii) (iii) (iii) (i) (ii) (iii) I 108
30 (b) i, iii 483 39 1,054 388 1,925 39 ii, iv 1,164 2,480 4,334 5,106 5,498 7,586 1,164 390 ii, iv (i) (ii) (iii) 14A.31 14A.76 (iv) 14A 109 I
30 (b) i, vi 29 i, vi 513 15,575 258 470 16,816 i, vii 235 172 ii, vi 134 317 411 15,592 142 5 7 16,608 i, viii 90,842 i, viii 25,939 I 110
30 (b) iii, vii 37 482 iv, vi 179,357 v, vi 136,081 (i) (ii) (iii) (iv) (v) (vi) (vii) TCO 142,937,000 179,357,000 108,634,000 136,081,000 14A.31 14A.76 (viii) A 111 I
30 (c) (d) 13,213 7,749 90 68 89 1,556 13,392 9,373 31 680,106 463,297 27,868 205,866 17 542,459 278,935 1,250,433 948,098 1,043,771 288,556 24 1,300,000 2,343,771 288,556 I 112
31 1,435,615 863,995 122 17 110 55 1,435,847 864,050 113 I
2,410,004 1,967,507 1,533,130 1,233,678 1,077,393 (1,649,067) (1,375,161) (1,268,910) (791,060) (522,711) 760,937 592,346 264,220 442,618 554,682 571,648 370,458 143,743 390,963 480,180 (78,676) (66,659) (23,894) (70,187) (72,331) 492,972 303,799 119,849 320,776 407,849 5,763,967 2,686,995 2,795,682 2,927,145 1,972,422 2,458,079 376,560 1,730,564 2,006,266 649,143 3,305,888 2,310,435 1,065,118 920,879 1,323,279 I 114