重要提示. 閣下對本招股章程的任何內容如有任何疑問 務請諮詢獨立專業意見 CHINA FORDOO HOLDINGS LIMITED 中國虎都控股有限公司 於開曼群島註冊成立的有限公司 全球發售 發售股份數目 : 香港發售股份數目 國際發售股份數目 : : 最高發售價 : 面值 股份代號 : : 120,000,000股股份 可予調整及視乎超額配股權 是否獲行使而定 12,000,000股股份 可予調整 108,000,000股股份 可予調整及視乎超額配股權 是否獲行使而定 不 超 過 每 股 發 售 股 份 4.40港 元 須 於申 請 時 繳 足 可按最終定價退還 另加1%經紀佣金 0.005%聯交所交易費及0.003%證監會交易徵費 每股股份0.01港元 2399 獨家全球協調人及獨家保薦人 聯席賬簿管理人 聯席牽頭經辦人 香港交易及結算所有限公司 香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責 對其準確性 或完整性亦不發表任何聲明 並表明概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承 擔任何責任 本招股章程連同本招股章程附錄七 送呈公司註冊處處長及備查文件 所列明的文件 已根據香港法例第32章公司 清盤及雜 項條文 條例第 342C條規定送呈香港公司註冊處處長登記 香港證券及期貨事務監察委員會及香港公司註冊處處長對本招股 章程的內容或任何上述其他文件概不負責 預期獨家 全球協調人 代表包 銷商 與我們將在 定價日協定發售價 預期定價日為 2014年7月9日或前後 但無論如何不遲於 2014年7月14日 發售價將不會超過4.40港元 且目前預計不會低於3.35港元 香港發售股份的申請人須於申請時支付每股 香港發售股份的最高發售價4.40港元 連同1%經紀佣金 0.003%證監會交易徵費及0.005%聯交所交易費 倘發售價低於4.40 港元 多繳股款可予退還 倘香港發售股份的申請已於截止遞交香港公開發售申請日期前遞交 則即使調減發售股份數目及 或指示性發售價範圍 其後亦可撤回有關申請 獨家全球 協調人 代表包銷商 並經我們同意後 可於截止遞交香港公 開發售申請日期的上 午前 隨時調減本 招股章程所述發 售股份數目及 或指示性發售價範圍 在此情況下 有關調減發售股份數目及 或調低指示性發售價範圍的通知最遲將於截 止遞交香港公開發售申請日期上午於南華早報 以英文 及香港經濟日報 以中文 刊登 進一步詳情載於本招股章程 全球發 售的架構 香港公開發售的條 件 及 如何申請 香港發售股份 兩 節 倘獨家全 球協調人 代表包銷 商 與我們基於任 何理由而未能就發 售價達成協議 全球 發售將不會進行 並告失效 倘於股份 開始在聯交所買賣當 日上午八時正前出 現若干理由 則獨家 全球協調人 代表香 港包銷商 可終止 香港包銷商根據 香港包銷協議認購 以及促使申請人認購香港發售股份的責任 該等理由載於本招股章程 包銷 包銷安排及開支 香港公 開發售 終止的理由 一節 務請 閣下參閱該 節的進一步詳情 有意投資 者於作出投資決定前 應仔細考慮本招 股章程所載全部資料 包括但不限於本招 股章程 風險因素 一節所載風險 因素 發售股份並無亦將不會根據美國證券法或美國任何州份證券法登記 亦不得在美國境內提呈發售 出售 質押或轉讓 惟獲 豁免遵守美國證券法的登記規定或不受該規定限制的交易除外 發售股份僅可依據美國證券法S規例於美國境外以離岸交易 方式提呈發售 出售或交付 2014年6月30日
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2007 200720131231 291192008 20131231 71135 2011201220131231 10 2011 2012 2013 (i) (ii)(iii) (iv)
(1) 1231 2011 2012 2013... 1 3 46 1 4 56 1 7 60... 1 (3) 10 1 (3) 14 1 (3) 9... 3 (3) 14 67 3 (3) 14 78 3 (3) 17 90... 1 3 25 1 3 24 1 3 28... 4 (2) (3) 6 36 4 (2)(3) 7 (7) 48 4 (2) (3) 8 (7) 51... 1 (2) 4 17 1 (2) 5 16 1 (2) 5 18... 1 (2) 1 9 1 (2) 1 (7) 6 1 (2) 1 (7) 4... 2 6 28 2 6 41 2 7 47... 2 12 51 2 12 53 2 18 60... 1 2 16 1 2 24 1 2 24... 1 2 16 1 3 15 1 3 22... 1 7 37 1 7 35 1 6 31... 3 25 113 (8) 4 25 135 (8) 4 25 137 (8)... 6 11 109 6 14 115 6 15 119... 1 2 9 1 (6) 3 12 1 3 32... 2 4 55 2 7 68 2 7 71... 1 9 49 1 10 53 1 10 54... 1 3 14 1 (6) 6 16 1 5 16... 1 5 38 2 6 50 2 3 53... 1 3 17 1 3 18 1 3 18... 1 1 14 1 1 15 1 1 14... 1 5 33 1 5 36 1 7 41... 2 (5) 3 102 2 (5) 4 96 2 (5) 5 100... 1 17 1 16 1 21... 1 3 21 1 3 20 1 3 20... 1 (5) 1 5 1 (5) 2 5 1 (5) 2 6... 1 5 50 1 5 50 1 5 52... 1 (4) 18 1 (4) 17 1 (4) 18... 1 (4) 1 5 1 (4) 1 4 1 (4) 1 4... 1 1 8 1 1 9 1 1 10... 2 5 50 2 5 60 2 5 70... 42 (9) 147 1,085 44 (9)(10) 164 (9) 1,205 45 (9)(10) 177 (9) 1,300
(1) (2) (3) (4) (5) (6) (7) (8) (9) (2)(7) (10) 20131231 4520
30 10%20%90180
50% 20141 30 15 100,000
(i)(ii) (iii)(iv)
201310 20141 20131231 20131031 11301231
ERP 20141
2011201220131231147164177 2011 2012 2013 2011201220131231 1,0851,2051,300 1,0831,2031,298 1231 2011 2012 2013... 949 1,085 1,205... 175 210 172... 39 90 77... 1,085 1,205 1,300 2011 201220131231399077
201312311,300968 1231 2011 2012 2013... 786 894 968... 299 (1) 311 (1) 332 (1)... 1,085 1,205 1,300 (1) 24031 2013123137.3% 20131231 20131231... 126 9.7%... 359 27.6%... 448 34.5%... 367 28.2%... 1,300 100%
1231 2011 2012 2013 (1)... 122 62 133,404 16.3 141 79 187,373 16.9 145 93 221,883 15.3 (2)... 30 24 45,161 (3) 5.5 37 26 59,951 (3) 5.4 40 29 90,419 (3) 6.2 (4)... 220 129 284,673 34.8 240 147 357,588 (5) 32.2 262 161 489,799 (5) 33.7 (6)... 130 57 103,492 12.6 149 71 176,104 15.9 158 68 229,099 15.8 (7)... 144 34 128,341 15.7 140 33 168,032 15.2 145 43 214,412 14.8 (8)... 91 40 113,793 13.9 99 41 140,205 12.6 110 44 191,945 13.2... 737 346 808,864 98.8 806 397 1,089,253 98.2 860 438 1,437,557 99.0... 4,727 0.6 14,190 1.3 9,303 0.6... 4,886 0.6 5,534 0.5 5,951 0.4... 818,477 100.0 1,108,977 100.0 1,452,811 100.0 (1) (2) (3) (4) (5) (6) (7) (8)
30 70 20131231 9 3
2011 201220131231 99.4%99.0%98.2%0.6%1.0%1.8% 2011201220131231 103.0115.7125.3 157.3170.8179.770.2 55.386.0 20%
90180 90 2011201220131231 9386102 20131231 2013 2011201220131231 20131231 2011201220131231 256.5374.2454.0 31.3%33.7%31.3% 20112012201312319.6% (1) 13.7% (2) 12.9% (2) 2011201220131231 (1) 20111231 (2) 201220131231
24.7%34.3%29.7% 5% 2013123140 CCTVCCTV-2CCTV CCTV-4CCTVCCTV-12 20138 CCTV LED 50% 20%
2011201220131231 8.614.318.1 20131231 124 10 2013 933755 20115 2002 2011
2011201220131231 8.713.413.4 20131231 69.0%29.6%
1231 2011 2012 2013 % % %... 526,702 90.0 568,536 76.2 659,964 69.0... 51,951 8.9 168,387 22.6 282,830 29.6 (1)... 6,267 1.1 9,573 1.2 13,065 1.4... 584,920 100.0 746,496 100.0 955,859 100.0 (1)
820131231 15 11 (i)(ii) (iii)(iv) 51,670.2201312312,6651,485 1,1802,99720112012201312 3177.7%77.4%86.1% 77.5%76.5%94.5%(i) (ii)(iii) 10
12 31 2011 2012 2013... 5,940,000 4,615,959 77.7% 5,940,000 4,599,661 77.4% 5,940,000 5,115,923 86.1%... 1,215,080 (1) 942,057 (2) 77.5% 1,215,080 (1) 929,031 (2) 76.5% 1,215,080 (1) 1,148,700 (2) 94.5% (1) (2) T4.5:13.5:11:1
10 11 11..
.....8
....32 20131231 3913
OEM OEM 20%OEM OEM 2011201220131231 63.6%65.8%41.5% 21.1%28.6%13.8% 5% OEM
2013123192 2011201220131231 72.6%73.1%74.8% GB18401 10 201312 3110 182011201220131231 50.6%43.0%29.3% 24.1%18.0%9.9%
5% 2004T GB/T 19001-2008/ISO 9001:2008GB/T 28001-2011/OHSAS 18001:2007GB/T 24001-2004/ISO 14001:2004 ISO/IEC17025 20143 2013123136
OEM 2011201220131231 433522 2007 1. 2014 2. 2013 3. 2012 500 (1) 4. 2012 (1) 5. 2011 2010 6. 2010 7. 2010 8. 2009 500
9. 2009 10. 2007 (1)
201310 20141
(i)(ii)
2011201333.2% 15.1% 2013 201320112013 201312313,56420131231... 268... 124... 34... 75... 36... 30... 2,997... 3,564
20006 201171 0.2%201171 0.05% 100%300% 2011201220131231 13.814.26.32011 2012201312311.1 2.2 2011201220131231125.1 142.1157.215.3% 12.8%10.8%
95 15 C. 2. 129,294.2 90,56120068200942009 102008200910
57,228A 33,333B 20126 AB 20148A A A 2016460.9 20131231203.1
2011201220131231 1,032,392146,774143,110 10
2013 2012 1231 111 610 50,000 122 429 300,000 12 2014221 2013 2014520 111 122 (i) (ii) (iii) 111 122
2000 6 2013 1231 36.9 201171 0.2% 2011 71 0.05% 20117 12013 12 31 0.05% 43.9 2014116 20142018 20131231 45.5
20139
2013 12 31 3.1 10,00050,000 20131231 3.1 2012 6 2014 1 20 2012 6 20139
20121121 2010 2010 5 2010 10,000 100,000 201211 21 2013 7 201312 11 20144 9
90,561 2006 5 2006 2006820094 2006 200910 2008200910 34.6 2014 2 12 2014 2 17 2009
2012 57,228 A 33,333 B20126 201211 20122012 A A BB 2013 4 A
2011 1 2014 1 14 2011 1
201378 (i) (ii) 3.083.098.04 3.083.098.15 8.04 (i) (ii)
30% (i) (ii) (a) (b) (i) 10% (ii) 5% (iii)
(i)(ii) (iii) 30% (a) (b) (c) (d)
58 2013 199610 12 31 24 2014 2009 2 1 31 59 2014 199610 2 93 7502 61 2014 2014 56 6 6 18-B 50 2014 2014 6 6 251 1302 40 2014 2014 6 6 372 604
58 20131223 20 1988 2090 Tiger Capital21 Tiger CapitalFORDOO2009 A.2.1 24 200912014212 2009201020102011 2012 20107 201082013 5 20136 2009
59 20142121988 1996102004 2009 61201469201469 25Motorola Solutions, Inc. 19772002 2003120126Motorola Solution Inc. 19818 1975519775 50201469 201469 2001620023Scient Corp. 20027 2002420061Crystal Window Door Systems Ltd.
2006820088 1992 1994West Texas A&M University 20112010CFO19958 (State Board of Public Accounting of the State of Texas)20027 40201469 20146920117 20124 2008120109 1996719997 20039200910 13.51(2)(h)(v)
36 20141 20141 8 646E 37 20131 20091 1 39 20091 199610 Jiyangjushan Qian 667 37 20142 201211 Zhongxin Street185 3620141 12 2001920064 2006620083 CDW 2008420121 20128 2012420141I.T Limited
200111 2005120089 3720091 122001 12200412 2005320085 2009120131 2002 391990 1996101996 200420082009 37201211 2014220052008 20082012 19997 2004
201411 8.12 8.12 2011201220131231 1,651,0001,551,000 1,605,000 2011201220131231 20141231 2,500,000
B6 3.21 C.3201469 3.25 B.1201469 A.5 201469
3A.19 3A.23 (a) (b) (c) (d)
8.12 8.12 8.12 8.12
8.12 (a) 3.05 (b) 3A.19 13.46 (c) (i) (ii) (iii) (d) (e)
1,000,000,000... 10,000,000 (%) 10,000 100 0.002 359,990,000 3,599,900 74.998 120,000,000 1,200,000 25.0000 480,000,000 4,800,000 100.000 1 201469 F.
(i) 20% (ii) (i) (ii) (iii) A.4. 201469 10% A.5.
(i) (ii) (iii) A. 4.201469
XV 23 10% (1) (2)... 244,800,000 51.00% (2)... 244,800,000 51.00% (2)... 244,800,000 51.00% (3)... 50,400,000 10.50% (3)... 50,400,000 10.50% (4)... 45,612,000 9.50% (4)... 45,612,000 9.50% 1. 2. 70% 3. 100% 4. 100%
XV23 10%
2013 30.4%2.9% 4.0% 2.9%3.0% 3060 2014 2012500 201020101 2009500 20092007
20133 93320139755 20131231124 8 2013123115 11 2013123139 20131231451771,298 24031 CCTV
2011 818.535.5%20121,109.031.0%2013 1,452.82011105.844.5%2012 152.956.0%2013238.5 20131223 3 B 1(b)
1231 2011 2012 2013... 818,477 1,108,977 1,452,811... (584,920) (746,496) (955,859)... 233,557 362,481 496,952... 2,581 2,827 2,178... 5,673 305 6,368... (50,140) (69,566) (86,832)... (49,226) (63,344) (73,331)... 142,445 232,703 345,335... (21,579) (26,055) (24,749)... 120,866 206,648 320,586... (15,074) (53,728) (82,042)... 105,792 152,920 238,544
1231 2011 2012 2013... 649,794 632,026 485,897... 30,865 29,678 28,491... 43,995 49,897 65,104... 18,940 10,238... 22... 743,616 721,839 579,492... 78,300 64,911 48,648... 288,555 336,346 621,326... 57,094 10,000... 26,500... 32,486 56,334 63,031... 456,435 467,591 759,505... 519,030 406,000 357,000... 361,027 291,632 248,560... 5,149 21,146 21,862... 885,206 718,778 627,422... (428,771) (251,187) 132,083... 314,845 470,652 711,575... 129,758 129,784 129,175... 185,087 340,868 582,400... 11 11 11... 185,076 340,857 582,389... 185,087 340,868 582,400
1231 2011 2012 2013... 97,703 204,904 73,447... (128,104) 45,408 100,480... 33,593 (226,464) (167,230)... 3,192 23,848 6,697 11... 29,294 32,486 56,334 1231... 32,486 56,334 63,031 2013123145177 1,29824031 2011201220131231 99.4%99.5%99.6%
1231 2011 2012 2013... 40 42 44... 4 5 (1) 1... 2 (2) 3 (3)... 42 44 45... 136 147 164... 14 19 21... 3 2 8... 147 164 177... 949 1,085 1,205... 175 210 172... 39 90 77... 1,085 1,205 1,300... 818,477 1,108,977 1,452,811 (1) 2012 (2) 201012 201020102011 (3) 201112 201120112012
FORDOO 20142012 50020108 201012009 5002009 2007
201120122013 123172.6%73.1%74.8% 20112013 10.08.610.69.2 201320153.7% 2.2%
1231 2011 2012 2013 % % % 20%... 38,871 (63.3) 90,565 (40.8) 164,447 (31.1) 10%... 72,332 (31.6) 121,742 (20.4) 201,495 (15.5) 5%... 89,062 (15.8) 137,331 (10.2) 220,020 (7.8) 0%... 105,792 0.0 152,920 0.0 238,544 0.0 5%... 122,522 15.8 168,509 10.2 257,068 7.8 10%... 139,252 31.6 184,098 20.4 275,593 15.5 20%... 172,713 63.3 215,275 40.8 312,641 31.1 2011201220131231 8.9%22.6%29.6% 2013123139
20092013GDP13.7% GDP13.0%20092013 11.9% 20092013 15.9% 20092013 14.5%18.4%
30 10 5 5
2011818.535.5%20121,109.0 31.0%20131,452.8(i) (ii) (a)(b)
(c) (a) (b)(c) T (d) 2011 201333.2%15.1%
1231 2011 2012 2013 % (1) % (1) % (1)... 487,346 59.5 4,732,311 103.0 633,464 57.1 5,476,896 115.7 802,593 55.2 6,403,739 125.3... 322,945 39.5 2,053,233 157.3 463,439 41.8 2,713,016 170.8 631,580 43.5 3,515,413 179.7... 8,186 1.0 116,612 70.2 12,074 1.1 218,384 55.3 18,638 1.3 216,797 86.0... 818,477 100.0 6,902,156 118.6 1,108,977 100.0 8,408,296 131.9 1,452,811 100.0 10,135,949 143.3 (1)
1231 2011 2012 2013 % % % (1) (1) (1)... 379,146 46.3 3,298,491 114.9 621,770 56.1 4,702,545 132.2 851,021 58.5 5,905,330 144.1... 345,421 42.2 2,556,056 135.1 388,291 35.0 2,704,697 143.6 457,459 31.5 2,990,709 153.0 (2)... 85,724 10.5 930,997 92.1 86,842 7.8 782,670 111.0 125,693 8.7 1,023,113 122.9... 8,186 1.0 116,612 70.2 12,074 1.1 218,384 55.3 18,638 1.3 216,797 86.0... 818,477 100.0 6,902,156 118.6 1,108,977 100.0 8,408,296 131.9 1,452,811 100.0 10,135,949 143.3 (1) (2)
2011 20122013123199% 2013123145177 1,29824031 1231 2011 2012 2013 % % %... 808,864 98.8 1,089,253 98.2 1,437,557 99.0... 4,727 0.6 14,190 1.3 9,303 0.6... 4,886 0.6 5,534 0.5 5,951 0.4... 818,477 100.0 1,108,977 100.0 1,452,811 100.0
1231 2011 2012 2013 % % % (1)... 133,404 16.3 187,373 16.9 221,883 15.3 (2)... 45,161 (3) 5.5 59,951 (3) 5.4 90,419 (3) 6.2 (4)... 284,673 34.8 357,588 (5) 32.2 489,799 (5) 33.7 (6)... 103,492 12.6 176,104 15.9 229,099 15.8 (7)... 128,341 15.7 168,032 15.2 214,412 14.8 (8)... 113,793 13.9 140,205 12.6 191,945 13.2... 808,864 98.8 1,089,253 98.2 1,437,557 99.0... 4,727 0.6 14,190 1.3 9,303 0.6... 4,886 0.6 5,534 0.5 5,951 0.4... 818,477 100.0 1,108,977 100.0 1,452,811 100.0 (1) (2) (3) (4) (5) (6) (7) (8)
1231 2011 2012 2013 % % % (1)... 382,405 65.4 415,702 55.7 493,981 51.7 (2)... 85,257 14.6 91,301 12.2 103,117 10.8 (3)... 13,703 2.3 11,119 1.6 10,257 1.0 (4)... 45,337 7.7 50,414 6.7 52,609 5.5... 526,702 90.0 568,536 76.2 659,964 69.0 OEM... 51,951 8.9 168,387 22.6 282,830 29.6 (5)... 6,267 1.1 9,573 1.2 13,065 1.4... 584,920 100.0 746,496 100.0 955,859 100.0 (1) (2) (3) (4) (5)
2011201220131231233.6 362.5497.028.5%32.7% 34.2% 1231 2011 2012 2013 (%) (%) (%)... 93,215 28.9 149,157 32.2 213,049 33.7... 137,817 28.3 209,134 33.0 277,282 34.5... 2,525 30.9 4,190 34.7 6,621 35.5 233,557 28.5 362,481 32.7 496,952 34.2 (i)(ii) (iii)(i) (ii) (iii)
1231 2011 2012 2013... 807 1,233 595... 1,524 1,524 1,533... 250 70 50 2,581 2,827 2,178... 98 226 79... 6,537 (24) 3,970... (651) (79) 2,129... (44)... (267) 182 190 5,673 305 6,368 2011 20122013123150.1 69.686.8 2011LED2012 2013
1231 2011 2012 2013 % % %... 19,467 38.8 29,236 42.0 40,234 46.3... 14,033 28.0 17,231 24.8 18,637 21.5... 8,577 17.1 14,305 20.6 18,065 20.8... 3,258 6.5 3,594 5.2 4,324 5.0... 4,805 9.6 5,200 7.4 5,572 6.4 50,140 100.0 69,566 100.0 86,832 100.0 2011201220131231 6.1%6.3%6.0% 201120122013123149.2 63.373.32012 20112011 520132012
1231 2011 2012 2013 % % %... 14,272 29.0 17,566 27.7 12,583 17.2... 9,702 19.7 15,376 24.3 16,699 22.8... 8,721 17.7 13,425 21.2 13,400 18.3... 4,467 9.1 4,414 7.0 4,681 6.4... 3,250 6.6 1,426 2.3 3,355 4.6... 1,917 3.9 2,861 4.5 12,871 17.6... 6,897 14.0 8,276 13.0 9,742 13.1 49,226 100.0 63,344 100.0 73,331 100.0 2011201220131231 6.0%5.7%5.0% 201262013 1231 2011 2012 2013... 30,979 34,855 24,749... (9,400) (8,800) 21,579 26,055 24,749
2011201220131231 6.1%7.3%6.3% 1231 2011 2012 2013... 15,084 53,706 82,042... (10) 22 15,074 53,728 82,042 201120122013123112.5%26.0% 25.6%201220112012 201150% 201112.5%20121125%
1231 2011 2012 2013... 818,477 1,108,977 1,452,811... (584,920) (746,496) (955,859)... 233,557 362,481 496,952... 2,581 2,827 2,178... 5,673 305 6,368... (50,140) (69,566) (86,832)... (49,226) (63,344) (73,331)... 142,445 232,703 345,335... (21,579) (26,055) (24,749)... 120,866 206,648 320,586... (15,074) (53,728) (82,042)... 105,792 152,920 238,544 20132012 20121,109.0343.8 31.0%20131,452.8 2012131.92013143.3(i) (ii) (iii) 20128,408,296201310,135,949(i) 201212311,20320131231 1,298(ii) 2012746.5209.4 28.0%2013955.9
20132012568.591.4 16.1%660.02013 2012168.4114.468.0%282.8 2013201222.6% 29.6%2013T 2013 201288.894.3 (i)(ii) 2012362.5134.5 37.1% 2013497.0201232.7%2013 34.2% 20122.80.623.0% 20132.2 201320126.4 0.32013(i) 4.0 (ii) 2.1 201269.617.3 24.8%201386.8(i) 20132012 (ii) 201263.3 10.015.8%201373.3(i) (ii) (iii)2013 6
201226.11.35.0% 201324.720131231 20126 2013 2012206.6 113.955.1%2013320.6 201253.728.3 52.7%201382.0 201226.0%201325.6% 2012152.9 85.656.0%2013238.5 20122011 2011818.5290.5 35.5%20121,109.0 2011118.62012131.9 (i)(ii) (iii) (iv)20115 20116,902,15620128,408,296 (i)201212311,203 201112311,083(ii) (iii) T(iv) 2011584.9161.6 27.6%2012746.5 2011526.77.9%2012568.5 201152.0
224.1%2012168.42011 8.9%201222.6%2012 201184.7201288.8 (i)(ii) 2011233.6128.9 55.2%2012362.5201128.5%2012 32.7% 20112.60.29.5% 20122.8 20115.75.4 94.6%20120.32011 2012 201150.119.4 38.7%201269.6(i)LED (ii)2012 2011 (iii) 201149.2 14.128.7%201263.3(i) (ii)4.7 20115 (iii)2012 1.8 201121.64.5 20.7% 201226.1
2011120.9 85.871.0%2012206.6 201115.138.7 256.4%201253.7 20121125%2011 12.5%201226.0%2012 2011 201112.5%20121125% 2011105.8 47.144.5%2012152.9 1231 2014 2011 2012 2013 430... 78,300 64,911 48,648 57,653... 288,555 336,346 621,326 642,470... 57,094 10,000 107,826... 26,500 8,000... 32,486 56,334 63,031 85,550 456,435 467,591 759,505 901,499... 519,030 406,000 357,000 459,158... 361,027 291,632 248,560 283,634... 5,149 21,146 21,862 13,143 885,206 718,778 627,422 755,935... (428,771) (251,187) 132,083 145,564
201120121231428.8 251.2 20136 (i)20082011 (ii)20092012(iii)2004 2011 20131231 129.2 20131231 201120121231 20112012177.6(i) 113.0(ii) 78.3(iii) 47.8 47.1 20131231132.1 (i)285.0(ii) 96.7(iii)49.0 20.8 12 2013123145 1771,298 20131,452.82014331 501761,308
20143313 351.412 2014430459.2 391.2 3.88 201120122013123178.3 64.948.617.2%13.9%6.4% 1231 2011 2012 2013... 24,843 26,513 16,269... 13,426 16,563 6,510... 40,031 21,835 25,869 78,300 64,911 48,648
1231 2011 2012 2013... 43 35 22 2012 2012 365201143201235 201322(i)(ii) (i)(ii) (iii)(iv) 2011201220131231 1231 2011 2012 2013... 276,326 335,500 615,616... 10,615 385 1,602... 1,614 461 4,108 288,555 336,346 621,326
3010%20% 90180 1231 2011 2012 2013 3... 222,134 277,560 393,450 36... 54,192 57,595 222,166 61... 345 276,326 335,500 615,616 1231 2011 2012 2013... 276,326 335,155 615,616 1... 345 276,326 335,500 615,616 201212 31
1231 2011 2012 2013... 93 86 102 20121231335.583.5% 20131231615.6 201290120150120150 18090 20111231 276.321.4%2012335.5 365201193 2012862012 90180201286 2013102 201290120 15012015018020122013 35.4% 28.9%20131231 2013 2012201290 2013150 2013 2012
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(i)(ii)(iii) (iv) 2011201220131231 1231 2011 2012 2013... 110,495 107,285 128,132... 8,217... 118,712 107,285 128,132... 10,379 6,943 14,049 (1)... 174,936 96,686... 57,000 80,718 106,379... 28,816 42,352 48,617... 17,277 19,229 22,987... 7,928 17,136 23,699 (2)... 2,979 2,001 11,076... 361,027 291,632 248,560 (1) 20136 (2) (i)90 (ii)oem3090%90 10%20111231 1.6201220131231
1231 2011 2012 2013... 44,175 38,467 57,061... 71,268 68,818 71,071... 3,269 118,712 107,285 128,132 1231 2011 2012 2013... 66 55 45 20121231107.319.4% 20131231128.1 20111231118.79.6%20121231 107.3 36520112012 20131231665545 3010%20% 201212316.92013123114.0
2014 2011123110.4201212316.9 2012 20136 2011201220131231 57.080.7 106.4(i) (ii)20136 (iii)
1231 2011 2012 2013... 97,703 204,904 73,447... (128,104) 45,408 100,480... 33,593 (226,464) (167,230)... 3,192 23,848 6,697 11... 29,294 32,486 56,334 1231... 32,486 56,334 63,031 201373.4 320.6(i) 53.8(ii)27.0(iii) 24.7(iv)201316.3 (i)285.0 (ii)81.3 2012204.9 206.6(i)2012 32.3(ii)26.1(iii)2012 13.4(iv) 9.2(i) 47.8(ii) 37.7
201197.7 120.9(i) 34.0(ii) 29.0(iii)21.6 (i)73.7(ii) 18.22011(iii)12.1 2013100.5 130.3 26.5 201245.4 47.1 3.3 2011128.1 93.235.7 20136 2013167.2(i) 423.024.9(ii) 93.3 374.0
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12 31 4 304 2011 2012 2013 2014 % % % %... 404,780 6.91 406,000 6.40 357,000 6.20 357,000 6.25... 114,250 8.48 102,158 2.27... 519,030 7.26 406,000 6.40 357,000 6.20 459,158 5.37 2013123120121231 20121231201112 312012 201120122013 1231422.4363.7 340.52011201220131231 200.0317.073.0 20144 20143
20131231 20131231 2011201220131231 20131231 1231 2011 2012 2013... 0.52 0.65 1.21... 0.43 0.56 1.13... 427.5% 169.0% 72.7%... 445.0% 185.5% 83.5% 1231 2011 2012 2013... 57.2% 44.9% 41.0%... 8.8% 12.9% 17.8%... 12.9% 13.8% 16.4%... 4.6 6.7 14.0
20112012201312310.520.651.21 20112012201312310.430.561.13 (i)(ii) (iii)
(i) (ii)
1231 2011 2012 2013... 2,467 1,613 640... 1,262 523 194... 1,295 2,722 125... 94,537 8,964 77... 7,000 23,071... 99,561 20,822 24,107 20111231 20121231 20131231 20141231136.7 ERP 20131231
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90180 20112012201312313%13%11% 28%44%32%
1231 2011 2012 2013 1 1 1 1 1 1... 542,894 542,894 519,030 421,568 421,568 406,000 370,890 370,890 357,000... 361,027 361,027 361,027 291,632 291,632 291,632 248,560 248,560 248,560... 129,758 129,758 129,758 129,784 129,784 129,784 129,175 129,175 129,175 903,921 129,758 1,033,679 1,009,815 713,200 129,784 842,984 827,416 619,450 129,175 748,625 734,735
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10 8 2011201220131231 2011201220131231 2014630 201312232219613 2014123 B1(b)
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A 1 B 1231 2011 2012 2013... 2 818,477 1,108,977 1,452,811... (584,920) (746,496) (955,859)... 233,557 362,481 496,952... 3 2,581 2,827 2,178... 3 5,673 305 6,368... (50,140) (69,566) (86,832)... (49,226) (63,344) (73,331)... 142,445 232,703 345,335... 4(a) (21,579) (26,055) (24,749)... 4 120,866 206,648 320,586... 5 (15,074) (53,728) (82,042)... 105,792 152,920 238,544 8...
2 B 1231 2011 2012 2013... 9 649,794 632,026 485,897... 10 30,865 29,678 28,491... 11 43,995 49,897 65,104... 12 18,940 10,238... 13(b) 22... 743,616 721,839 579,492 ------------- ------------- -------------...... 14 78,300 64,911 48,648... 15 288,555 336,346 621,326... 16 57,094 10,000... 26,500... 17 32,486 56,334 63,031... 456,435 ------------- 467,591 ------------- 759,505 -------------... 18 519,030 406,000 357,000... 19 361,027 291,632 248,560... 13(a) 5,149 21,146 21,862... 885,206 718,778 627,422 ------------- ------------- -------------... (428,771) (251,187) 132,083 ------------- ------------- -------------... 314,845 470,652 711,575... 20 129,758 129,784 129,175... 185,087 340,868 582,400... 22 11 11 11... 23 185,076 340,857 582,389... 185,087 340,868 582,400
3 B 22 23(a) 23(b) 201111... 11 6,035 340 70,992 77,378 2011... 105,792 105,792... 23(a) 10,049 (10,049)... 23(b) 1,917 1,917 20111231 201211... 11 16,084 2,257 166,735 185,087 2012... 152,920 152,920... 23(a) 11,612 (11,612)... 23(b) 2,861 2,861 20121231 201311... 11 27,696 5,118 308,043 340,868 2013... 238,544 238,544... 23(a) 3 (3)... 23(b) 2,988 2,988 20131231... 11 27,699 8,106 546,584 582,400
4 B 1231 2011 2012 2013... 17(b) 109,768 242,613 154,773... (12,065) (37,709) (81,326)... 97,703 204,904 73,447 ------------- ------------- -------------... (123,227) (3,320) (1,036)... (12,833)... 30,000 401 130,254... (26,500)... (35,672) 47,094 10,000... 26 (12)... 807 1,233 595... (128,104) 45,408 100,480 ------------- ------------- -------------... 621,430 451,000 374,000... (503,440) (564,030) (423,000)... (53,993) (78,250) (93,312)... (30,404) (35,184) (24,918)... 33,593 (226,464) (167,230) ------------- ------------- -------------... 3,192 23,848 6,697 11... 29,294 32,486 56,334 1231... 17(a) 32,486 56,334 63,031
B 1 (a) B 201311 201311 30 (b) 201312232014 123 3
10 100%... 201366 100,000 100%... 199657 100,000,000 100% 200432... 60,000,000 100% 2007214... 100%... 2006728 30,000,000 (c) (d)
28 (e) (f) 1(i)(ii)) 1(t)
30 10 5 5 (g) 1(i)(ii) 30 (h) 1(i)(ii)50 (i) (i)
(ii)
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(v) (w) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (x)
2 2011201220131231 10%2011201220131231 152,264,000 186,810,00024(a) 3 1231 2011 2012 2013... 807 1,233 595 2011201220131231 79,000 82,00082,000... 1,524 1,524 1,533... 250 70 50 2,581 2,827 2,178... 98 226 79... 6,537 (24) 3,970... (651) (79) 2,129 26... (44)... (267) 182 190 5,673 305 6,368
4 1231 2011 2012 2013 (a)... 30,979 34,855 24,749 *... (9,400) (8,800) 21,579 26,055 24,749 * 20112012 12 315.74% 7.26% 6.50%7.73% 1231 2011 2012 2013 (b) 21... 6,877 7,355 3,921... 118,217 134,714 153,241 125,094 142,069 157,162 (c)... 981 1,098 1,051... 29,002 32,297 27,040... 101 114 115 (i)... 8,721 13,425 13,400 (ii)... 584,920 746,496 955,859... 1,917 2,861 2,988 (i) 2011201220131231 6,318,0007,884,0009,140,0004(b)
(ii) 2011201220131231 120,621,000130,172,000141,822,000 4(b) 5 (a) 1231 2011 2012 2013... 15,084 53,706 82,042 13(b)... (10) 22 15,074 53,728 82,042 (i) (ii) (iii) 25% 20112011 12.5%20121125%
(b) 1231 2011 2012 2013... 120,866 206,648 320,586... 30,141 52,379 81,180... (14,226)... 183 419 1,615... (1,077) (655)... 34 39 136... 19 891 (234)... 15,074 53,728 82,042 6 161 20111231... 548 2 117 667... 435 2 90 527... 366 11 80 457... 1,349 15 287 1,651
20121231... 601 2 40 643... 463 2 32 497... 381 4 26 411... 1,445 8 98 1,551 20131231... 602 2 42 646... 468 2 36 506... 423 30 453... 1,493 4 108 1,605 7 7 2011201220131231 6 1231 2011 2012 2013... 1,491 1,582 1,600... 7 7 7 1,498 1,589 1,607
2011201220131231 1231 2011 2012 2013 1,000,000... 3 3 3 8 B1(b) 9 201111... 343,770 121,560 10,875 29,805 506,010 201,698 707,708... 2,467 1,262 1,295 5,024 46,112 51,136 27(a)... 160,779 160,779... 891 891 (891) 10... (11,826) (11,826) (11,826)... (1,508) (45) (320) (1,873) (1,873) 27(a)... (112,354) (112,354) 26... (21,529) (1,269) (1,140) (23,938) (23,938) 20111231 201211... 331,944 101,881 10,823 29,640 474,288 295,344 769,632... 1,613 523 2,722 4,858 8,964 13,822... 124,396 124,396 (124,396)... (468) (923) (282) (1,673) (1,673) 20121231 201311... 456,340 103,026 10,423 32,080 601,869 179,912 781,781
... 640 194 125 959 77 1,036... (124,396) (1,029) (3,881) (3,117) (132,423) (132,423) 20131231... 331,944 102,637 6,736 29,088 470,405 179,989 650,394 ----------- ----------- ----------- ----------- ----------- ----------- ----------- 201111... 29,990 46,784 6,224 16,341 99,339 99,339... 11,065 9,587 1,522 5,641 27,815 27,815 10... (1,183) (1,183) (1,183)... (963) (42) (217) (1,222) (1,222) 26... (3,822) (144) (945) (4,911) (4,911) 20111231 201211... 39,872 51,586 7,560 20,820 119,838 119,838... 14,520 9,714 1,052 5,824 31,110 31,110... (165) (774) (254) (1,193) (1,193) 20121231 201311... 54,392 61,135 7,838 26,390 149,755 149,755... 13,139 9,758 777 2,179 25,853 25,853... (5,529) (535) (3,680) (1,367) (11,111) (11,111) 20131231... 62,002 70,358 4,935 27,202 164,497 164,497 ----------- ----------- ----------- ----------- ----------- ----------- ----------- 20111231... 292,072 50,295 3,263 8,820 354,450 295,344 649,794 20121231... 401,948 41,891 2,585 5,690 452,114 179,912 632,026 20131231... 269,942 32,279 1,801 1,886 305,908 179,989 485,897 (a) (b) 2011201220131231292,072,000 281,007,000269,942,000 18 (c)
10 2011 2012 2013 11... 23,787 35,613 35,613 9... 11,826 1231... 35,613 -------------- 35,613 -------------- 35,613 -------------- 11... 2,378 4,748 5,935 9... 1,183... 1,187 1,187 1,187 1231... 4,748 5,935 7,122 -------------- -------------- -------------- 1231... 30,865 29,678 28,491 (a) (b) 201433132,500,000 (c) 2011201220131231 18 (d)
1231 2011 2012 2013 1... 1,524 1,524 1,574 15... 2,524 1,000 1,158 4,048 2,524 2,732 11 2011 2012 2013 11... 47,920 47,920 54,920... 7,000 23,071... (7,000) 1231... 47,920 -------------- 54,920 -------------- 70,991 -------------- 11... 2,944 3,925 5,023... 981 1,098 1,051... (187) 1231... 3,925 5,023 5,887 -------------- -------------- -------------- 1231... 43,995 49,897 65,104 (a) 20131231 4349 (b) 201120122013123143,995,000 43,014,00042,032,000 18
12 1231 2011 2012 2013... 1,702... 17,238 10,238 18,940 10,238 13 (a) 1231 2011 2012 2013... 5,149 21,146 21,862
(b) 201111... 12 5(a)... 10 20111231201211... 22 5(a)... (22) 2012123120131120131231... (c) 2011201220131231134,000 290,000835,00076,000 3,640,0002,704,000201312 31134,000156,000545,000 201620172018 (d) 20081 110% 2011201220131231 144,377,000 288,661,000534,097,000
14 1231 2011 2012 2013... 24,843 26,513 16,269... 13,426 16,563 6,510... 40,031 21,835 25,869 78,300 64,911 48,648 15 1231 2011 2012 2013 (a)(b)(c)... 276,326 335,500 615,616... 10,615 385 1,602... 1,614 461 4,108 288,555 336,346 621,326 (a) 1231 2011 2012 2013 3... 222,134 277,560 393,450 36... 54,192 57,595 222,166 61... 345 276,326 335,500 615,616
90180 24(a) (b) 1(i)(i)20112012 20131231 (c) 2011201220131231 1231 2011 2012 2013... 276,326 335,155 615,616 1... 345 276,326 335,500 615,616 20121231 16 1819
17 (a) 1231 2011 2012 2013... 32,486 56,334 63,031 2011201220131231 32,484,00056,331,00062,118,000 (b) 1231 2011 2012 2013... 120,866 206,648 320,586... 4(c) 29,002 32,297 27,040... 4(c) 981 1,098 1,051... 4(a) 21,579 26,055 24,749... 3 (807) (1,233) (595)... 3 651 79 (2,129)... 3 44... 4(c) 1,917 2,861 2,988... (6,605) 26 (3,983)... (18,156) 13,389 16,263... (73,684) (47,791) (284,980)... 33,980 9,184 53,783... 109,768 242,613 154,773
18 2011201220131231 1231 2011 2012 2013... 198,650 69,000 224,000... 320,380 337,000 133,000 519,030 406,000 357,000 1231 2011 2012 2013 9... 292,072 281,007 269,942 10... 30,865 29,678 28,491 11... 43,995 43,014 42,032 16... 55,450 10,000 422,382 363,699 340,465 27(b)
19 1231 2011 2012 2013... 110,495 107,285 128,132 (a)... 8,217 (b)... 118,712 107,285 128,132... 10,379 6,943 14,049... 174,936 96,686... 57,000 80,718 106,379 361,027 291,632 248,560 (a) 201112311,644,000 16 (b) 2011201220131231 1231 2011 2012 2013... 44,175 38,467 57,061... 71,268 68,818 71,071... 3,269 118,712 107,285 128,132 20 2011201220131231
21 18% 22 20131223 380,00038,000,0000.01 201312312011201220131231 23 (a) 10% 50% 25% (b) 2
(c) 20131223B1(b) 201120122013123124,723,000 24,697,00021,338,000 (d) 2011201220131231 85%71%57% 24 (a) (i) 90180
2011201220131231 3%13%11% 28%44%32% 15 (ii) (b)
20111231... 542,894 542,894 519,030... 361,027 361,027 361,027... 129,758 129,758 129,758 903,921 129,758 1,033,679 1,009,815 20121231... 421,568 421,568 406,000... 291,632 291,632 291,632... 129,784 129,784 129,784 713,200 129,784 842,984 827,416
20131231... 370,890 370,890 357,000... 248,560 248,560 248,560... 129,175 129,175 129,175 619,450 129,175 748,625 734,735 (c) (i) (i) 1231 2011 2012 2013... 6.91% 404,780 6.40% 406,000 6.20% 357,000... 8.48% 114,250... 519,030 406,000 357,000
(ii) 2011201220131231 100 1,000,000 (d) (i) 1231 2011 2012 2013... 3,048... 129,758 129,784 129,175... 129,758 129,784 129,175 3,048
(ii) 2011201220131231 1,298,0001,298,0001,322,000 (e) 2011201220131231 25 2011201220131231 1231 2011 2012 2013... 235,471 247,373 234,398... 36,881 24,048 24,048 272,352 271,421 258,446 26 2011124 21,172,000 17,861,000201131
... 12... 19,027... (1,134)... 17,905... (44)... 17,861 *...... (12)... 12 * 21,172,000 27
(a) 2011430,000,000 30,000,000201110 (b) 2011201220131231 (c) 67 1231 2011 2012 2013... 2,333 2,341 2,773... 29 19 18 2,362 2,360 2,791 4(b)
28 1 (a) (b) (c)
(d) 29... 20112012 20131231... 20112012 1231 20131231... 20112012 1231 20131231... 20112012 1231 20131231
30 32... 21... 9... 201411 201411 C 20131231 20131231 20146 30
A. 4.29 20131231 20131231 20131231 20131231 2013 1231 (1) (2)(5) (3) (5) 3.35... 582,400 286,992 869,392 1.81 2.28 4.40... 582,400 383,544 965,944 2.01 2.53 (1) 2013123120131231 582.4 (2) 3.354.40
(3) (2) 480,000,00020131231 (4) 2014331 589.12014331540.2 48.9 201412 31 (5) 1.25921 1 (6) 20131231
B. 20141231 201411 20141231 (1)(3)... 257.3 324.0 20141231 (2)(3)... 0.54 0.68 (1) 20141231(1) 2014123120141231 (2) 20141231 257.3201411480,000,000 (3) 1.259211
C. 10 8 2014630 AB20131231 20141231 AB 2013123120141231 20131231201411 2013123120141231
4.29 7 7 4.29(7) 3420 4.29 7 20131231201411
(a) (b) (c) 4.29(1) 20146 30
20141231 1. 20141231 20141231 a) b) c) d) e) f) g)
(2) (i)(ii) 20141231 (i) 10 8 3.341 20141231 2014630 2014331 20141231 2014630 20146 30
(ii) 20141231 201463020141231 20141231 2014630 Ding Yibing 20146 30
2014331 2014331 12 2012
20139 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands MRICS MHKIS RPS(GP) 20146 30 21
2014331 2014331 1. 100% 353,400,000 353,400,000 650 353,400,000 353,400,000 2. 100% 32,500,000 32,500,000 650 32,500,000 32,500,000 3. 100% 203,200,000 203,200,000 203,200,000 203,200,000 589,100,000 589,100,000
2014 331 1. 650 2007 45,465.60 119,294.19 353,400,000 100% 353,400,000 81,312.86 8,968.67 1,742.80 27,269.86 119,294.19 20561024 1. 45,465.60 (i) (2012)200034 8,702.20 20561024 (ii) (2012)200035 10,233.60 20561024 (iii) (2012)200036 10,743.60 20561024 (iv) (2012)200037 7,671.40 20561024 (v) (2012)200038 2,947.90 20561024 (vi) (2012)200039 5,166.90 20561024 45,465.60
2. 122,901.19 (i) 201118801 29,642.65 (ii) 201118802 8,968.67 (iii) 201118803 27,269.86 (iv) 201118804 51,670.21 (v) 201118805 5,349.80 122,901.19 3. i. ii.
2014 331 2. 650 2007 9,999.96 2018 5 14 1,600,000 32,500,000 100% 32,500,000 6,392.96 3,607.00 9,999.96 20561024 1. 45,465.60 (i) (2012)200034 8,702.20 20561024 (ii) (2012)200035 10,233.60 20561024 (iii) (2012)200036 10,743.60 20561024 (iv) (2012)200037 7,671.40 20561024 (v) (2012)200038 2,947.90 20561024 (vi) (2012)200039 5,166.90 20561024 45,465.60
2. 11,742.76 (i) 201118800 6,392.96 (ii) 201118805 5,349.80 11,742.76 3. i. ii. iii. iv. 4. 15 4.5% 16 5.0% 14191417 4.0%5.0%
2014 331 3. 90,561.00 126,219.00 203,200,000 100% 203,200,000 116,600.00 9,619.00 126,219.00 2016 206319 1. 90,561.00 (i) (2013)200003-1 57,228.00 206319 (i) (2013)200003-2 33,333.00 206319 90,561.00
2. 5033,333.50 85.6457,093.62 3. 118,300,000 276,200,000 4. 470,700,000 5. i. 135.8490,560.45 126,219.00 ii. 2014217 iii. 25%
201312232219613 1. (a) 27(2) (b) 2. 201469 (a) (i)
(ii) (iii) (iv)
(v) (aa) (bb)
(cc) (dd) (ee) (vi)
(vii)
(aa) (bb) (cc) (6) (dd) (ee) (ff) (viii)
(ix) (x) (30) (b) (c) (i) (ii) (iii) (iv)
(v) (d) (e) (21)(10) (95%) (21)(10) (15)
(f) (g) (15) (18)
(h) (21) (i) (21)(20) (e) (21)(10) (14)(10)
(i) (ii) (95%) (aa) (bb) (cc) (dd) (ee) (ff) (20%) (gg) (j)
(30)
(k) (l) (m) (i) (ii) (a) (b)
(n)
(o) 20 (14) (20) (p) (2) 2.50 1.00
(q) (r) 3(f) (s) (i) (ii)
(t) (i) 12(ii)12 (iii) (3) (u) 3. (a)
(b) (a) (b)(c)37 (d)(e) (c)
(d)
(e) 34 34 2(m) (f) (a)(b) (c) (a)(b) (c) (d)
(g) (h) (i) (ii)(iii) (i) (j) 20116 (1) (2) 2014114
(k) (l) (m) (n)
(28) (21) (o) (75%)
(p) (4) (90%)(4)(2) (1) (q) 4. Conyers Dill & Pearman (Cayman) Limited
A. 1. 20131223 201441116 18151508 2. 380,00038,000,000 0.010.01 Codan Trust Company (Cayman) LimitedCodan Trust Company (Cayman) Limited 20141130.01 20141236,7993331,4001,267200 67.993.3314.00 12.672.00 10,000,000 1,000,000,000480,000,000520,000,000 4.201469
3. 2013731.07 370%30% 20141137.003.001.0 7370% 30% 201411510,000100,000 201411590,0001.090,000 90%9%1% 20141219,0001,000 9,0001,0009%1%