2 5 6 14 16 18 22 29 31 32 33 34 35 79 80
04 01 Hong Kong Resources Holdings GroupJUSCO JUSCO 05 02 03 06 05 04 03 06 2010 02 01 2
07 24,000 12 11 10 09 08 10 11 500 12 08 Dorian Ho WAVE 09 07 100 3
4
260 100 500 40% 5
1.9% 11.4% 86.7% 1.2% 1.8% 1,290,110,000 95,138,000 1,256% 123,399,000 275,664,000 43,922,000 344,714,000 69,468,000 0.70 0.35 6,900,000 53.5% 43.5% 6
265 4 3 1 4 3 1 4 5 7 4 7 12 7 2 8 4 12 37 2 16 35 2 10 30 6 6 12 6 9 3 7
28 26 98%147,728,000 1,118,360,000 71 12 2245 25 127 143 24,000 2010 8
I Love I do 2009 2010 2010 92011 8 2009/2010 Jessica Code 7th Anniversary Party Jewellery Fashion Catwalk Show 9
Det Norske VeritasISO9001:2008 Q Jessica CodeExcellence Award in Jewellery Design Express Weekly2010 2010 500182 48 Det Norske VeritasISO9001:2008 10
43% 500 roppongi.wave Group Inc. WAVE WAVE 11
156,260,000115,803,000 702,442,000215,758,000 38% 266,138,000 702,442,000 215,758,000 1.30 40,000,000 1.63 80,000,000 173,000,000 12
31 139,000,000 35 2,117 15 13
3 1 2 21 14
100 200 6,520 73 11 50 5 1. 2. 3. 4. 4 5. 15
47 688533 2366743 563Pacific Alliance Asia Opportunity Fund Limited Bohai Industrial Investment Fund Management Company Limited 55 Honorary Associate University of Strathclyde (Scottish Business School) 20 51 21241 828 48 Jebsen Holdings Ltd.Asia United Logistics Group Company Limited905 4920 16
57 Australian Securities CommissionNew South Wales Corporate Affairs Commission 533 33 Volante System Inc. (Hong Kong) AsiaHub Inc. (Hong Kong) 49 1387220 229Chinney Alliance Group Limited 385 1205 52 2007 101 60 30 17
A.2.1 A.4.1 1617 18
3.13 13 12/13 12/13 13/13 5/13 10/13 10/13 11/13 11/13 19
1. 2. 2 2/2 2/2 2/2 2/2 2/2 1. 2. 3. 1 20
2/2 2/2 2/2 1,600 1,098 74 236 21
38 31 0.70 0.35 6,900,000 28 26 14 25 70,018,00066,162,000 3,856,000 22
352 23
(a) 4,517,900 563,165,240 567,683,140 36.00% a 1,085,900 1,085,900 0.07% 18,967,900 18,967,900 1.20% 4,517,000 4,517,000 0.29% 94,900,200 94,900,200 6.02% b 3,790 3,790 0.00% (a) (b) 563,165,240 Perfect Ace Investments Limited ( Perfect Ace )538,865,240 Limin Corporation24,300,000 Perfect AceYing Ho (Nominees) LimitedYH NomineesYH Nominees Limin Corporation 100% Capital Ocean Investments LimitedFirst Vanguard Private Equity Segregated PortfolioFirst Vanguard Private Equity Segregated PortfolioFirst Vanguard Opportunity Fund SPC First Vanguard AAA Management Limited First Vanguard Opportunity Fund SPC 100% First Vanguard Group Limited 24
(b) a 148,271,374 9.40% b 1,000,000 0.06% b 1,000,000 0.06% b 1,000,000 0.06% b 1,000,000 0.06% b 500,000 0.03% b 551,970 0.03% b 551,970 0.03% b 100,000 0.01% (a) (b) Perfect Ace Limin Corporation148,271,374 148,271,374 Perfect Ace Limin Corporation 90,671,37457,600,000 26 1.50 1.32 25
336 (a) Perfect Ace Investments Limited a 538,865,240 34.17% Limin Corporation a 24,300,000 1.54% Capital Ocean Investments Limited b 94,900,200 6.02% Savona Limited c 100,000,000 6.34% (a) (b) (c) (b) Savona Limited 84.37%Chime Corporation Limited Perfect Ace Investments Limited a b 90,671,374 5.75% Limin Corporation a b 57,600,000 3.65% (a) (b) 26
3.13 (a) (b) PWKW PWKW 3,083,000PWKWPWKW AHA AHA 348,000 AHA AHA AHA 14A 14A.38 26 27
1,400,000 71%84% 30% 5% 36 23 28
3178 90 29
1. 29 34,905,000 2. 3. 344,714,000 4. 30
6 1,290,110 95,138 (942,125) (94,479) 347,985 659 3,682 1,138 (196,211) (83,670) (11,885) 27 200,865 26(b) (4,199) (9,295) 28 344,714 29 (34,905) (12,145) (15,561) (2,633) 7 (8,104) (402) 8 244,787 275,246 10 (21,247) (13) 223,540 275,233 123,399 275,664 100,141 (431) 223,540 275,233 12 0.13 1.04 0.07 0.34 31
14 41,811 438 10,349 15 101,686 16 168,066 220,226 102,124 18 734,755 1,147 19 127,850 280 20 156,260 115,803 1,018,865 117,230 21 207,765 3,566 22 48,183 23 217,955 19,770 30 493,673 3,596 525,192 113,634 745,418 215,758 24 42,976 702,442 215,758 25 17,274 16,014 452,158 166,842 469,432 182,856 233,010 32,902 702,442 215,758 3178 32
(a) 49,790 35,889 1,200 33,706 (480,548) (359,963) (359,963) 275,664 275,664 (431) 275,233 (1,200) 1,200 (49,292) 49,292 (35,889) (33,706) 69,595 4,655 95,765 100,420 100,420 10,710 139,230 149,940 149,940 151 13,729 2,915 16,795 16,795 33,333 33,333 5,304 10,710 248,724 2,915 (84,797) 182,856 32,902 215,758 123,399 123,399 100,141 223,540 1,200 173,338 174,538 174,538 60 1,987 5,127 7,174 7,174 9,206 (9,206) 2,051 (2,051) b (200,000) 84,697 115,303 11 (18,535) (18,535) (18,535) 99,967 99,967 15,770 1,504 224,049 66,162 8,042 2,051 151,854 469,432 233,010 702,442 a. b. 200,000,000 33
244,787 275,246 8,104 402 (415) (1,138) 5,603 317 6 6,889 9 (344,714) 34,905 12,145 4,199 9,295 (200,865) 68,302 (13,527) (66,532) (1,147) (44,536) 5,678 91 3,104 (42,675) (5,892) (4,841) (47,516) (5,892) 27 (397,598) (22,107) (462) 633 415 1,138 (10,349) (101,686) 28 (72,474) (429,006) (173,484) 182,400 100,530 (7,862) (110) 99,967 33,333 48,183 2,975 7,499 366,364 (148,409) (5,399) (18,535) (8,104) (1) 149,940 (13,700) (50,000) 516,979 222,092 40,457 42,716 115,803 73,087 156,260 115,803 34
1. Clarendon House, 2 Church Street, Hamilton HM11,Bermuda 18 14 1402-03 38 2 2. 27 1,9991,000 200,000,000 100,000,000 66.67% 33.33% Ace Captain Investments LimitedAce CaptainAce Captain 33,300,000 333 Ace Captain 10% 60% 30% 66.67%60% 35
2. 27 40% 36 a 3. 1 1 36
3. 1 5 1 2 3 24 7 27 1 32 5 39 1 1 4 1 7 6 1 1 2 4 3 1 9 8 7 14 1 17 6 19 1 2 3 4 5 6 7 8 3 27 9 39 (i)(ii) 9 37
4. 3 38
4. 39
4. 40
4. 41
4. 42
4. 30 90 43
4. 44
4. 5. 538,100,000 538,100,000 200,900,000 168,100,000 734,800,000 1,100,000 45
5. 96,100,000 6. (a) 1,283,843 95,138 6,267 1,290,110 95,138 (b) 88 14 814 8 2 8 a. b. c. 46
6. (b) 1,118,360 147,728 24,022 1,290,110 111,639 3,924 397 115,960 3,682 (31,465) (31,952) 200,865 (4,199) (8,104) 244,787 (21,247) 223,540 47
6. (b) 745,610 148,539 8,156 902,305 168,066 156,260 12,460 1,239,091 179,032 22,726 30 201,788 48,183 217,955 19,770 42,976 5,977 536,649 48
6. (b) 44,378 7,357 2,763 54,498 4,268 818 3 514 5,603 43,499 1,118,360 8,661 171,750 52,160 1,290,110 49
7. 2,871 402 4,633 600 8. 8,104 402 6 1,600 620 942,125 94,479 5,603 317 17 (415) (1,138) 6,889 9 105,679 9,059 3,256 81 4,199 9,295 9. (a) * 3,360 12 858 4,230 3,000 12 858 3,870 3,000 250 12 858 4,120 3,000 500 12 858 4,370 300 429 729 150 86 236 150 86 236 150 86 236 750 12,360 750 48 4,119 18,027 * 50
9. (a) (a) 1,680 6 1,915 3,601 (a) 1,500 6 1,915 3,421 1,500 6 1,915 3,421 (b) 25 1,250 6 1,915 3,196 (c) (c) (d) (d) (a) 150 383 533 (a) 75 191 266 (a) 75 191 266 (a) 75 191 266 400 5,930 24 8,616 14,970 (a) (b) (c) (d) 900,000500,000 51
9. (b) 9(a) 10. 3,714 683 0 1,000,000 1 3,500,001 4,000,000 1 91 13 22,817 22,908 13 24 (1,661) 16.5%16.5% 21,247 13 20%[2007]39 25% 52
10. 244,787 275,246 49,531 45,416 (33,175) (45,902) 4,338 2 (5,793) 6,396 500 (50) (3) 21,247 13 11. 0.7 11,038 0.7 7,497 18,535 0.35 6,900,000 53
12. 123,399 275,664 (5,455) (3,749) 117,944 271,915 5,455 3,749 123,399 275,664 902,981 262,203 788,991 542,194 2,330 683 1,694,302 805,080 36(b) 13. 10,000 (10,000) 54
14. 1,456 4,870 2,035 8,361 116 346 462 (1,456) (4,870) (2,018) (8,344) (11) (11) 116 352 468 27 812 31,520 59 32,391 4,848 17,259 22,107 (1,059) (9,601) (10,660) 4,717 39,530 59 44,306 291 2,149 1,704 4,144 15 20 170 112 317 (306) (2,319) (1,804) (4,429) (2) (2) 20 10 30 589 4,955 59 5,603 (547) (2,591) (3,138) 62 2,374 59 2,495 4,655 37,156 41,811 96 342 438 2% 5 7% 10% 10% 33% 20% 55
15. 101,686,000 100,000,0001,686,000 27 16. 5,800 5,800 (5,800) (5,800) 168,066 168,066 168,066 168,066 5,800 5,800 (5,800) (5,800) 168,066 168,066 10 17% 3% 56
17. 1,444 (1,444) 116 6 (122) 18. 111,711 623,044 1,147 19. 734,755 1,147 96,113 31,737 280 127,850 280 57
19. 1 30 60% 13,578,000 0 30 81,920 31 60 1,863 61 90 625 90 11,705 96,113 14,193,000 31 60 1,863 61 90 625 90 11,705 14,193 58
20. 0.01% 0.73%0.01% 0.70% 13,973,000 21. 94,085 23 a 50,410 b 19,505 43,765 3,543 207,765 3,566 (a) (b) 0 30 57,807 23 31 60 9,745 61 90 22,533 90 4,000 22. 36(a) 94,085 23 59
23. a 139,545 b 78,410 217,955 (a) i 60,000 ii 79,545 139,545 (i) 2.75 3 3 138,885,000 Ace Captain (i) (ii) 30% 100% (ii) 5.31 (i) (ii) Ace Captain 60% (b) 28,410 Finwood Limitedii 50,000 78,410 (i) (ii) Finwood Limited 100% 5% 60
24. 3,514 42,016 (893) 44,637 (1,297) (364) (1,661) 2,217 42,016 (1,257) 42,976 48,296,000 9,532,000 148,123,000 61
25. 0.10 (a) 1,000,000 100,000 0.01 (a) 4,000,000 40,000 0.01 (a) 3,000,000 30,000 7,000,000 70,000 0.10 497,900 49,790 28 (448,110) (49,292) 402,000 4,020 63,500 635 15,057 151 0.01 530,347 5,304 (b) 5,973 60 (c) 120,000 1,200 (d) 920,574 9,206 1,576,894 15,770 0.01 1,071,000 10,710 1,071,000 10,710 (d) (920,574) (9,206) 150,426 1,504 497,900 49,790 1,601,347 16,014 1,727,320 17,274 62
25. 5% 526,000 (a) (b) (c) 2870,000,0004,000,000,000 3,000,000,000 5,973,2700.01 0.498 (i) Perfect Ace LimitedPerfect Ace i Perfect Ace 40,000,0000.011.30ii Perfect Ace40,000,0000.01 1.30 1.30 1.40 7.14% 48,000,000 Perfect Ace 96.11%3.89% (ii) Perfect Ace i Perfect Ace 80,000,0000.011.63ii Perfect Ace 80,000,000 0.01 1.63 1.63 1.79 8.94% 125,000,000 (d) 920,574,000 0.010.01 63
26. 3,200,000 28 1 (i) (ii) (iii) 45,179,000 10% 8.52% 10% 30% 12 1%1% 0.1% 55,000,000 64
26. 10 (a) 0.498 5,873,270 (4,969,690) 903,580 1.510 4,800,000 4,800,000 5,873,270 4,800,000 (4,969,690) 5,703,580 0.498 200,000 (200,000) 1.510 3,500,000 3,500,000 200,000 3,500,000 (200,000) 3,500,000 0.498 803,580 (803,580) 1.510 800,000 800,000 803,580 800,000 (803,580) 800,000 6,876,850 9,100,000 (5,973,270) 10,003,580 6,876,850 10,003,580 0.498 1.510 0.498 1.419 65
26. (a) 1.320 3,200,000 (3,200,000) 0.498 20,330,550 (14,457,280) 5,873,270 0.498 500,000 (300,000) 200,000 0.498 1,103,580 (300,000) 803,580 21,934,130 (15,057,280) 6,876,850 3,200,000 21,934,130 (15,057,280) (3,200,000) 6,876,850 3,200,000 6,876,850 1.320 0.498 0.498 1.320 0.498 (b) 9,100,000 21,934,130 1.510 0.430 1.510 0.498 2.45% 1.424% 10 10 151.69% 154.79% 0% 0% 4,199,000 9,295,000 66
27. 538,100,000 32,391 32,391 168,066 168,066 653,020 14,056 667,076 83,034 83,034 45,619 45,619 (204,108) (204,108) (1,673) (1,673) 893 (45,530) (44,637) 609,176 136,592 745,768 (200,865) 544,903 538,100 6,803 544,903 443,217 101,686 544,903 (443,217) 45,619 (397,598) 67
27. 1,266,000,000 58,000,000 201,000,000 i ii538,100,000 28. (i) (ii)perfect Ace (iii)(iv) Perfect Ace Brand New Management Limited 1 68
28. 10,000 3,915 1,322 8 15,083 949 72,474 (28,957) (3,749) (295,678) (120,081) (344,714) 344,714 (72,474) 29. 34,905,000 50,000,000 15,095,000 69
30. 17,923 85,694 103,617 21,056 956 34,087 558 1 3 55,143 1,514 31. 40% 36(a) 543,900 7,368 70
32. 30 33. (a) 121 1,598 1,740 3,083 791 348 983 19 (b) 19 22 23 71
33. (c) 23 (d) 9 34. 23 35. (a) 260,221 115,803 391,588 1,023 (b) 72
35. (b) 23 23 23(a)(i) 5050 50 50 (550) 50 50 250 73
35. (b) 17,292 (158,067) (1,000) 726 5% 5% 5% 5% 7,040 50 74
35. (b) 22 23 30 31 90 91 365 % 105,945 105,945 105,945 19,505 19,505 19,505 5 78,904 1,608 141,414 221,926 217,955 48,183 48,183 48,183 252,537 1,608 141,414 395,559 391,588 23 23 23 1,000 1,000 1,000 1,023 1,023 1,023 75
35. (c) 36. (a) Ace Captain 60% 30% 10% 543,900,000181,300,0001.63 222,457,6690.01 (b) (c) (d) 1,000,00017,768,000 1.40 100,000,000 1.5% 76
37. 321,320 185,427 (1,937) (1,878) 319,383 183,549 17,274 16,014 302,109 167,535 319,383 183,549 35,889 1,200 (398,761) (361,672) (1,200) 1,200 (35,889) 85,181 49,292 95,765 95,765 139,230 139,230 13,729 2,915 16,644 228,276 228,276 248,724 2,915 (84,104) 167,535 173,338 173,338 1,987 5,127 7,114 (200,000) 84,697 115,303 (18,535) (18,535) (27,343) (27,343) 224,049 66,162 8,042 3,856 302,109 77
38. 1 10,000 100 100% 60% 100% 60% 10,000 2 100% 60% 10,000 100 100% 60% 5,000,000 1 100% 60% 10,000 100 100% 60% Brand New Management Limited 50,000 1 100% 100% 100% 100% China Gold Silver Group 50,000 3,000 60% 66.67% 60% 66.67% Company Limited Elite Art International Limited 10,000 1 100% 100% Great Network Holdings 50,000 100 80% 48% Limited Great Tactic Limited 50,000 1 100% 100% 500,000 500,000 100% 60% Golden Zone International 50,000 1 100% 60% Limited 10,000 2 100% 60% 10,000 1 100% 60% 10,000 100 100% 100% 100% 100% 1. Brand New Management Limited 2. 78
1,290,110 95,138 52,696 131,871 1,006,661 244,787 275,246 (7,616) (177,494) (478,079) (21,247) (13) (17) (1,180) (100,141) 431 123,399 275,664 (7,633) (177,494) (479,259) 1,239,091 219,354 95,527 93,394 163,729 (536,649) (3,596) (455,490) (445,724) (351,871) (233,010) (32,902) 469,432 182,856 (359,963) (352,330) (188,142) 79
b, c b c a, b, c a, b, c a, b, c a b c Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudian Road Pembroke HM08 Bermuda 28 26 2882 www.hkrh.hk Clarendon House 2 Church Street Hamilton, HM11 Bermuda 18 2 14 1402-03 80