3 5 15 20 27 36 37 38 40 41 43 106 107
Conyers Dill & Pearman Clarendon House, Church Street Hamilton HM 11, Bermuda 601 603 C2 Butterfield Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke, Bermuda 28 26 http://www.chunwo.com 711 3
4
Chun Wo Holdings Limited 56,500,000 51,600,000 9.5% 2,556,600,000 2,524,000,000 7.6 1.75 1.25 1.00 1.25 2.75 2.50 28 26 5
/ 6
/ 8.2% 5.1% 72 40 8 7
/ 8
/ 104 City of Dreams 8 9
/ 10
/ 180,000 2005 2005/2006 11
/ 12
/ 290 8 13
/ 14
BSc (CEng) MICE MHKIE RSE RPE MBA FCCA FCPA Shenzhen International Holdings Limited 15
/ MBA FCPA ACMA MHKSI A GBS OBE 16
/ BSc CEng FHKIE MICE MCIArb RPE BSc.(Hons), FCIOB, MHKIE, FHKICM, RPE BSc MICE CEng MHKIE RPE 17
/ Robert Hoskins Lloyd BSc CEng MHKIE FICE Hatfield Polytechnic M.C.I.O.B. BSc MEng MICE PE(US) 18
/ BEng(Hons) MIEE MHKIE MCIBSE MAPM CEng RPE(EL BS) MISC, MIPSC BSc(Eng.) ACGI MSc DIC PhD MICE MHKIE MINZPE MIEAust MASCE CEng RPE Dip (Eng) LLB (Hons) MA (ArbDR) MSc (C.Mgt) MRICS MICE MHKIE MASCE MIEAust FCIArb FHKIArb CEng University of Wolverhampton 19
A.4.2 A.4.2 87(1) A.5.4 A.5.4 20
/ 21
/ 6/6 6/6 1/1 0/0 6/6 6/6 5/6 2/2 1/1 0/0 6/6 2/2 0/0 2/2 0/0 2/2 0/0 22
/ B.1.3 23
/ 22 24
/ 22 (i) (ii) (iii) 25
/ 1,640,000 1,580,000390,000 150,000 0.19 0.20 www.chunwo.com 26
37 1.00 7,446,000 1.75 13,030,000 106 13,500,000 10,100,000 14 10,000,000 15 27
/ 31 28 29 8 41 42 43 52,552 19,559 72,111 (a) (b) 28
/ 1,000,700,000 1,340,700,000 340,000,000 894.9 691.5 418.1 36.3 27.7 365.0 1,340.7 1,092.8 1.26 1.14 2,240 506,900,000 29
/ 32 1519 GBS OBE 86(2) 87 169(2) 30
/ 10 31
/ 352 1 2 265,096,950 10,148,875 275,245,825 36.97% 732,000 10,148,875 265,096,950 275,245,825 36.97% 2,983,540 2,983,540 0.40% 7,326,000 3,200,000 866,000 866,000 0.12% 732,000 1. 2. 8,347,500 90,000 Chun Wo Hong Kong Limited 32
/ 0.904 732,000 732,000 0.904 7,326,000 7,326,000 0.904 732,000 732,000 1.162 3,200,000 3,200,000 0.904 732,000 (732,000) 0.904 732,000 (732,000) 0.904 732,000 (732,000) 0.904 2,196,000 2,196,000 14,186,000 2,196,000 (2,196,000) 14,186,000 27,550,0003.70% 32 33
/ 336 52,748,000 7.08% GT Winners Limited 0.740.001 0.74 0.84 121,348,294 250,000 36.97%53.27% 34
/ 96% 49% 30% 5% 1,400,000 35
CHUN WO HOLDINGS LIMITED 37105 90 36
7 2,556,572 2,524,508 (2,419,821) (2,405,599) 136,751 118,909 74,817 97,934 (155,548) (175,623) 8 (15,002) (3,279) 5,430 21,219 16,430 9 62,237 59,801 11 (6,967) (8,321) 55,270 51,480 56,525 51,630 (1,255) (150) 55,270 51,480 12 16,753 28,753 13 7.6 7.0 7.6 7.0 37
14 229,470 232,819 15 180,698 204,873 16 78,917 80,726 17 136,659 83,215 18 42,783 42,783 19 87,487 29,426 20 1,002 20 1,002 21 75,926 79,741 832,942 754,585 22 326,602 321,253 23 524,293 380,026 17 1,279,012 954,443 16 1,809 1,809 24 1,182 1,027 24 38,459 71,021 20 6,333 20 6,672 935 4,834 25 10,252 38,705 25 329,730 203,455 2,518,607 1,983,245 22 236,253 215,889 26 497,779 413,651 376,814 138,590 27 80,297 93,016 13,414 11,111 28 2,187 5,833 29 892,739 685,731 2,099,483 1,563,821 419,124 419,424 1,252,066 1,174,009 38
/ 28 695 2,465 29 445,082 398,796 30 10,547 20,895 456,324 422,156 795,742 751,853 31 74,457 74,457 719,809 674,674 794,266 749,131 1,476 2,722 795,742 751,853 37105 39
72,455 242,572 38,099 (7,340) 8,531 676 358,666 713,659 2,787 716,446 2 3 (6,812) (6,812) (6,812) 72,455 242,572 31,287 (7,340) 8,531 676 358,666 706,847 2,787 709,634 596 596 596 9,232 9,232 9,232 (1,395) (1,395) (1,395) 7,837 596 8,433 8,433 1,518 1,518 1,518 51,630 51,630 (150) 51,480 9,355 596 51,630 61,581 (150) 61,431 2,002 7,454 9,456 9,456 85 85 (28,753) (28,753) (28,753) 74,457 250,026 40,642 (7,340) 8,531 1,272 381,543 749,131 2,722 751,853 2 3 (40,642) 40,642 74,457 250,026 (7,340) 8,531 1,272 422,185 749,131 2,722 751,853 5,363 5,363 9 5,372 56,525 56,525 (1,255) 55,270 5,363 56,525 61,888 (1,246) 60,642 (16,753) (16,753) (16,753) 74,457 250,026 (7,340) 8,531 6,635 461,957 794,266 1,476 795,742 40
62,237 59,801 15,002 3,279 (21,219) (16,430) (1,361) (907) (146) (61) 3,012 20,325 682 682 (10,154) (1,379) 811 1,700 (6,948) 2,033 (400) 285 (6,899) (5,430) 33,238 65,277 56,459 (61,985) (144,267) 150,870 (289,129) (578,056) 15,493 (155) (540) 8,589 (29,193) 84,128 (100,353) 238,224 138,590 (12,719) 14,270 (25,632) (385,627) (10,834) (12,234) (279) (693) (36,745) (398,554) 41
/ (49,762) (55,788) (9,574) (11,357) (4,655) 28,453 24,259 20,451 21,485 2,500 21,750 1,361 907 1,218 994 3,116 900 146 (42,782) (3,410) 34 7,423 5,000 501 61 (7,968) (28,835) 580,314 561,698 (266,083) (224,617) (58,516) (18,804) (56,949) 66,352 (16,753) (28,753) (5,875) (14,877) (3,988) (3,132) 9,456 85 172,150 347,408 127,437 (79,981) 203,455 282,840 (1,162) 596 329,730 203,455 42
1. 41 2. 43
/ 2. 2 2 2 2 2 32 39 32 32 39 39 3939 44
/ 2. 24 24 3939 39 3 39 24 39 45
/ 2. 1717 3 40 40 40 3 46
/ 2. 21 21 21 3 394 394 39 394 1 1 19 2 21 2 39 2 39 2 39 2 4 6 2 7 1 47
/ 2. 2 4 2 5 3 6 29 4 7 2 5 8 6 9 1 2 3 4 5 6 3. 10,154 (47) (7,346) (5,808) 7,346 5,808 10,107 48
/ 3. 1 17 21 39 40 234,882 (30,009) 204,873 204,873 1,090,184 (52,526) 1,037,658 1,037,658 82,535 82,535 82,535 1,502 1,502 6,172 6,172 1,002 1,002 (1,002) 6,672 6,672 (6,672) (13,208) (7,687) (20,895) (20,895) 1,319,532 (7,687) 1,311,845 1,311,845 381,543 381,543 40,642 422,185 48,329 (7,687) 40,642 (40,642) 2,722 2,722 2,722 429,872 2,722 (7,687) 424,907 424,907 2,722 (2,722) 49
/ 3. 1 21 2,787 2,787 38,099 (6,812) 31,287 38,099 2,787 (6,812) 34,074 4. 50
/ 4. 51
/ 4. 52
/ 4. 53
/ 4. 54
/ 4. 55
/ 4. 56
/ 4. 57
/ 4. 58
/ 4. 59
/ 5. 44,396,000 21,219,000 14,481,000 60
/ 6. (i) 61
/ 6. (ii) (iii) 62
/ 7. 2,529,356 25,475 1,741 2,556,572 44,396 (79) 33,607 (3,707) 74,217 1,361 (19,558) (15,002) 21,219 21,219 62,237 (6,967) 55,270 63
/ 7. 993,782 1,333,147 422,514 17,474 2,766,917 87,487 87,487 42,783 42,783 77,108 77,108 377,254 3,351,549 711,896 1,036,547 71,547 708 1,820,698 80,297 80,297 654,812 2,555,807 10,022 49,762 11 59,795 32,257 174 32,431 360 451 811 64
/ 7. 2,468,450 23,767 28,734 3,557 2,524,508 41,455 1,702 19,352 (527) 61,982 907 (21,669) (3,279) 5,430 5,430 16,430 16,430 59,801 (8,321) 51,480 65
/ 7. 932,568 1,011,113 332,146 23,992 2,299,819 29,426 29,426 42,783 42,783 80,768 80,768 285,034 2,737,830 600,901 773,335 80,611 1,185 1,456,032 93,016 93,016 436,929 1,985,977 11,345 55,788 12 67,145 37,178 164 37,342 1,700 1,700 2,033 2,033 285 285 66
/ 7. 90% 2,901,299 2,349,524 59,577 67,145 450,250 388,306 218 3,351,549 2,737,830 59,795 67,145 8. 58,234 18,380 282 424 58,516 18,804 (12,025) (6,492) (31,489) (9,033) 15,002 3,279 67
/ 9. 1,839 1,580 30,695 33,637 1,736 3,705 32,431 37,342 (29,419) (17,017) 3,012 20,325 1,809 1,809 (1,127) (1,127) 682 682 811 1,700 2,033 285 5,784 5,118 22,761 31,233 28,545 36,351 (24,487) (33,086) 4,058 3,265 506,853 430,750 (407,659) (349,461) (3,043) (2,028) 96,151 79,261 7,346 5,808 1,361 907 146 61 400 6,948 1,379 10,154 6,899 2,547,000 1,352,000 22,928 27,382 68
/ 10. (a) 11 9 6,160 135 6,295 3,600 113 3,713 1,640 63 1,703 2,266 101 2,367 60 60 150 150 40 40 45 45 150 150 37 37 37 37 519 13,666 412 14,597 6,160 135 6,295 2,900 113 3,013 2,540 63 2,603 840 42 882 150 150 150 150 100 100 60 60 76 76 536 12,440 353 13,329 69
/ 10. (b) 3,920 4,611 151 117 4,071 4,728 1,500,0012,000,000 1 2,000,0012,500,000 1 2 70
/ 11. 21,600 16,513 (4,564) 593 17,036 17,106 279 693 17,315 17,799 30 (10,348) (9,478) 6,967 8,321 17.5%17.5% 30 71
/ 11. 62,237 59,801 17.5% 10,892 10,465 (3,713) (2,875) 5,408 996 (3,177) (399) (4,564) 593 751 1,086 (6,756) (5,374) 5,582 1,905 2,544 1,924 6,967 8,321 12. 1.00 1.25 7,446 9,307 1.25 2.65 9,307 19,446 16,753 28,753 1.75 1.25 72
/ 13. 56,525 51,630 744,565,896 736,211,770 5,688,459 744,565,896 741,900,229 6.2 7.0 3 1.4 7.6 7.0 73
/ 14. 232,819 231,393 14,194 (13,503) (22,000) 10,154 9,232 229,470 232,819 10,154,000 180,000 186,000 49,470 46,819 229,470 232,819 74
/ 15. 66,265 496,642 47,152 30,993 641,052 (34,144) (34,144) 32,121 496,642 47,152 30,993 606,908 6,251 3,778 1,328 11,357 (6,815) (173) (684) (7,672) 32,121 496,078 50,757 31,637 610,593 20 35 55 5,142 1,647 3,244 10,033 (1,121) (2,715) (1,328) (28) (5,192) 31,000 498,505 51,096 34,888 615,489 12,004 312,807 29,965 19,911 374,687 (3,453) (3,453) 8,551 312,807 29,965 19,911 371,234 931 30,033 4,659 1,719 37,342 (2,316) (120) (420) (2,856) 9,482 340,524 34,504 21,210 405,720 8 19 27 923 25,595 4,096 1,817 32,431 (181) (1,993) (1,188) (25) (3,387) 10,224 364,126 37,420 23,021 434,791 20,776 134,379 13,676 11,867 180,698 22,639 155,554 16,253 10,427 204,873 75
/ 15. 15% 25% 25% 15% 18,550 19,382 940 2,226 2,317 20,776 22,639 4,963,000 7,499,000 2,123,000 6,351,000 16. 80,726 82,535 78,917 80,726 1,809 1,809 80,726 82,535 76
/ 17. 83,215 25,073 49,762 55,788 1,127 1,127 2,555 1,227 136,659 83,215 398,554,000 954,443,000 18. 42,783 42 77
/ 18. 507,572 515,122 (312,175) (310,648) 195,397 204,474 42,783 42,783 12,238 7,237 1,540 2,193 19. 4,655 82,832 29,426 87,487 29,426 30,872,000 43 78
/ 19. 420,743 746,423 378,042 764,462 15,506 20,373 292,792 572,455 (179,362) (629,324) (337) (175) 128,599 (36,671) 79
/ 20. 1,002 6,333 6,172 1,002 7,174 500 7,674 500 7,174 7,674 7,236 1,002 6,672 7,674 3939 2 3 80
/ 20. 21. 22. 11,928,264 7,669,823 (11,837,915) (7,564,459) 90,349 105,364 326,602 321,253 (236,253) (215,889) 90,349 105,364 81
/ 23. 240,070,000 158,367,000 234,466 155,285 0 30 4,518 2,945 31 90 888 102 91 180 198 35 240,070 158,367 200,309,000 160,868,000 24. 25. 1.5% 1.7% 0.01% 0.04% 82
/ 26. 382,194,000 267,659,000 292,640 197,447 0 30 57,649 33,313 31 90 23,646 25,557 91 180 3,412 3,640 180 4,847 7,702 382,194 267,659 27. 83
/ 28. 2,282 6,062 2,187 5,833 617 2,085 594 2,031 103 442 101 434 3,002 8,589 2,882 8,298 (120) (291) 2,882 8,298 2,882 8,298 (2,187) (5,833) 695 2,465 4.8% 5.3%2.3% 3.2% 84
/ 29. a 88,551 145,500 b 1,245,621 931,390 c 3,649 7,637 1,337,821 1,084,527 773,655 778,727 564,166 305,800 1,337,821 1,084,527 892,739 685,731 417,466 34,264 27,616 364,532 1,337,821 1,084,527 (892,739) (685,731) 445,082 398,796 (a) 7.4%4.5% (b) 3.8% 5.2%1.2% 2.1% 770,006,000 771,090,000475,615,000 160,300,000 85
/ 29. (c) 6.5% 7.3%4.1% 4.9% (d) 30. (35,292) 4,558 8,568 (22,166) (6,812) (6,812) (35,292) 4,558 8,568 (6,812) (28,978) 3,977 (3,097) 8,598 9,478 (1,395) (1,395) (31,315) 1,461 17,166 (8,207) (20,895) 2,346 (1,115) 10,356 (1,239) 10,348 (28,969) 346 27,522 (9,446) (10,547) 69,315,000 112,833,000 1,977,000 8,349,000 67,338,000 104,484,000 4,139,000 86
/ 30. 8,173,000 5,342,000 31. 0.1 1,500,000,000 150,000 724,545,896 72,455 20,020,000 2,002 744,565,896 74,457 32. (a) (i) (ii) 87
/ 32. (a) 30% 10% 1% 1 (a) 0.1% (b) 5,000,000 88
/ 32. (a) (i) (ii) (iii) 89
/ 32. (a) 0.904 10,986,000 (2,196,000) 8,790,000 1.162 3,200,000 3,200,000 0.950 400,000 400,000 0.904 7,326,000 7,326,000 0.950 6,118,000 (480,000) 5,638,000 0.904 2,196,000 2,196,000 28,030,000 2,196,000 (2,196,000) (480,000) 27,550,000 90
/ 32. (a) 0.904 10,986,000 10,986,000 1.162 3,200,000 3,200,000 0.290 14,488,000 (14,488,000) 0.950 400,000 400,000 0.904 7,326,000 7,326,000 0.950 11,650,000 (5,532,000) 6,118,000 14,488,000 33,562,000 (20,020,000) 28,030,000 54 27,550,000 28,030,000 91
/ 32. (b) (i) (ii) 30% 10% 1% 1 92
/ 32. (b) (a) 0.1% (b) 5,000,000 (a) (a) (b) (b) 93
/ 33. 459,000 14,194,000 34. 7,427,000 7,830,000403,000 Bright Wealth Profits Limited 2,000 4 (7) 1,997 5,430 7,427 7,427 (4) 7,427 7,423 94
/ 35. 940,000 486,000 11,975,000 14,825,000 95
/ 36. 2,626 3,774 478 401 3,104 4,175 25,475,000 28,734,000 15,992 19,134 16,477 18,033 4,000 3,249 36,469 40,416 96
/ 37. 1,000 101 38. 348,908 147,685 22,400 22,400 26,817 134,417 398,125 304,502 48,000 48,000 115,900 115,900 39. (a) 14,535,000 29,269,000 5,866,000 (b) 1,068,516,000 749,802,000 3,349,000 23,381,000 1,300,000,000 1,300,000,000 97
/ 39. (c) 180,000,000 175,000,000 6,903,000 9,458,000 95,000,000 95,000,000 40. (i) 55,207 125,668 2,182 2,684 1,054 50 860 1,332 2,419 22,400 22,400 26,817 134,417 48,000 48,000 98
/ 40. (i) (a) 20,000,000 (b) 7,427,000 Bright Wealth Profits Limited (ii) 10 (iii) 21 24 27 99
/ 41. % % Caine Developments 2 100 100 Limited 200,000 100 100 2 100 100 18,000,000 100 100 4,100,000 100 100 9,000,000 a 2 100 100 5,000,000 100 100 2 100 100 100
/ 41. % % 9,000,000 100 100 1,000,000 100 100 b 13,750,000 8,000,000 100 100 Racing Way Group 1 100 100 Limited 2 100 100 2 100 100 3,000,000 99 99 c 2 100 100 101
/ 41. % % 150,000,000 100 100 d 45,000,000 100 100 d 20,000,000 100 100 d (a) Chun Wo Hong Kong Limited (b) 13,750,000 60% (c) (d) 102
/ 42. % 10 40 Vietnam Land (HK) 25,000,000 20 Limited 103
/ 43. % Maeda Chun Wo Joint 45 Venture (Viaducts) 50 Chun Wo Henryvicy China 50 Railway Construction Corporation Joint Venture Chun Wo Henryvicy China 45 Railway Construction Corporation Queensland Rail Joint Venture Cheng Long Chan Chun 33 Chun Wo Joint Venture 104
/ 44. 18,126 18,957 17,647 18,071 101,136 77,192 196,882 910,660 333,791 1,024,880 142 588 424 424 799,894 45 595 272 801,055 1,329 1,153 1,105 733,753 497 1,072 1,749 736,475 2,854 64,580 (1,525) 398,371 1,023,355 1,777 2,833 636,369 1,777 639,202 396,594 384,153 74,457 74,457 322,137 309,696 396,594 384,153 105
2,310,152 2,450,101 3,158,818 2,524,508 2,556,572 56,569 22,083 91,820 59,801 62,237 (15,720) (16,303) (20,434) (8,321) (6,967) 40,849 5,780 71,386 51,480 55,270 41,330 5,595 71,368 51,630 56,525 (481) 185 18 (150) (1,255) 40,849 5,780 71,386 51,480 55,270 3,053,398 3,851,353 2,283,032 2,737,830 3,351,549 (2,432,957) (3,235,739) (1,573,398) (1,985,977) (2,555,807) 620,441 615,614 709,634 751,853 795,742 620,334 613,249 706,847 749,131 794,266 107 2,365 2,787 2,722 1,476 620,441 615,614 709,634 751,853 795,742 2 106
3,197 32,504 100% 6179 22,417 26,900 100% 111,554 381,000 100% 17,505 29,759 100% 107
/ 88 31 1 101 23 2 11 B 108