惠理基金管理香港有限公司 (852) (852)

年 報 2 0 1 5 VALUE PARTNERS CLASSIC FUND 惠理價值基金 ANNUAL REPORT 2015 年報2015 惠理價值基金 VALUE PARTNERS CLASSIC FUND A N N U A L R E P O R T For the year ended 31 December 2015 2 0 1 5

惠理基金管理香港有限公司 (852) 2880 9263 (852) 2565 7975 vpl@vp.com.hk www.valuepartners.com.hk

2-3 4-14 15 16 17-18 19 20 21 22-23 24-63 64-69 70 71-72 1

^ # Bank of Bermuda (Cayman) Limited^ P.O. Box 513 HSBC House 68 West Bay Road Grand Cayman KY1-1106 Cayman Islands ^ # ^ ^ # ^ P.O. Box 259 George Town Grand Cayman KY1-1104 Cayman Islands # (852) 2143 0688 (852) 2565 7975 fis@vp.com.hk www.valuepartners.com.hk ^ # 2

2016 2015 Best of the Best (20 2015 Best of the Best (20 2015 2015 25 2015 20142010 2013 Institutional InvestorAlpha Magazine 2015 9 2015 200 Forbes Asia 2015 3A 2014/2015 Asian Private Banker 2015 2015 2011 10 AsiaHedge Awards 2011ˇ A2011 10 2011 100 ˇ 3

2015 25 A 25 20%A 2014A85% 2015 2016 2015 12 31MSCI3.9% 7.8% 1.5% 1 4

12 4G 2015 60% 5

2016 2016 H A 40% 2015H16.8% 2008 A 2015 2015A 2015 5-4% 2015 8 16% 40% 2015 6

2015 2015 90%2015 9 2014 11 20082014 2015 2015 20% 2015 2015 2015 (13.2%) 24.6% 3% 2016 8.6 7

A B H 20151532015 11 3019% 60 2015 201993 120 2015 2015 8

2016 1. 2015 12 31 12 A 2015 12 31 9

2015 12 31 2016 753 HK 147 BIDU US 653 3311 HK 70 6.11 5.8 0.8 2.8% 189.04 25.7 5.1 0.0% 13.46 10.7 2.0 2.8% 1,321 193 2015 10 30% + 10

2015 12 31 2016 966 HK 111 1093 HK 60 000651 CH 207 24.00 * 0.8 0.0% 7.92 22.0 4.4 1.8% 22.35 7.8 2.1 6.4% 2014 C 11

2015 12 31 2016 2318 HK 1,014 SIIC Environment SIIC SP 12 2330 TT 1,127 43.00 * 1.0 1.5% 0.77 14.6 1.3 0.2% 143.00 12.3 3.0 3.3% SIIC Environment SIIC SIIC SIIC 2015 SIIC 50% 12

2015 12 31 2016 700 HK 1,850 152.50 28.5 7.7 0.4% QQ 8 * = 2015 12 31 36.7%2015 12 31 13

2015 12 31 A B C C ß C C C C C C 263.00 118.96 15.00 116.2515 12.26 11.98 10.26 12.39 10.20 9.79 1993 4 12015 12 31 3,500% 3,000% 惠理價值基金 (A 單位 ) # 香港恆生指數 MSCI 明晟中國指數 2,500% +2,530.0% 2,000% 1,500% 1,000% 500% 0% +397.4% -4.5% -500% 1993 1995 1997 1999 2001 2003 2005 2008 2010 2012 2014 2015 ß C C C # 2004 12 31 1998 12 31MSCI MSCI MSCIMSCI 14

15

16

19 63 E 17

18

64,832,262 173,358,669 3(d) 1,991,337,996 1,487,584,358 114,520,754 116,666,616 3,404,319 7,124,717 616,261 195,807 95,971,013 46,285,826 2,270,682,605 1,831,215,993 3(d) 18,249,757 9,320 65,020,370 122,569,833 3,768,613 15,354,308 1,917,914 31,937,546 324,353,764 203,389,152 2,453,577 419,214 415,763,995 373,679,373 5 1,854,918,610 1,457,536,620 24 63 19

28,599,640 38,161,397 29,358 12,990 18,657,198 252,912,387 (131,665,895) (56,905,228) (5,708,763) (2,405,637) 6(g) 26,753 31,582 (90,061,709) 231,807,491 6(a) (23,215,444) (15,148,349) (4,535,939) (3,552,799) 6(c) (2,232,527) (1,507,907) 6(d) (584,326) (386,701) (354,450) (84,330) (56,967) (748,125) (51,636) (39,865) (39,309) (474,610) (29,366,662) (18,925,393) 6(b) (27,364) (30,411,262) (14,200) (35,680) (3,041,868) (1,244,976) (63,520,692) (72,559,997) (153,582,401) 159,247,494 7(d) (1,260,506) (1,236,658) (154,842,907) 158,010,836 24 63 20

1,457,536,620 1,396,131,323 1,963,668,911 843,985,135 (1,411,444,014) (940,590,674) 552,224,897 (96,605,539) (154,842,907) 158,010,836 1,854,918,610 1,457,536,620 24 63 21

(154,842,907) 158,010,836 (28,628,998) (38,174,387) 4,535,939 3,552,799 96,276 1,222,735 1,260,506 1,236,658 (177,579,184) 125,848,641 108,526,407 (173,358,669) (503,753,638) 104,858,814 18,240,437 (3,594,709) 2,145,862 (54,993,783) (57,549,463) 117,406,729 (1,881) 3,908 120,964,612 (33,215,626) (28,814,661) 19,590,624 24 63 22

(517,821,509) 102,545,929 28,210,425 38,224,322 (3,706,547) (3,551,280) (96,276) (1,234,717) (1,260,506) (2,451,312) (494,674,413) 133,532,942 1,967,389,309 838,065,041 (1,423,029,709) (931,222,555) 544,359,600 (93,157,514) 49,685,187 40,375,428 46,285,826 5,910,398 95,971,013 46,285,826 24 63 23

1 Bank of Bermuda (Cayman) Limited 24

2 (a) 25

2 (a) 9 9 39 9 39 9 (b) 10 (i) (ii) 26

2 (b) (iii) (iv) (c) 27

2 (d) (i) (ii) (iii) 28

2 (d) (iv) 29

2 (e) (f) (g) (h) 30

2 (i) (j) (k) 31

2 (l) (m) 3 (a) (i) 32

3 (a) (i) % 42,344,729 +/-5 +/-2,117,236 10,297,012 +/-5 +/-514,851 * 1,256,447,650 63,349,278 +/-0 6,990,327 +/-5 +/-349,516 15,480,833 23 +/-5 +/-774,043 9,952,679 +/-5 +/-497,634 18,361 +/-5 +/-918 273,350,695 19,859,598 +/-5 +/-14,660,515 75,746,709 +/-5 +/-3,787,335 113,479,855 69,360,576 +/-5 +/-9,142,022 1,734,524,103 222,154,222 33

3 (a) (i) % 15,701,089 +/-5 +/- 785,054 1,137,645 +/-5 +/- 56,882 * 1,081,765,142 (18,648,058) +/-0 7,764,795 +/-5 +/-388,240 13,315,040 24 +/-5 +/-665,753 2,396,269 +/-5 +/- 119,813 19,284 +/-5 +/-964 24,349,811 +/-5 +/-1,217,491 21,284,786 +/-5 +/-1,064,239 66,534,630 38,520,985 +/-5 +/-5,252,781 1,207,268,693 46,872,749 * 34

3 (a) (ii) 10% 8.47 10.91 H 25.00 25.42 25.08 14.60 14.81 23.29 4.08 1.58 0.83 0.91 6.12 4.57 0.00 0.00 3.99 0.69 88.38 81.97 35

3 (a) (ii) 15.01 17.50 3.95 2.58 0.01 0.01 107.35 102.06 (0.98) (0.00) (0.00) (0.98) (0.00) 36

3 (a) (ii) % % 17.42 18.48 13.08 0.84 13.16 13.29 12.31 15.73 12.26 9.12 9.26 15.47 7.03 5.31 3.89 0.92 2.58 8.03 0.50 4.10 0.10 0.21 8.41 8.50 100.00 100.00 37

3 (a) (ii) MSCI % % MSCI +/-30 +/-30 +/-550,381,333 +/-297,870,392 (iii) 324,353,764 203,389,152 5050 1,621,769 1,016,946 38

3 (b) Aa2 95,971,013 Aa3 46,285,826 * 64,832,262 173,358,669 Aa2 1,991,337,996 Aa3 1,487,584,358 * 3,404,319 7,124,717 * 39

3 (c) 12 10% 1,854,918,610 1,457,536,620 18,196,836 65,020,370 122,569,833 3,768,613 15,354,308 1,917,914 31,937,546 324,353,764 203,389,152 2,453,577 419,214 2,270,629,684 1,831,206,673 (52,921) (9,320) 40

3 (c) 31 41

3 (c) 20,997,633 248,092 200,186 (52,921) (9,320) 21,192,804 190,866 20,997,633 10% 42

3 (c) 10% 19.50 10.23 15.59 10.65 43

3 (d) 1,637,555,708 1,847,950 * 1,639,403,658 118,620,667 159,823,603 278,444,270 27,529,949 45,673,918 38,109 73,241,976 248,092 248,092 1,665,085,657 164,542,677 161,709,662 1,991,337,996 (18,196,836) (18,196,836) (52,921) (52,921) (18,196,836) (52,921) (18,249,757) 44

3 (d) 1,192,098,724 2,578,959* 1,194,677,683 131,763,124 123,299,532 255,062,656 24,349,812 13,241,621 52,400 37,643,833 200,186 200,186 1,216,448,536 145,204,931 125,930,891 1,487,584,358 (9,320) (9,320) * 45

3 (d) 161,709,662 125,930,891 46

3 (d) 1,847,950 159,823,603 38,109 2,578,959 123,299,532 52,400 47

3 (d) 119,032,901 (119,032,901) 125,930,891 121,618,267 100,000,000 (119,032,901) 35,778,771 23,345,525 161,709,662 125,930,891 35,778,771 23,345,525 48

3 (e) 57,016,468 210,900 1,835,300 27 13,247,233 37,165 (43,206) (183) 14,234,759 (36,783) 22,467,518 (15,819) 36,272,630 (136) 1,809,531,246 278,444,270 278,692,362 (52,921) 20,857,917 165,729 1,334,593 1,994 3,244,605 32,463 (1,279,855 (9,308) (19,470 (12) 1,582,944,343 255,062,656 255,262,842 (9,320) 49

4 AValue Partners Global Contrarian Fund Value Partners Greater China Equity Fund Value Partners Hedge Fund Ltd A % A 19.51% 42.36% 1.60% 1.63% Value Partners Greater China Equity Fund 92.53% Value Partner Global Contrarian Fund 19.38% 21.09% Value Partners Hedge Fund Ltd 18.65% 50

4 A Value Partners Global Contrarian Fund Value Partners Greater China Equity Fund Value Partners Hedge Fund Ltd 42,000,00052,623,000 20,020,000 1,960,638 4,441,218 51

4 Value Partners Greater China Equity Fund 31,783,000 1.71 A 27,529,949 1.49 Value Partners Global Contrarian Fund 8,874,421 0.48 Value Partners Hedge Fund Ltd 5,016,497 0.27 38,109 0.00 73,241,976 3.95 A 24,349,812 1.67 Value Partners Global Contrarian Fund 13,241,621 0.91 52,400 0.00 37,643,833 2.58 52

5 A B C C C C C C C C C C C C P 6(a) A B C CP A B C CP 53

5 A B C 764,130 870,423 2,977,735 3,453,410 56,993,570 60,717,904 50,328 68,881 104,182,818 33,325,382 (25,575) (106,293) (324,744) (544,556) (76,470,062) (37,049,716) 738,555 764,130 2,703,319 2,977,735 84,706,326 56,993,570 C C C 1,574,574 110,573 10,711,229 2,099,333 1,801,812 148,448 3,729,949 (7,696,460) (524,759) (737,555) (37,875) (48,062) 4,589,343 1,574,574 1,174,830 110,573 3,681,887 54

5 C C C 265,709 3,831,896 943,218 93,760 2,362,871 (3,041,604) (677,509) (93,278) 1,056,001 265,709 93,760 2,269,593 A 263.00 267.03 B 118.96 121.39 C 15.00 15.31 C 12.26 12.42 C 11.98 12.24 C 12.39 12.28 C 10.26 C 10.20 C 9.79 55

6 (a) A0.75% B C CP 1.25% (b) (i) (ii) 15% (c) (i)20.10% (ii) 1.50.09%(iii) 0.08%4,000 3,000 (d) Bank of Bermuda (Cayman) Limited 0.030% 56

6 (e) A 34,669 34,669 6,615 6,615 * 5,591 5,591 B 14,749 14,749 1,992 1,992 * 5,348 5,348 C * 741,290 741,290 78,409 78,409 C * 1,102 1,102 C * 1,106 1,106 C * 1,166 1,166 57

6 (e) A 44,844 (10,175) 34,669 6,615 6,615 * 5,591 5,591 B 14,749 14,749 1,992 1,992 * 5,348 5,348 C * 741,290 741,290 C * 1,102 1,102 C * 1,106 1,106 C * 1,166 1,166 * 58

6 (f) 5%) 18,506,732 4,143,306 (g) A Value Partners Global Contrarian Fund Value Partners Greater China Equity Fund Value Partners Hedge Fund LtdA Value Partners Global Contrarian Fund. 59

6 (h) A 159,823,603 123,299,532 7 (a) 81 50 (b) 14 26 26A 60

7 (c) AA RQFII 10% 10% B10% B 10% 10% B (i)(ii) (iii) B (d) 61

8 9 62

9 10 63

5,737,088 29,477,148 1.59 13,713,041 30,256,771 1.63 8,156,383 11,313,547 0.61 3,210,000 17,795,710 0.96 12,473,761 40,761,539 2.20 6,036,126 27,439,894 1.48 157,044,609 8.47 H 60,382,000 47,603,776 2.57 H 3,314,000 2,822,209 0.15 H 37,058,000 13,866,686 0.75 H 8,980,000 14,622,728 0.79 H 11,074,000 35,793,564 1.93 H 12,554,000 9,476,123 0.51 H 6,710,000 27,618,870 1.49 H 36,326,000 21,935,934 1.18 H 8,976,000 11,130,096 0.60 H 34,768,000 10,632,142 0.58 H 6,888,000 4,426,038 0.24 H 5,262,000 2,627,571 0.14 H 2,378,000 6,735,023 0.36 H 11,254,800 19,895,325 1.07 H 28,298,000 13,400,299 0.72 H 48,996,000 14,034,802 0.76 H 24,796,000 7,422,707 0.40 H 14,941,800 34,857,324 1.88 H 118,900 572,247 0.03 64

H 27,372,000 17,941,673 0.97 H 14,882,000 82,570,031 4.45 H 16,728,000 7,468,146 0.40 H 2,909,200 11,674,187 0.63 H 6,524,000 10,707,640 0.58 H 25,774,000 17,127,018 0.92 H 2,872,000 16,694,443 0.90 463,656,602 25.00 21,652,000 15,170,173 0.82 17,882,000 22,796,372 1.23 36,396,000 7,983,536 0.43 10,676,000 37,468,833 2.02 23,594,000 13,638,678 0.73 10,670,000 31,871,911 1.72 39,654,000 68,869,155 3.71 20,770,162 64,319,672 3.47 15,742,000 8,348,230 0.45 90,868,000 92,860,035 5.01 24,238,000 22,548,868 1.22 27,954,000 39,603,995 2.13 65,080,000 30,482,239 1.64 15,468,000 9,200,846 0.50 465,162,543 25.08 65

22,093,000 16,590,916 0.89 38,932,000 9,293,325 0.50 2,791,000 37,669,011 2.03 554,000 2,955,820 0.16 130,686,000 21,752,615 1.17 17,236,000 6,271,599 0.34 550,499 338,819 0.02 7,451,000 9,517,929 0.51 718,500 960,460 0.05 94,966,000 32,226,756 1.74 * 14,179,500 1,829,589 0.10 40,579,000 26,022,584 1.40 1,847,000 772,155 0.04 37,998,000 24,808,697 1.34 16,483,000 3,806,992 0.20 3,906,358 1,008,079 0.05 9,475,000 7,335,389 0.40 13,151,000 3,631,326 0.20 2,763,300 54,373,911 2.93 1,799,000 1,044,567 0.06 13,316,000 2,560,075 0.14 18,779,000 10,007,261 0.54 274,777,875 14.81 139,859,120 75,746,709 4.08 Amorepacific Corp 79,171 15,480,833 0.83 66

1,934,000 16,255,565 0.88 2,931,000 7,212,133 0.39 382,000 26,407,406 1.42 13,532,000 58,929,744 3.18 3,442,000 4,675,007 0.25 113,479,855 6.12 Worldsec Ltd * 200,000 18,361 0.00 Baidu Inc 254,900 48,186,296 2.60 Ctrip.com International Ltd 194,000 8,988,020 0.48 Phoenix New Media Ltd 1,274,500 7,672,490 0.41 SouFun Holdings Ltd 1,243,500 9,189,465 0.50 74,036,271 3.99 67

CICC Financial Trading Ltd A16/11/2018 10,583,609 27,654,970 1.49 CICC Financial Trading Ltd A11/12/2017 9,447,068 32,516,808 1.75 CICC Financial Trading Ltd A03/10/2017 1,901,938 20,074,955 1.08 CICC Financial Trading Ltd AELN 12/17/2017 9,134,476 38,373,934 2.07 A 100,000,000 159,823,603 8.62 278,444,270 15.01 6,885,464 A 12,236,224 27,529,949 1.49 Value Partners Global Contrarian Fund 1,295,536 8,874,421 0.48 Value Partners Greater China Equity Fund 3,700,000 31,783,000 1.71 Value Partners Hedge Fund Ltd 149,970 5,016,497 0.27 238,180 38,109 73,241,976 3.95 68

248,092 0.01 1,991,337,996 107.35 (6,621,000) (18,196,836) (0.98) (52,921) (0.00) (18,249,757) (0.98) 1,973,088,239 106.37 1,999,976,450 * 69

8.47 10.91 H 25.00 25.42 25.08 14.60 13.83 23.29 4.08 1.58 0.83 0.91 6.12 4.57 0.00 0.00 3.99 0.69 87.40 81.97 15.01 17.50 3.95 2.58 0.01 0.01 106.37 102.06 70

US$ US$ 1,854,918,610 1,457,536,620 A 263.00 267.03 B 118.96 121.39 C 15.00 15.31 C 12.26 12.42 C 11.98 12.24 C 10.26 C 12.39 12.28 C 10.20 C 9.79 71

A B C C C C C C C 337.67 153.19 19.45 15.93 15.80 10.39 15.88 10.27 10.03 267.03 121.39 15.31 12.42 12.24 12.28 236.15 107.92 13.57 222.32 98.22 12.33 240.26 111.25 13.99 239.02 110.92 13.98 188.46 87.86 10.88 196.45 92.48 212.93 100.32 138.61 65.58 A B C C C C C C C 233.18 105.66 13.32 10.89 10.67 9.90 10.96 9.79 9.40 210.81 96.14 12.09 9.54 9.52 9.54 190.68 87.34 10.96 173.02 79.61 9.99 161.65 74.68 9.37 171.15 79.73 9.88 95.93 44.92 9.86 85.40 40.04 139.14 65.82 99.81 47.39 72