UNITED PHOTOVOLTAICS GROUP LIMITED 686 (1) FORTUNE ARENA LIMITED70% (2) 4 20 168 200 14 1407 SGM-1 SGM-2 48 33 18
................................................................... 1............................................................. 4.......................................... I-1........................................ II-1............................ III-1...................................... IV-1................................................... V-1...................................................... SGM-1 i
120,000,000 5 686 217.0 70% 1
Fortune Arena Limited 5% 1,000,000,000 1,000,000 2
Power Solar Investments Limited 70 1 70% 571 238,234,000 0.10 % 3
UNITED PHOTOVOLTAICS GROUP LIMITED 686 Clarendon House 2 Church Street Hamilton HM11 Bermuda 168 200 10 1012 (1) FORTUNE ARENA LIMITED70% (2) (i)(ii) (iii)(iv) (v) 4
217 Power Solar Investments Limited (i) (ii) (iii) 70% 30% 217.0 5
(i)300.9 70%210.6 (ii) (iii) (iv) 70% 238.2 46.6 25.3 30% 238.2 25.3 (i)(ii)30% 6
71.7 (iii) 46.6 (i) 70.3(ii) (iii) 1.4 (i) 938(ii) 917 (iii) 21 (iv) 71.7 2692,575 (a) The Bank of New York Mellon (b) (c) (d) 1 100 (e) 7
(f) (e) (f) (e) 8
(a) (b) (c) (d) (e) (f) (g) (a) (f) 9
Cybermart International Holding CompanyCybermart 30 Cybermart Cybermart Foxconn Technology Group 500 10
(a) 100% Fortune Arena Limited 100% Jolly Wood Limited Goldpoly International Limited 100% City Mark Holdings Limited 66.7% 33.3% 100% 100% 5% 100% 100% 100% 11
(b) 30% 70% Fortune Arena Limited 100% Jolly Wood Limited 100% City Mark Holdings Limited 66.7% 33.3% Goldpoly International Limited 100% 100% 5% 100% 100% 100% 12
735.4 115.7 736.9 112.0 70.3 (i) (ii) (iii) 13
77 50.8% 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2011-07 2011-12 2012-05 2012-10 2013-03 2013-08 2014-01 2014-06 2014-09 Pvinsights (%) (a) (b) (c) = (b)/(a) 200 90.60 45.30 200 69.22 34.61 200 75.0 37.50 14
45.3% 34.61% 37.5% 1.0 2.0 1.32.5 1.0 1.3 28.030.0 35 37.8 260^ 177 384 12 15.1 260^ 721 908.5 260 ^ 763 766 961.3 965.1 ^ 200 260 15
13 14532 92.17% EPC EPC 35 14 161 77 90,809.0% 50.8% 16
70% 30%30% Foxconn Technology Group 30% 30% 17
(i) 1,132 612.8 (ii)30% (iii) 217.0 101.9% 685.7 (iv) 25.3 1.4 215.6 70%150.9 30%64.7 14.07 75%14 14 18
168 20014 1407 SGM-1 SGM-2 3318 SGM-1 SGM-2 11.26 1 7.75 19
20
1. (www.hkex.com.hk)(www.unitedpvgroup.com) 3 45 31 946 9 33 96 5 8 80 158 12 27 (www.hkex.com.hk) (www.unitedpvgroup.com) 2. 1,250,267 754,308 2,004,575 18,858 132,631 151,489 56,573 137,170 193,743 55,315 55,315 3,452,625 3,452,625 1,325,698 4,532,049 5,857,747 80,000,000 100,574,000 I-1
875,000,000 1,100,034,000 130 39,500,000 49,659,000 754,308,000 15,000,000 18,858,000 132,631,000 45,000,000 56,573,000 137,170,000 A 30,000 30,000 B 847,964 847,964 120 1,255,500 1,255,500 233 232,959 232,959 282,866 282,866 1,255,500 1,393,789 2,649,289 I-2
A B 312,483,750 847,964,000 A 1.00 282,483,750 AB 1.00 50,000,000 387,500,000 70,000,000 542,500,000 135% 5% 1.60 232,959,339 1.60 50% 225,000,000 282,866,000 8% I-3
(a) (b) (c) (d)(e) 3. 38 A B 53 67 A. Power Solar Investments Limited Fortune Arena Limited 70%217.0 14.8 18.6 200 150 189 11 150 189 70 88 50 63 I-4
8% 8% B. 53 67 53 67 2 55% EPC695876 215 271 I-5
(1) 100 9 11 13 16 72%70% 37 47 (2) 30%16 20 70%(i) 12 15(ii) 50 63(iii) (iv) 50 63 70% 4. 214,122,000 I-6
5. 37136.7 35% 11 12 13 521.2 35 14 161 I-7
77 90,809.0% 50.8% 6. 159 6 667 (i)6(ii) 444 (iii) 93 I-8
12 456.2 10 432.42 23.8 65 13 6 310.3 5040 50 PGO 195 40 3180 55% 0.3 13 237 1 2 3 159 I-9
667 500 400 300 1 100 5 14.8 18.6 150 189 50 63 8,6443,881 2,931 1,832 3,091 I-10
2.1 58.1% 62,992 805,669 132,913 1,001,574 850,394 1,851,968 13 1 913 44%8.68% I-11
11.9 963 (i) (ii) 1,419 (iii) 64 I-12
86.79% 90.33% 89.78% 238300 45%4.5 5.7 55%5.5 6.955% 55% (i) (i) 9.37% 7,494,260 9,442,768 (ii)84.31% 67,448,340 84,984,908 I-13
(ii) (i) 2043,000,00054,180,000 (iii) 65 55% 66,550,000 83,853,000 32 95 127 31 I-14
38 98.4% 2,193 (i) (ii)(iii)50% (iv) 92.17% 100 20 132.9 50% 23.8 23.8 I-15
4,517 4,412 105 129 54.1% 63,595 50,240 127,189 241,024 839,449 1,080,473 13 1 903 5% 6.41% I-16
20.9 953 (i) (ii) 1,463 (iii) 64 I-17
92.17% 959,462,250 1,160 225 286 50% 31 83 144 Sino Arena Investment Limited Sino Arena20,010,000 80,040,000 9% I-18
7. 317.1 279.2 351.7 IV-63 1411 11 I-19
2 20 25 5 8 5 4 5 I-20
I-21
FORTUNE ARENA LIMITED 2 68(2)(a)(i) 2410 750 II-2 II-11 2.1 271,744,000 708,423,000 2.1 II-1
143,082 139,909 140,870 137,917 675,519 857,165 863,525 697,624 6,370 5,901 48,485 48,025 5,123 4,456 3,555 612,788 67,972 40,945 93,223 30,396 1,510,854 1,048,376 1,149,658 913,962 22,272 28,813 4,949 4,840 273,678 194,873 222,680 236,894 889 881 55,180 81,419 87,037 85,386 153,893 16,505 8,496 9,438 505,023 321,610 324,051 337,439 2,015,877 1,369,986 1,473,709 1,251,401 1,190,583 442,932 345,159 70,321 1,190,583 442,932 345,159 70,321 II-2
84,000 84,000 109,293 106,543 31,693 31,339 29,361 28,675 5,000 115,693 120,339 138,654 135,218 331,268 477,967 574,593 646,168 231,535 229,983 232,650 238,234 23,508 23,507 500 5,000 18,442 18,268 136,472 98,765 135,703 100,787 18,898 9,826 709,601 806,715 989,896 1,045,862 825,294 927,054 1,128,550 1,181,080 2,015,877 1,369,986 1,473,709 1,251,401 (204,578) (485,105) (665,845) (708,423) 1,306,276 563,271 483,813 205,539 II-3
768,961 213,269 299,855 156,280 78,644 (642,202) (289,806) (368,615) (173,738) (122,071) 126,759 (76,537) (68,760) (17,458) (43,427) 38,531 5,456 11,275 6,178 9,618 (687) (7,931) (2,726) (3,131) (4,619) (3,187) (726) (220) (307) (52,739) (40,653) (42,992) (32,194) (13,564) 3(i) 3(ii) (1,132,000) (612,788) 3(iii) (214,122) (1,024,068) (728,396) (109,134) (46,420) (264,933) 973 1,629 1,825 1,056 493 (8,136) (7,979) (7,368) (3,675) (4,128) (7,163) (6,350) (5,543) (2,619) (3,635) (667) (1,019) (124) (3,536) (1,031,231) (735,413) (115,696) (49,163) (272,104) (9,982) (1,442) 3,715 359 360 (1,041,213) (736,855) (111,981) (48,804) (271,744) II-4
(1,041,213) (736,855) (111,981) (48,804) (271,744) 2,409 48,676 (10,796) 11,799 7,479 (3,094) 48,676 (10,796) 14,208 7,479 (3,094) (992,537) (747,651) (97,773) (41,325) (274,838) II-5
2,162,537 20,583 2,183,120 (1,041,213) (1,041,213) 48,676 48,676 (1,041,213) 48,676 (992,537) 2,162,537 (1,020,630) 48,676 1,190,583 2,162,537 (1,020,630) 48,676 1,190,583 (736,855) (736,855) (10,796) (10,796) (736,855) (10,796) (747,651) 2,162,537 (1,757,485) 37,880 442,932 2,162,537 (1,757,485) 37,880 442,932 (111,981) (111,981) 2,409 11,799 14,208 2,409 (111,981) 11,799 (97,773) 2,162,537 2,409 (1,869,466) 49,679 345,159 II-6
2,162,537 (1,757,485) 37,880 442,932 (48,804) (48,804) 7,479 7,479 (48,804) 7,479 (41,325) 2,162,537 (1,806,289) 45,359 401,607 2,162,537 2,409 (1,869,466) 49,679 345,159 (271,744) (271,744) (3,094) (3,094) (271,744) (3,094) (274,838) 2,162,537 2,409 (2,141,210) 46,585 70,321 II-7
(1,031,231) (735,413) (115,696) (49,163) (272,104) 3,173 3,173 3,217 1,613 1,625 9,524 36,812 38,597 49,668 20,008 27,883 4,265 11,490 1,698 3,476 9,028 12,803 7,509 188 130 2 1,132,000 612,788 214,122 7,194 469 (37) 667 1,019 124 3,536 (1,704) (1,721) (973) (1,629) (1,825) (1,056) (493) 8,136 7,979 7,368 3,675 4,128 161,706 (52,851) (36,107) (17,160) (19,546) 45,142 (18,031) 22,166 (13,877) (3,367) (202,113) 77,500 (43,558) (95,673) (12,704) 152,811 139,707 87,732 (24,093) 74,498 (92,971) (13,080) 2,667 1,557 5,584 22,619 7 64,575 133,245 55,519 (149,246) 44,472 (8,136) (7,979) (7,368) (3,675) (4,128) (6,414) (11,621) 50,025 113,645 48,151 (152,921) 40,344 II-8
(314,156) (193,216) (76,388) (9,912) (21,681) (10,601) (52,278) 84,000 24,100 24,167 (5,123) 973 1,629 1,825 1,056 493 (244,907) (191,587) (102,741) 15,311 (21,188) (13,399) (26,239) (5,618) (1,051) 1,651 231,535 (13,500) 4,500 125,541 (5,000) 18,442 138,085 98,765 193,668 100,433 70,827 (91,963) (136,472) (160,249) (100,433) (104,589) 18,972 250,758 (59,446) 46,243 124,490 (18,139) 55,876 (137,388) (8,347) (13,120) 1,017 95,411 153,893 16,505 16,505 8,496 2,606 338 229 (75) 153,893 16,505 8,496 3,614 9,438 II-9
1 70% 217,000,000 2 68(2)(a)(i) 1 34 2.1 271,744,000 708,423,000 (i) (ii) (iii) 238,234,000 335.0 422.0275.5 347.0 59.5 75.0 Power Solar Investments Limited II-10
(ii) (iii) 38 3 (i) 1,132,000,000 (ii) 612,788,000 (iii) 214,122,000 II-11
(a) (b) (i) (ii) 4.29 14.68(2)(a)(ii) III-1
1 2 3 4 5 138,498 (137,917) 581 6,590,673 (697,624) 5,893,049 48,025 (48,025) 1,281,716 1,281,716 296,466 71,700 368,166 412,676 (30,396) 382,280 8,768,054 (913,962) 7,925,792 9,105 (4,840) 4,265 679,578 (236,894) 442,684 23,507 23,507 62,290 62,290 (881) 881 149,086 (85,386) 63,700 23,250 23,250 203,658 (9,438) 217,000 411,220 1,126,967 (337,439) 1,030,916 9,895,021 (1,251,401) 8,956,708 433,126 433,126 1,421,787 (21,300) 1,400,487 1,854,913 1,833,613 47,183 47,183 1,902,096 1,880,796 III-2
1 2 3 4 5 955,987 955,987 800,923 800,923 109,000 (106,543) 2,457 333,352 (28,675) 304,677 16,645 16,645 850,394 850,394 3,066,301 (135,218) 2,931,083 3,697,316 (646,168) 1,445 3,052,593 (238,234) 238,234 (23,507) 23,507 37,165 (18,268) 881 19,778 62,992 62,992 906,457 (100,787) 805,670 151,811 (18,898) 132,913 70,883 70,883 4,926,624 (1,045,862) 4,144,829 7,992,925 (1,181,080) 7,075,912 1,902,096 (70,321) 1,880,796 III-3
1 6 7 8 313,699 (299,855) 13,844 23,879 23,879 337,578 (299,855) 37,723 (411,641) 368,615 (43,026) (74,063) 68,760 (5,303) 12,436 (11,275) 1,161 (66,946) 7,931 (59,015) (790) 726 (64) (183,237) 42,992 (140,245) 197,896 197,896 (347,780) (347,780) (1,205,018) (1,205,018) (819,145) (819,145) (163,782) (163,782) (2,302,649) 109,134 (2,541,295) 183,100 (1,825) 181,275 (356,607) 7,368 (349,239) (173,507) 5,543 (167,964) (1,019) 1,019 (33,595) (33,595) (2,477,175) 115,696 (2,742,854) 171,715 (3,715) 168,000 (2,305,460) 111,981 (2,574,854) (2,304,986) 111,981 (2,574,380) (474) (474) (2,305,460) 111,981 (2,574,854) III-4
1 6 7 8 (2,305,460) 111,981 (347,780) (33,595) (2,574,854) 2,409 (2,409) 723 723 (500) (500) (197,896) (197,896) 32,736 (11,799) 3,540 24,477 (37,880) (37,880) (163,251) (211,076) (2,468,711) (2,785,930) (2,468,258) (2,785,477) (453) (453) (2,468,711) (2,785,930) III-5
1 9 10 11 (2,477,175) 115,696 (2,361,479) 1,698 (1,698) 12,803 (12,803) 3,302 (3,217) 85 82,986 (49,668) 33,318 188 (188) 7,194 (7,194) (37) 37 (43,278) (43,278) (197,896) (197,896) 1,205,018 1,205,018 819,145 819,145 163,782 163,782 100,589 100,589 63,619 63,619 1,019 (1,019) (3,582) 1,704 (1,878) (183,100) 1,825 (181,275) 356,607 (7,368) 349,239 III-6
1 9 10 11 (87,118) (51,011) 29,942 (22,166) 7,776 727,019 43,558 770,577 (2,667) 2,667 (22,619) 22,619 (25,286) (25,286) (6,282) (6,282) (193,158) (87,732) (280,890) 470,403 414,884 (75,337) 7,368 (67,969) 395,066 346,915 III-7
1 9 11 112,099 112,099 (286,264) (286,264) (84,366) 76,388 (7,978) (327,665) 52,278 (275,387) (100,000) (100,000) 200,495 200,495 1,826 (1,825) 1 26,223 (24,100) 2,123 (658,147) (354,911) 92,297 92,297 2,245 2,245 (69,318) 5,618 (63,700) (23,250) (23,250) 1,123,606 1,123,606 200 200 18,442 (18,442) 374,184 (193,668) 180,516 (1,164,148) 160,249 (1,003,899) 12,719 12,719 366,977 320,734 103,896 312,738 32,297 (16,505) 16,505 32,297 1,220 (338) 882 137,413 345,917 III-8
1 (i) (ii) 2 3 238,234,000 4 217,000 30% (i) 71,700 (70,321) (238,234) (1,445) (21,300) 46,585 25,285 30% 30% 1.0 1.0 30% III-9
5 23,507,000 6 7 217,000 30% (i) 71,700 (ii) (442,932) (229,983) (1,445) (385,660) 37,880 (347,780) (i) 30% 30% 1.0 1.0 (ii) 30% III-10
8 30% 33,595,000111,981,00030% 4,263,000 14,208,000 30% 9 10 25,286,000 11 217,000,00016,505,000 12 2 3 4 5 13 6 7 8 9 10 11 214,122,000 14 8 III-11
Fortune Arena Limited 70% III-2 III-11 III-9 III-11 III-12
4.29 7 7 4.29(7) 3420 4.29 7 III-13
(a) (b) (c) 4.29(1) III-14
IV-1
IV-2
IV-3
323 34(2) (3) 12 168 200 10 1012 CFA, MRICS, MHKIS, MCIREA, RPS (GP) 1. 18 2. IV-4
275,648 126,571.35 21,829,26 238,017 279,160,000 (1) (2007) 01211 (2012) 01197158,982 116,666 (2) 1. 201301636 8,438.78 2. D4 201301636 8,248.62 3. D1 201301636 8,878.51 4. 5 201301636 5,794.26 5. 6 201301636 6,933.58 6. B1 201301634 10,510.86 7. B3 201301634 10,192.15 8. 201301634 9,073.12 IV-5
9. 4 201301634 2,109.09 10. 201301634 311.58 11. 6 201301634 454.87 12. 201301636 28,538.20 13. 201301636 6,551.93 14. 11 201301636 10,267.90 15. 12 201301636 10,267.90 126,571.35 (3) 14 14 5,100,000 (4) 201301636(2)1-5 120,000,000 (5) (2013) 050(2)6-11 72,300,000 (6) 21,829,26 238,017 D1 1 2,535.28 29,349 6 6 596.00 8,344 IV-6
11,895.00 142,740 6 5 1,254.00 15,048 5 6 957.00 9,570 D1 1 2 4,591.98 32,966 21,829.26 238,017 (7) (8) (a) (b) (c) (4) (5) (6) IV-7
1. 2. 10,000,000,000 1,000,000,000 4,361,266,325 436,126,633 V-1
3. XV XV7 8 352 (a) 0.10 6,003,000 1 526,942,564 3, 4 & 5 12.22% 2,401,200 2 0.06% (b) 4,002,000 1 440,036,000 6 10.18% 1,600,800 2 0.04% 1. 6,003,0004,002,0004,002,000 V-2
2. 2,401,2001,600,800 1,600,800 3. 467,538,250 Magicgrand Group LimitedMagicgrand Pairing Venture LimitedPairing Venture 37% 9.44% 53.56% 4. 41,230,827Magicgrand Pairing VentureMagicgrand38.83% 61.17% 5. 18,173,487Pairing Venture Pairing Venture 6. 440,036,0001.00 37% Magicgrand 9.44% Pairing Venture 53.56% XV XV7 8 352 V-3
4. XV2 3 5% (i) 0.10 Renewable Energy Trade Board Corporation EBOD 119,922,000 79,948,000 5.20% 26,837,621 1 467,538,250 440,036,000 20.81% Snow Hill Developments Limited 2 103,111,436 23.17% 467,538,250 440,036,000 570,649,686 440,036,000 23.17% Magicgrand Group Limited 3 41,230,827 21.76% 467,538,250 440,036,000 Pairing Venture Limited 4 18,173,487 22.17% 508,769,077 440,036,000 5 70,924,000 169,531,250 5.51% V-4
6 70,924,000 169,531,250 5.51% 70,924,000 169,531,250 5.51% 264,892,000 6.07% Invesco PRC Equity Fund 239,716,000 5.50% 1. 53.56%46.44% 2. Snow Hill Developments Limited 3. Magicgrand Group Limited 4. Pairing Venture Limited 5. 79.03% 6. 58% (ii) 5% 10.22% V-5
13.21% 9.67% 8.4% XV2 3 XV336 5% 5. EBODEBOD V-6
6. EBOD EBOD 7. (i) (ii) 8. V-7
9. 10. (1) Hyatt Servicing LimitedHyatt Servicing Sino Arena Investments LimitedSino Arena Profit Icon Investments LimitedProfit Icon 2,119,910,000 92.17% V-8
(2) Hyatt Servicing Sino Arena EBOD Profit Icon Profit Icon (i) 9% (ii) (3) 100 (4) EBOD (5) V-9
(6) 34,270,000 (7) 7,050,000 (8) 10,000,000 (9) (10) 300 (11) V-10
400 (12) (13) 50%225,000,000 50% 225,000,000 (14) 50% (15) 232,959,339 (16) Seven Points Enterprises Inc. Financial Vantage Limited York Credit Opportunities Investments Master Fund, L.P. York Asian Opportunities Investments Master Fund, L.P. York Global Finance Fund, L.P. Profit Icon Faster Assets LimitedFaster AssetsSino Delight Developments LimitedSino DelightUpper Light LimitedUpper LightNew Light Technology LimitedNew LightFortune Wheel Holdings LimitedFortune Wheel Credit Suisse AG V-11
50,000,000 5% (17) (18) Profit IconFaster Assets Sino Delight Upper Light New Light Fortune Wheelthe Bank of New York MellonBNYM BNYM (19) Profit IconFaster Assets Fortune Arena BNYM (20) Sino Delight Upper Light Gay Giano Holdings Limited Gay Giano China Development Limited BNYM (21) Profit IconFaster Assets Sino Delight Upper Light New Light Fortune WheelBNYM Profit IconFaster Assets Sino Delight Upper Light New Light Fortune Wheel (22) BNYM (23) Profit IconFaster Assets Sino Delight Upper Light New Light Fortune Wheel BNYM the Bank of New York Mellonthe Bank of New York Mellon BNYM the Bank of New York Mellon V-12
(24) 1.7055,000,000 (25) Profit Icon Faster Assets Sino Delight Upper Light New Light Fortune Wheel Credit Suisse AG 70,000,000 (26) 500 60% 40% (27) (28) Profit IconFaster Assets Sino Delight Upper Light New Light Fortune Wheel BNYM the Bank of New York Mellon S.A. the Bank of New York Mellon (29) Profit IconFaster Assets Sino Delight Upper Light New Light Fortune Wheel Fortune Arena Gay Giano Holdings Limited Gay Giano China Development Limited BNYM V-13
(30) 3 50 20 (31) (1) (2) 3 50 20 20 (32) 195 (33) 45% 4,500,000 55% 5,500,000 (34) EPC(i) EPCEPC (ii) EPC V-14
0.95 EPC1,854,000,000 1.00 EPC1,962,000,000 (35) (36) 232,959,339 21,000,000 (37) 86,793,500 86.79% 50 (38) 72,263,900 90.33% 40 (39) 79,009,810 89.7839% V-15
40 (40) 66,550,000 55% 65 (41) 5,500,000 55% (42) 500 9% (43) 400 (44) Morgan Stanley & Co. International plc 1.72 480,000,000 (45) V-16
(46) 1 (47) 148,970,000 1,154,517,000 (48) 110,000,000 852,500,000 (49) 300 9% (50) 100 V-17
(51) (i) 20 43,000,000 (ii)epc (52) (i) 7,494,260 40 9.37% (ii) 67,448,340 84.31% (53) (54) (i) (ii) 23,311,060 11. (a) Clarendon House, 2 Church Street, Hamilton HM11, Bermuda (b) 33 18 (c) V-18
(d) (e) (f) (g) 12. 168 20010 1012 (a) (b) (c) 4 20 (d) (e) (f) V-19
(g) (h) (i) 55% (j) V-20
UNITED PHOTOVOLTAICS GROUP LIMITED 686 168 20014 1407 1. (a) (i) (ii) Power Solar Investments Limited (iii) 217.0 Fortune Arena LimitedFortune Arena70% A (b) SGM-1
1. 2. 3. 48 3318 4. 5. 6. www.unitedpvgroup.com www.hkexnews.hk 7. SGM-2