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Transcription:

CHOW TAI FOOK JEWELLERY GROUP LIMITED 1,050,000,000 52,500,000 997,500,000 21.001.0% 0.003%0.005% 1.00 1929 32 342C (i)144a144a (ii)s 2011125

(1)................... 2011127 www.hkeipo.hk (2).................. 2011128 (3).......................... (i)(ii) (iii) (4).................................... (3)............................................................... 2011128 2011128 2011128 2011129 (1)................................ 20111214 (2)........................ (3) www.hkexnews.hk www.chowtaifook.com (1)(2)...... www.tricor.com.hk/ipo/result................................. 20111214 20111214 20111214 (5)..................................... 20111214.......... 20111214........................... 20111215 (1) (2) www.hkeipo.hk i

(1) (3) 2011128 (4) (5) 20111214 2011 1215 ii

............................................................ i................................................................. iii................................................................. 1............................................................ 10.............................................................. 11.............................................................. 12.................................................... 30........................................................ 32.................................................... 34.............................................................. 35........................................................ 37.............................................................. 42................................................................. 64.............................................................. 94...................................................... 138.............................................................. 145.................................................... 169................................................ 183................................................................. 185........................................................ 192..................................... 204................................................ I-1....................................... II-1.................................................. III-1......................... IV-1............................................ V-1............................... VI-1................................................ VII-1 iii

Frost & Sullivan 201012.6%20.1% K (CHOW TAI FOOK)80 20119301,421 85 2011930453 15018920 20119301,053862 12 6,000 2009 2010 331 2009 2010 2011 2010 2011............................. 14,926.1 81.1% 19,523.2 85.1% 30.8% 30,033.1 85.7% 53.8% (1)............................ 3,484.8 18.9% 3,410.4 14.9% (2.1)% 5,009.4 14.3% 46.9%............................. 18,410.9 100% 22,933.6 100% 24.6% 35,042.5 100% 52.8% (1) 1

930 2010 2011..................... 11,251.1 84.5% 19,611.3 82.1% 74.3% (1).................... 2,063.9 15.5% 4,263.2 17.9% 106.6%..................... 13,315.0 100% 23,874.5 100% 79.3% (1) 331 2009 2010 2010 2011 2009 2010 2011......................... 10,005.2 54.3% 12,629.0 55.1% 26.2% 19,471.8 55.6% 54.2% (1)..... 8,405.7 45.7% 10,304.6 44.9% 22.6% 15,570.7 44.4% 51.1%......................... 18,410.9 100% 22,933.6 100% 24.6% 35,042.5 100% 52.8% (1) 200920102011 31.4%38.6%43.6% 930 2010 2011..................... 7,520.8 56.5% 13,371.4 56.0% 77.8% (1)........... 5,794.2 43.5% 10,503.1 44.0% 81.3%..................... 13,315.0 100% 23,874.5 100% 79.3% (1) 20112012 42.2%49.3% 2

2009 2010 331 2009 2010 2011 2010 2011.................. 5,488.5 29.8% 6,625.7 28.9% 20.7% 8,962.9 25.6% 35.3% K................ 2,688.3 14.6% 3,574.5 15.6% 33.0% 4,869.4 13.9% 36.2%...................... 9,077.9 49.3% 11,124.7 48.5% 22.5% 18,724.7 53.4% 68.3%......................... 1,156.2 6.3% 1,608.7 7.0% 39.1% 2,485.5 7.1% 54.5%......................... 18,410.9 100% 22,933.6 100% 24.6% 35,042.5 100% 52.8% 2010 930 2011.............. 3,526.4 26.5% 5,642.7 23.6% 60.0% K............ 2,125.3 16.0% 3,713.9 15.6% 74.7%.................. 6,517.5 48.9% 12,690.4 53.1% 94.7%..................... 1,145.8 8.6% 1,827.5 7.7% 59.5%..................... 13,315.0 100% 23,874.5 100% 79.3% 200918,410.9 201022,933.624.6%201152.8% 35,042.538.0%201113,315.0 201223,874.510,559.579.3% 20091,914.420102,206.8 15.3%201166.4%3,672.5 38.5%20111,223.22012 2,820.91,597.7130.6% (i) 80 80 1956999.9 1990 Fixed Price Bain & Company 201011TiffanyCartier 2010 (ii) 3

(iii) Frost & Sullivan 20102015 13.5% 38.6% Frost & Sullivan 2010 56.7% 2010201539.1% 2010 2011 20119 30....................... 26.2% 54.2% 77.8% (1).............. 24.3% 37.9% 44.7% (2)...................... 22.6% 51.1% 81.3% (1).............. 16.9% 39.1% 48.8% (2)...................... 24.6% 52.8% 79.3% (1).............. 22.6% 38.1% 45.5% Frost & Sullivan 201111 (1) 331 (2) 20102011 2011201233.8%61.9% 2008412011331179 18.3%2011412011930148 (i) (a) (b) (c) (ii) (a)(b) (c)(chow TAI FOOK) 4

(iii) 712 20162,000 200 (iv) (v) DTCRio Tinto (vi) 200920102011 2011201217.8 483.8725.7413.6343.4 5

331 930 2009 2010 2011 2010 2011................... 18,410.9 22,933.6 35,042.5 13,315.0 23,874.5..................... 5,326.0 6,555.0 9,927.6 3,701.2 7,140.9............ 1,914.4 2,206.8 3,672.5 1,223.2 2,820.9............ 1,896.7 2,138.6 3,537.6 1,175.5 2,691.5.............. 17.7 68.2 134.9 47.7 129.4 331 930 2009 2010 2011 2011............................ 13,504.3 15,961.6 27,503.2 36,186.8............................ 7,783.8 8,510.9 17,213.2 26,575.0........................ 5,720.5 7,450.7 10,290.0 9,611.8............................ 6,441.9 8,335.4 11,672.9 11,416.6............................. 14,409.5 17,010.3 29,048.7 38,182.5 331 930 2009 2010 2011 2010 2011.... 2,505.6 3,394.1 5,630.7 2,081.9 4,070.3.............. (1,036.7) (1,771.1) (7,513.4) (5,784.7) (10,685.1)...................... (365.5) (399.0) (729.6) (216.8) (403.9).... 1,103.4 1,224.0 (2,612.3) (3,919.6) (7,018.7).... (2,851.1) 308.2 (75.9) (229.7) 812.0...... 1,217.4 (716.1) 6,107.3 4,412.9 3,753.0... (530.3) 816.1 3,419.1 263.6 (2,453.7)...... 1,802.4 1,289.9 2,106.7 2,106.7 5,604.8.................. 17.8 0.7 79.0 20.0 54.3.............. 1,289.9 2,106.7 5,604.8 2,390.3 3,205.4 6

CTF Capital74.1%CTF Holding8,950,000,000 89.5%CYT Family HoldingsCYT Family Holdings IICTF Capital 49.0%40.2% 150.0210.0 10.5% 2.1% 1.58% 1.89% 15.0021.00 200 95%5% 7% 18.00 18,336.8 50.0% 7

18.5% 18.0% 3,300.0 5.0% 5.0% 2012331 2012 331 2012331 (1).... 6,300.0 2012331 (2)................................ 0.63 (1) - (2) 2012331 10,000,000,000201141 8

(1) 15.00......................... 2.62 21.00......................... 3.24 (1) 2012 CTF Holding 3,300.0 3,300.0 0.85% 1.4% 20111116CTF Holding2012 1,200.0 12 9

10

571 V 11

(CHOW TAI FOOK) (CHOW TAI FOOK) 200820092010 201024.6% 2009201138.0%2010 15.6%201133.8%2009 12

20112012 43.6%49.3% 201193011,099.2 Frost & Sullivan2007201110 695.01,632.02009 200815.5%2010200913.9%2011 10201026.3% 20092010201120112012 17.8483.8725.7 413.6343.42009 2010201120112012 (6.7)224.6123.0151.7 (i)(ii) 13

(iii) (i)(ii)(iii) DTC Rio Tinto DTCRio TintoDTC Rio Tinto DTCRio Tinto DTC Rio Tinto 27%31% 20%24% 14

15

20119301,053182 20119301,053862 20162,000 200 (i) (ii)(iii) 20092010201120112012 6.3%7.0%7.1%8.6%7.7% 16

LVMH GroupRichemont GroupRolex group Swatch Group 2011930 150 17

2009201020112012 17.8483.8725.7343.4 2009201020112012 (6.7)224.6 151.7 (OPS2)(ICS) 18

2011930 9,021.74,960.8 19

101 1996 (i) (ii)20113312011930 (iii) 2011930238.6 20

2012331 2012331 2012331 2012331 20122012331 21

(CHOW TAI FOOK) (CHOW TAI FOOK) 2011930103 22

2009201020112012 4.1%3.9%4.0%3.5% 2012 56.0%201249.3% 30 23

10% 10% 20091210 2009698200811 (i) 12.5%(ii) 24

2007629200811 25

201010282011 71 1994 19942005721 2005 7212% 20059231.5%3.0% 2010620 2009 H1N1 2008520104 8.07.12010 2008 26

18.00 15.0021.00 89.5% 10% 50% 27

2.93 18.0015.0021.00 28

29

1,050,000,000 (i) 52,500,000 (ii) 997,500,000 3,675,000 1,050,000,000 210,000,000 157,500,000 189,000,000 CTF Holding 15.0021.00 189,000,000 157,500,000 189,000,000 157,500,000 210,000,000 10,000,000,000 20% 30

0.1% 0.2% 31

12 12 3 20F 12 12 1 67G 4382B 11 247D 204B 1410 A2105 32

11 32A 28 33 226A 39 1025A 7 244A 77 41A 18F2 41A 4D1 33

J.P. Morgan Securities Ltd. Conyers Dill & Pearman 34

1 388 15 20 10 XI Codan Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 16 18 38 www.chowtaifook.com (HKICPA, ACCA) 35

Codan Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 28 26 1 83 5008 36

2011720 1929 80 1938 1939 1956 1973 1988 1990 1993 1998 2003 2008 2009 2010 999.9 DTCDTCZlotowski s Zlotowskis2011 2011 Fixed Price DTCDTC (CHOW TAI FOOK) Rio Tinto 1,000 Zlotowskis 35.3507 37

2011619 70% 30% Centennial Success Limited (1) 99.98% 0.02% (3) 100% 60% 99.99% 0.01% 100% 100% 100% 100% 100% 60% 70% 51% 60% 100% 100% 100% (2) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 51% 55% 50% 70% 51% 50% 50% 97% 50% 50% 70% 50% 55% 70% 51% 100% 65% 51% 51% 50% 100% 51% / 100% 100% 100% 100% 100% 50% 100% 100% 100% 70% 50% 38

(i)(ii) (iii)(iv)(v) (vi)(vii) (viii)(ix) 20116 (a) (b) (c) (d) CTF Holding CTF Holding CTF Holding 39

owaiookoldinlimitd 100% 100% 100% 100% 100% 100% 100% 100% 60% 100% 100% mian 100% 100% sas nstmnt n. (1) (1) 84% 100% 100% 100% 100% 100% 100% Zlotowski s Diamond noks oita Ltd. (1) (1) (1) 100% 100% 100 % (5) 70% 100% 100% 100% 100% 100% 60% 0% 51% 60% 100% 100% 100% 100% 100% 100% 100% (2) (6) 51% 50% 55% 0% 50% 50% 55% 0% 51% (7) (1) American Overseas Investment Inc.Zlotowski s Diamond Cutting Works (Proprietary) Ltd. (6) 51% 70% 51% 100% 50% 50% 65% (4) 50% 51% 51% 51% 60% 50% 51% (3) 100% 100% 100% 100% 100% 100% 70% 50% 100% 100% 50% 40

Cheng Yu Tung Family (Holdings) Limited Cheng Yu Tung Family (HoldingsII) Limited 49.0% 40.2% Chow Tai Fook Capital Limited 74.1% Chow Tai Fook (Holding) Limited 89.5% 10.5% 100% 100% 100% 100% 100% 41

Frost & Sullivan 70 Frost & Sullivan 200612311,330.0201012311,360.0 2006123143.9%2010123149.7% 2010235.32025330.0201012 Frost & Sullivan 201047,758.0 201590,000.02010201513.5% 42

Frost & Sullivan 2010 12.8%2010201512.1% 25,957.7 11,019.7 11,267.7 3,670.3 31,897.2 13,385.8 14,157.5 4,353.9 37,685.4 15,699.3 40,860.8 16,915.8 17,035.1 18,600.4 47,758.0 19,584.6 22,081.5 54,210.7 22,105.7 25,279.3 13.5% 12.1% 14.6% 12.6% 61,535.3 24,898.0 28,980.8 69,849.6 28,036.8 33,224.4 79,287.2 31,564.1 38,089.3 90,000.0 35,527.0 43,666.5 4,951.0 5,344.6 6,091.9 6,825.7 7,656.5 8,588.4 9,633.8 10,806.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan 1.01.2 Frost & Sullivan 2010201513.7% 12.1% 43

201020069,169.218,839.8 19.7%2015 47,834.120.5% 2010201520.5% 39,697.8 47,834.1 32,945.5 9,169.2 10,705.2 13,018.5 15,041.1 18,839.8 22,691.0 27,341.7 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan 1.01.2 DTC De Beers Family of Companies DTCDTC 20062010 2.0%15.3%2010 70065%452 44

2007201110695.0 1,632.0 2007201110 1,800 1,632.0 1,500 1,200 900 600 695.0 872.0 972.0 1,225.0 300 0 2007 2008 2009 2010 201110 Frost & Sullivan 2007201110 29%1,303.01,687.02008 2,000 1,700 1,578.0 1,605.0 1,687.0 1,400 1,100 1,303.0 1,204.0 800 500 2007 2008 2009 2010 201110 Frost & Sullivan 45

2009 8,08415.5%6,827 20102011102007 201110D-HIF-VS2VG+1 15,000 10,000 6,710 8,084 6,827 7,775 9,818 5,000 0 2007 2008 2009 2010 201110 Frost & Sullivan (1) D-HIF-VS2VG+1 Frost & Sullivan 2010 1230%203920072009 9.8% 201020159.2% 46

Frost & Sullivan 47

Frost & Sullivan 2010 302.22010600.0 Frost & Sullivan 20102015 38.6% Frost & Sullivan 20151,548.0 1,548.0 38.6% 40.2% 39.5% 35.0% 1,122.4 287.9 386.0 318.9 811.9 214.0 229.9 586.9 158.8 165.3 423.0 843.1 302.2 117.4 118.8 604.6 220.2 86.0 85.1 181.6 141.0 64.2 432.6 60.5 108.9 54.1 21.4 33.4 70.7 27.8 42.5 53.7 36.0 43.8 309.3 220.5 91.9 112.2 155.7 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan 1.01.2 2010201540.2%2015 54.5% K K K2010201539.5% 2015318.9 2010201535.0%2015386.0 48

1,548.0 38.6% 31.9% 37.3% 45.3% 1,122.4 661.1 811.9 458.8 586.9 316.7 481.0 423.0 217.0 353.0 302.2 148.6 258.3 220.2 181.6 101.9 189.8 141.0 69.1 138.3 405.9 108.9 55.3 98.6 310.6 44.1 33.7 31.1 55.1 43.6 42.3 58.0 72.6 236.9 68.3 78.5 101.7 136.1 180.1 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan 1.01.2 201066.3% 2010201534.7% Frost & Sullivan 20102015 2015 57.3% 2010 33.7%201020152015 42.7%2010201545.3% 49

Frost & Sullivan 2,000100,000 201056.7%171.4 Frost & Sullivan 2010 201539.1%2015891.6 57.6% 100,000 32.9% 2,000 10.4% 20102015 20102015 38.6% 39.1% 20102015 39.1% 20102015 34.6% 2,000100,000 56.7% 2010302.2 Frost & Sullivan 50

201044.7% 9.8% 1.7% 13.7% 44.7% 30.1% 2010302.2 Frost & Sullivan Frost & Sullivan 20102015 40.1%201547.1% 51

32.0% 68.0% Frost & Sullivan Frost & Sullivan 201032% 68% 52

20102006 20105.4%354.8 2006229.711.5% 2010201514.1% 14.1% 12.6% 27.3% 528.2 601.4 78.5 686.9 99.6 464.6 61.9 409.2 48.9 261.2 229.7 10.7 219.0 247.0 14.2 292.5 297.1 273.1 19.4 22.4 274.7 354.8 29.8 325.0 38.5 370.7 415.7 466.3 522.9 587.3 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan 53

Frost & Sullivan 201061.0 58.9%20102015 8.5%2015 Frost & Sullivan 91.5 64.8%60 47.2 21.7 55.2 24.8 52.4 51.3 24.0 22.4 61.0 25.1 65.9 26.3 8.5% 10.6% 5.1% 71.5 27.6 77.6 29.1 84.3 30.7 91.5 32.2 25.5 30.4 28.4 28.9 35.9 39.7 43.9 48.5 53.6 59.3 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan 20037 Frost & Sullivan 201040% 54

324.3 39.2% 35.1% 52.3% 234.2 99.9 65.9 168.8 39.7 43.5 33.1 25.3 3.4 5.8 7.9 2.2 23.1 29.7 33.9 35.6 62.0 12.2 49.8 86.9 18.6 68.3 121.6 28.5 93.1 43.3 125.5 168.3 224.4 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan Frost & Sullivan 201062.0 80.3% Frost & Sullivan 20102015 39.2%2015324.3 Frost & Sullivan 201569.2%30.8% 55

324.3 39.2% 40.4% 40.0% 37.6% 234.2 119.3 168.8 87.2 67.5 121.6 63.6 48.5 62.0 25.3 39.7 43.5 24.2 33.1 10.2 15.7 17.2 13.2 8.0 8.8 5.0 6.6 25.2 10.1 13.3 16.0 17.5 12.6 86.9 46.4 34.8 33.6 137.5 24.9 17.7 98.5 70.4 50.3 35.6 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan 20102015 40.4%2015 137.542.4% K K20102015 40.0%201567.5 2010201537.6%2015119.3 56

2010 53.8%33.4 Frost & Sullivan 20102015 39.6% 38.6% 7.6% 53.8% 39.2% 39.1% 39.6% 36.7% Frost & Sullivan Frost & Sullivan 900 56.8%40.2% Frost & Sullivan 99% Frost & Sullivan 57

260 214 97 81 36 43 19 Frost & Sullivan Van Cleef & Arpels Bulgari Cartier Tiffany Jovan Frost & Sullivan 58

Frost & Sullivan 50010 57.5% Frost & Sullivan 12.6%10 201051.7% Frost & Sullivan 2010 20.1%2010201510 12.6% 9.0% 6.4% 7.1% 6.9% Cartier 3.8% 3.6% 3.1% 3.0% 2.1% 2.0% Frost & Sullivan 500 20.1% 7.3% 8.7% MaBelle Cartier Tiffany & Co Qeelin 3.9% 2.8% 2.2% 2.0% 1.6% 1.5% 1.5% Frost & Sullivan 59

175.9 133.1 99.8 15.7 19.9 27.0 28.8 38.1 54.7 74.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan 1.01.2 3,000 Frost & Sullivan 201038.12006 15.724.8% 60

2010201535.8%2015 175.9 150.2 34.1% 32.5% 40.5% 114.0 24.8 34.3 86.1 64.8 17.9 24.1 26.0 20.9 17.0 1.5 2.2 3.4 15.5 18.7 20.7 21.6 4.4 34.6 6.3 28.3 47.4 9.0 38.5 12.7 52.1 68.2 89.2 115.9 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Frost & Sullivan 10,000 2008 2010 2006201017.034.6 19.4%20102015 34.1%2015150.2 20118 61

73.9% 35.4% 34.1% Frost & Sullivan =3,000 73.9%35.4% 34.1% 74.4% 57.7% 49.3% Frost & Sullivan =400 74.4% 57.7%49.3% Frost & Sullivan Frost & Sullivan Frost & Sullivan Frost & Sullivan 2.60 Frost & Sullivan Frost & Sullivan Frost & Sullivan 62

Frost & Sullivan 63

Frost & Sullivan 2010 12.6%20.1%2011930 1,421852012 56.0%44.0% K 80 19291939 1956999.9 1990(Fixed Price) 80 Bain & Company 201011Tiffany Cartier2010 Frost & Sullivan (CHOW TAI FOOK) 20 20119301,500 1,421852008412011331 64

17918.3%20114120119 3014820002002 320 Frost & Sullivan 20102015 38.6% 45.3% Frost & Sullivan 2010 56.7%171.420102015 39.1%2015891.6 80 Frost & Sullivan 20102015 13.5% 38.6% Frost & Sullivan 2010 56.7% 2010201539.1% 65

2010 2011 20119 30....................... 26.2% 54.2% 77.8% (1).............. 24.3% 37.9% 44.7% (2)...................... 22.6% 51.1% 81.3% (1).............. 16.9% 39.1% 48.8% (2)...................... 24.6% 52.8% 79.3% (1).............. 22.6% 38.1% 45.5% Frost & Sullivan 201111 (1) 331 (2) 20102011 2011201233.8%61.9% 2008412011331179 18.3%2011412011930148 20112012 35.2%44.6% 35.1%49.6% 32.4%78.5% (i)(ii) 66

(iii) 200927.0%201027.5%2011 30.5%201233.0%20112012 50080% (CHOW TAI FOOK) 712 20162,000 200 DTCRio Tinto 67

LVMH GroupRichemont GroupRolex group Swatch Group 331 930 2008 2009 2010 2011 2011..................... 821 144 965 150 1,115 172 1,287 134 1,421 (1)..................... 752 143 895 139 1,034 172 1,206 129 1,335................. 146 20 166 8 174 14 188 11 199................. 405 65 470 66 536 75 611 66 677........... 201 58 259 65 324 83 407 52 459 (2)... 69 1 70 11 81 81 5 86..................... 64 64 7 71 14 85....................... 60 60 8 68 14 82................. 18 18 18 (1) 17................. 27 27 8 35 15 50........... 15 15 15 15.... 4 4 (1) 3 3.......................... 821 144 965 214 1,179 179 1,358 148 1,506 (1) 20082009201020113312011930 57101414 (2) 20082009201020113312011930 2628333332 18K 68

(i)(ii) K(iii) 18K 331 930 2009 2010 2011 2010 2011 % % % % %................... 5,488.5 31.8% 6,625.7 31.1% 8,962.9 27.5% 3,526.4 29.0% 5,642.7 25.6% K................. 2,688.3 15.6% 3,574.5 16.8% 4,869.4 15.0% 2,125.3 17.5% 3,713.9 16.8%....................... 9,077.9 52.6% 11,124.7 52.1% 18,724.7 57.5% 6,517.5 53.5% 12,690.4 57.6%.......................... 17,254.7 100% 21,324.9 100% 32,557.0 100% 12,169.2 100% 22,047.0 100% 40 Cad-cam Cad-cam 69

2011 2011 Danseuse de Ballet Danseuse de Ballet 200 Danseuse de Ballet Perfect Mark Perfect Mark Perfect Mark 2010121201211 30 201011120121031 70

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201112 DTCRio TintoDTCRio TintoDTC Rio Tinto DTCRio Tinto Zlotowski s201035.3507 24 II100D 50 152011610 Autore Holding Pty LimitedAutoreAutore201412 31Autore AutoreAutore3,000,000Autore Autore8%Autore Autore Autore Pearling Pty LimitedAutore Pearling Pty LimitedAutore Autore 72

201193012 3,50042,000 K K 80% 50% (i)(ii) (iii)(iv) 3050 73

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331 930 2008 2009 2010 2011 2011.......... 547 87 634 98 732 83 815 69 884............. 462 79 541 63 604 45 649 46 695 (1)........... 85 8 93 35 128 38 166 23 189.......... 205 56 261 41 302 89 391 60 451 (2).......... 69 1 70 11 81 81 5 86................ 821 144 965 150 1,115 172 1,287 134 1,421 (1) (2) 201033120113312011930 20002002 2010 18 21%20119 301891030 75

(a)(b) (c) (d) 2009201020113312011930141523 25 19982011930150 20092010 201133120119307491134159 20119302.412 69% (CHOW TAI FOOK) (CHOW TAI FOOK) 76

(a) (b) (c)(i) (ii) (i) (ii)(iii) 2010 77

20119301,053862 2011930 3.211.950% 331 930 2008 2009 2010 2011 2011................................ 485 72 557 93 650 73 723 64 787................................... 475 72 547 90 637 76 713 65 778................. 10 10 3 13 (3) 10 (1) 9................................ 56 56 6 62 13 75................................... 56 56 6 62 13 75...................................................... 485 72 557 149 706 79 785 77 862 201193010% 78

2009201020112012 35 2011930 1,33588466.2%) Frost & Sullivan 20101231 32.0%451 201193088477888.0% 31 K11 79

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331 930 2009 2010 2011 2010 2011 (%) (%) (%) (%) (%).......................... 5.4 0.5% 173.5 10.8% 542.8 21.8% 330.3 28.8% 672.8 36.8%....................... 1,150.8 99.5% 1,435.2 89.2% 1,942.7 78.2% 815.5 71.2% 1,154.7 63.2%.......................... 1,156.2 100% 1,608.7 100% 2,485.5 100% 1,145.8 100% 1,827.5 100% 2011930 8582 60 81

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(CHOW TAI FOOK)80 (CHOW TAI FOOK) 1,900 2010 9281,0002011 CHINA IN PARIS show 83

2002 2010 200927.0%201027.5%2011 30.5%201233.0% 20112012 16.5%11.6% 2012 2009694 20101,12120112,236 20118182012 1,6212011 7542012543 2011930 448,00050,000 2012 Facebook 84

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200751 30 1996129 200885199662019967 1 1993199920042005 19862000 199020011979 199020011983 198619872001 91

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20092010 2.8% 2009163.72010 116.946.828.6% 2009157.1201062.0 95.160.5%2009 100.620107.22010 2009 25% 2009 1.320108.57.2 2009309.12010511.8 202.765.6% 200913.9%201018.8% 200920% 201022% 20091,914.42010 2,206.8292.415.3%2010 9.6%200910.4% 20091,896.72010 2,138.6241.912.8% 116

331 930 2009 2010 2011 2010 2011.......... 2,505.6 3,394.1 5,630.7 2,081.9 4,070.3........ (1,036.7) (1,771.1) (7,513.4) (5,784.7) (10,685.1)................ (365.5) (399.0) (729.6) (216.8) (403.9)................ 1,103.4 1,224.0 (2,612.3) (3,919.6) (7,018.7)................ (2,851.1) 308.2 (75.9) (229.7) 812.0................ 1,217.4 (716.1) 6,107.3 4,412.9 3,753.0................ (530.3) 816.1 3,419.1 263.6 (2,453.7).............. 1,802.4 1,289.9 2,106.7 2,106.7 5,604.8............ 17.8 0.7 79.0 20.0 54.3........ 1,289.9 2,106.7 5,604.8 2,390.3 3,205.4 20127,018.7 4,070.310,685.1 403.9(i)11,365.6 (ii)165.8(iii)849.9 (i)20122011 (ii) 20113,919.6 2,081.95,784.7 216.8(i)5,742.0 (ii)213.1(iii)172.2 117

20112,612.3 5,630.77,513.4 729.6(i)7,507.8 (ii)675.3(iii)676.6 2011331 20101,224.0 3,394.11,771.1 399.0(i)1,185.5 (ii)1,068.9(iii)490.2 20091,103.4 2,505.61,036.7 365.5(i)821.5 (ii)177.0(iii)385.4 2009 2009 2012812.0 (i)1,190.3(ii)43.5 (iii)37.6(i) 410.2(ii)28.9(iii) 24.8 2011229.7 (i)504.9(ii) 118

25.8(i)170.0 (ii)82.6(iii)34.5 201175.9 (i)768.9 (ii) 55.0(i) 584.0(ii)68.3 (iii)70.3 2010308.2 (i)302.4(ii) 241.8(iii)77.0 (i) 272.2(ii) 47.7 20092,851.1 (i)2,072.4(ii) 390.1(iii) 484.888.6 20123,753.0 (i)6,084.2(ii)640.9 (i)2,923.7(ii)31.4 (iii)116.7 20114,412.9 (i)2,439.7(ii)1,094.6 (iii)864.6(i)29.6 (ii)9.3 20116,107.3 (i)2,677.4(ii)2,461.5 (iii)984.1 2010716.1 (i)355.4(ii)414.2 (iii)62.0(i) 56.2(ii)46.7 119

20091,217.4 (i)3,400.7(ii)157.1 (i)4,416.4(ii) 323.0 331 2009 2010 2011 2011 930............................ 8,094.2 9,274.8 17,100.8 28,877.8.............. 1,365.9 2,435.8 3,227.7 3,505.5................ 2,134.7 1,782.3 1,278.3 88.0........................ 136.0 136.1 135.3 133.7...................... 24.8.................... 164.7...................... 15.9.................. 467.7 225.9 156.3 186.9.................. 1,289.9 2,106.7 5,604.8 3,205.4 13,504.3 15,961.6 27,503.2 36,186.8.............. 815.7 1,306.7 2,049.6 3,138.4................ 4,726.8 4,639.8 7,833.3 8,458.6...................... 27.9 84.1 164.7 238.6........................ 39.0 130.8 353.0 756.9........................ 113.6 160.3 2,881.0 9,021.7........................ 2,060.8 2,189.2 3,931.6 4,960.8 7,783.8 8,510.9 17,213.2 26,575.0........................ 5,720.5 7,450.7 10,290.0 9,611.8 200920102011 2012 3,300.0 12 120

331 2009 2010 2011 2011 930.................... 1,477.5 1,225.8 2,972.6 8,399.3 K................... 76.1 135.1 103.3 207.7........................ 490.7 818.8 1,874.0 2,492.2 2,044.3 2,179.7 4,949.9 11,099.2.................... 3,353.8 3,566.5 6,327.0 7,981.6 K................... 457.3 996.9 1,251.4 2,140.2........................ 1,572.2 1,713.6 3,336.9 5,821.5............................ 664.8 808.8 1,223.6 1,822.9 6,048.1 7,085.8 12,138.9 17,766.2............................ 1.8 9.3 12.0 12.4 8,094.2 9,274.8 17,100.8 28,877.8 20092010201133120119308,094.2 9,274.817,100.828,877.8 59.9%58.1%62.2%79.8%20093318,094.22011 33117,100.8201193028,877.811,777.0 68.9% 20103314,792.3 20113319,299.6201193016,380.9 20103 312,532.420113315,210.92011930 8,313.72011930201133159.6% 121

331 930 2009 2010 2011 2010 2011.............. 214 194 192 233 251 (1) 3652009201020113311832011 2012 6 ( )20092142010194 20102010 201120101942011 19220122512011 192 20122011 20112332012251 2011930(i)2012 2011(ii) 331 2009 2010 2011 2011 930 090............................ 2,044.3 2,179.7 4,949.9 11,099.2 122

331 2009 2010 2011 2011 930 090............................ 1,823.6 2,826.6 4,722.9 7,724.6 91180.......................... 1,488.0 1,177.4 2,293.6 3,135.2 181365......................... 1,175.5 1,006.5 2,564.8 3,348.4............................ 1,561.0 2,075.3 2,557.6 3,558.0............................... 6,048.1 7,085.8 12,138.9 17,766.2 331 2009 2010 2011 2011 930 090............................ 1.8 9.3 12.0 12.4 80% 30 2009201020113312011930 540.21,053.91,632.41,956.4 331 2009 2010 2011 2011 930 030............................ 453.4 941.2 1,376.4 1,733.1 3190........................... 24.4 70.2 216.8 159.1 91180.......................... 40.9 19.0 3.0 38.7 180............................ 21.5 23.5 36.2 25.5............................... 540.2 1,053.9 1,632.4 1,956.4 200920102011331201193068.0 70.745.679.0 123

331 930 2009 2010 2011 2010 2011 16.4 12.7 14.0 15.2 13.8 365200920102011183 20112012 23 7180 2009201020113312011930 212.3380.8384.1755.12009 331201133120102011 20113312011930 20122011 331 2009 2010 2011 2011 930 030.......................... 132.6 102.8 154.1 462.5 3190........................... 14.1 222.0 7.0 267.9 91180.......................... 30.5 33.5 198.1 24.7 180............................ 35.1 22.5 24.9............................... 212.3 380.8 384.1 755.1 3190201033191180 2011331 201193003031 124

9020113312012 2011 331 930 2009 2010 2011 2010 2011...... 12.2 6.6 5.6 5.5 6.2 365200920102011183 20112012 200912.220106.6 2010 201120112012 27 331 2009 2010 2011 2011 930 2011 1031................ 700.0 1,950.0 2,450.0................ 113.6 160.3 2,181.0 7,071.7 7,196.1 113.6 160.3 2,881.0 9,021.7 9,646.1.................. 2,060.8 2,189.2 3,931.6 4,960.8 5,144.2.. 4,726.8 4,639.8 7,833.3 8,458.6 8,426.0.............. 7.1 7.1 9.1 29.9 30.0............ 20.8 77.0 155.6 208.7 194.1 27.9 84.1 164.7 238.6 224.1 125

331 2009 2010 2011 2011 930........... 5.51% 2.00%4.37% 0.77%5.60% 0.97%6.89%........... 1.25%2.30% 1.25%1.30% 1.25%3.50% 1.25%3.50%....... 5.00% 5.00% 5.00%....... 5.31% 5.31% 6.06% 6.06% 2011930(i) (ii) 2011930 0.30%1.25% 90%110%2011930 0.97%6.89% 2009201020113312011930113.6 160.32,881.09,021.72010 331160.320113312,881.0 201120119 309,021.7(i) (ii)2012 2011921 3,300.0 126

364 0.85%1.4% 2011926 (i) (ii) (iii) 2011930 2009201020113312011930 467.7225.9156.3186.9 20119301.25%3.50% 20092010201133120119302,060.8 2,189.23,931.64,960.82010331 2,189.220113313,931.62011930 4,960.8 2011930(i) (ii) (iii) 127

2011930 2009201020113312011930 4,900.58,483.512,336.219,012.2 2009201020113312011930 2,174.42,349.56,812.613,982.5 20111031 9,646.15,144.2 8,426.0224.1(i)7,196.1 4,100.0(ii)2,450.0 (i) 4,567.62,143.1(ii) 576.6 18,776.014,790.3 201111165,101.5 201111 224,590.3 20111031 128

20119302011331 2011930.................. 1,057.0 1,057.0....................... 8,458.6 8,458.6......................... 29.9 29.9....................... 208.7 208.7............................ 9,021.7 9,021.7............................ 4,960.8 4,960.8............................ 508.3 606.6 19.8 1,134.7.................... 71.8 71.8........................ 24,316.8 606.6 19.8 24,943.2 2011331.................. 589.0 589.0......................... 380.3 380.3....................... 7,453.0 7,453.0......................... 9.1 9.1....................... 155.6 155.6............................ 2,881.0 2,881.0............................ 3,931.6 3,931.6............................ 380.0 437.4 29.8 847.2.................... 30.0 30.0........................ 15,809.6 437.4 29.8 16,276.8 2011930 129

331 2009 2010 2011 930.......................... 111.9 19.2 130.8 4.8.......................... 6.3 9.3 14.3 13.2.................... 67.4 119.3 174.7 121.2............................ 105.4 179.5 140.7 84.8............................... 0.7 2.3 8.5 8.3............................ 114.0 25.4 71.6 198.3 405.7 355.0 540.6 430.6 201193071.8 302.4 2012331850.0 20122015 20020122015 110250 130

331 2009 2010 2011 2011 930 (1).................... 1,466.0 1,095.0 945.0 (2).................. 668.7 657.3 233.3 (3).................... 30.0 110.0 100.0 88.0................ 2,164.7 1,862.3 1,278.3 88.0 (4)..................... 506.5 433.4 380.3.................... 4,220.3 4,206.4 7,453.0 8,435.8................ 14.5.......... 8.3................ 4,726.8 4,639.8 7,833.3 8,458.6 (5)..................... 7.1 7.1 9.1 29.9.................... 20.8 77.0 155.6 208.7 27.9 84.1 164.7 238.6 (1) 1220093312010331201133120119 30566.0195.045.0 2.5%5.0% (2) 12 (3) 1.0%4.8% (4) 5.0% (5) 20092010201133120119305.31%5.31%6.06% 6.06% 20093312,164.72011 3311,278.3201193088.0 131

20093314,726.820113317,833.3 20119308,458.6 2009 33127.92011331164.720119 30238.6 CTF Holding 2009201020112012300.0 306.7759.33,331.4 300.0300.0750.03,300.02009 201020113312011930 20085.9%20090.7%20103.3% 200920102011 201120121.4%1.0%0.9% 1.0%0.8%200920102011 201120127.1%4.8%6.8% 10.7%11.3% 6 132

6 200920102011331 2011930 164.72009201020113312011930 287.7674.42,939.2 2009331201033120113312011930 10%2009201020112012 206.1247.7460.6 773.5 6 133

Aa1A2 AAA- 20092010 2011201217.8 483.8725.7343.4 134

2009201020113 3120119302,060.82,189.23,931.6 4,960.8 2009 201020112012 (6.7)224.6151.7 2009 20102011331 2011930164.7 135

200920102011 300.0306.7759.32012 CTF Holding3,300.0 20111116 CTF Holding 2012 1,200.0 12 CTF Holding 20% (i)(ii) 136

10% 50% 201193010,282.2 20119302011101 2012331 2012331 2012331 (1)... 6,300.0 2012331 (2)..... 0.63 (1) (2) 2012331 10,000,000,000201141 20119 30 2011930 137

CTF Capital 74.1% CTF Holding 8,950,000,000 89.5%CYT Family Holdings CYT Family Holdings IICTF Capital 49.0%40.2%CYT Family HoldingsCYT Family Holdings IICTF Capital CTF Holding CTF HoldingCTF CapitalCYT Family Holdings CYT Family Holdings II CYT Family Holdings CYT Family Holdings II 49.0% (1) 40.2% (2) CTF Capital 74.1% (3) CTF Holding 100% (1) CYT Family HoldingsCTF Capital21,000CTF Capital 49.0% (2) CYT Family Holdings II CTF Capital 17,250 CTF Capital 40.2% (3) CTF CapitalCTF Holding428,750CTF Holding 74.1% 138

CYT Family Holdings CYT Family Holdings II 49.0% (1) 40.2% (2) CTF Capital 74.1% (3) CTF Holding 89.5% 10.5% (4) (1) CYT Family Holdings CTF Capital (2) CYT Family Holdings II CTF Capital (3) CTF Capital CTF Holding (4) (a) 10%(b) CYT Family Holdings CYT Family Holdings II 49.0% (1) 40.2% (2) CTF Capital 74.1% (3) CTF Holding (4) 85.5% 14.5% (1) CYT Family Holdings CTF Capital (2) CYT Family Holdings II CTF Capital (3) CTF Capital CTF Holding (4) (a) 139

10%(b) CYT Family HoldingsCYT Family Holdings II CTF Capital49.0%40.2%CTF Capital CTF Holding74.1%CYT Family HoldingsCYT Family Holdings IICTF Capital CTF Holding CTF Holding (i) (ii) 1009 1212 (iii) 306 (iv) 3989 (v) 1231 (vi) 917 (vii) 17 (viii) 825 (ix) 659 140

2011930 8.5 20111116 5.1 24 CTF Holding CTF Holding 12 80200920102011 201218.422.9 35.023.91.9 2.23.72.82011930 3.219.4 14.05.45.4 20112012 5.64.1 12 CTF Holding 2011930 141

7.1 12 15 CYT Family HoldingsCYT Family Holdings II CTF Capital CTF Holding CTF Holding 15 CYT Family HoldingsCYT Family Holdings IICTF Capital CTF Holding 22 CTF Holding CYT Family HoldingsCYT Family Holdings IICTF Captial CTF Holding 142

CYT Family HoldingsCYT Family Holdings II CTF Capital CTF Holding CYT Family CYT Family Holdings Holdings II CTF Capital CTF Holding 143

144

CTF Holding Go Create Limited Go Create Go Create Real Reward Limited Real Reward50%Real Reward 1212 CTF Holding CTF Holding CTF Holding CTF Holding 17 (i) (ii) 825 917 (iii) 659 CTF Holding 145

CTF Holding CTF Holding 100% 100% 40.5% 100% (1) Go Create 50.0% (2) 72.3% 100% (3) Real Reward 64.3% (4) 59.8% 69.9% (5) (6) (1) 40.5% (2) 72.3% (3) (4) 59.8% (5) 69.9% (6) Real Reward 64.3%Real Reward Go Create 50% Go Create 14A.33. (a) 50%) 146

(b) 2009201020112012 6.35.65.6 2.1 (c) 0.1% 14A.33 14A 2. (a) 90% (b) 2009201020112012 5.012.48.6 3.6 (c) 0.1% 147

14A.33 14A 3. (a) (b) 2009201020112012 3.42.42.3 1.7 (c) 14A.31(8) 14A.3314A 4. (a) (b) 2009201020112012 1.12.52.2 1.9 148

(c) 14A.31(7) 14A.33 14A 5. (a) (b) 2009201020112012 0.40.40.7 0.3 (c) 0.1%14A.33 14A 6. (a) (b) 2009201020112012 1.6 4.6 149

(c) 0.1%14A.33 14A 7. (a) Ourivesaria Chao Tai Fok, LimitadaOurivesaria CTF Ourivesaria CTF CTF Holding 60%40% Ourivesaria CTF 2011121 Ourivesaria CTF 18 44 50 AB 490,000 2011121 2014331 24 (b) 2009201020112012Ourivesaria CTF 4.04.04.02.0 (c) 0.1% 14A.3314A 8. (a) 150

(b) 2009201020112012 20.128.726.7 (c) (i)(1)(2) (3)(ii)200920102011 2012 10%14A.33(4) 9. (a) (b) 2009201020112012 6.08.13.3 (c) (i)(1)(2) (3)(ii)200920102011 2012 10%14A.33(4) 10. (a) 151

(b) 2009201020112012 6.110.213.69.9 (c) (i)(1)(2) (3)(ii)200920102011 2012 10%14A.33(4) 11. (a) 90% (b) 2009201020112012 1.12.01.40.5 152

(c) 0.1% 14A.33 14A 12. (a) (b) 14A.31(7) 14A.3314A 13. (a) (b) 14A.31(7) 14A.3314A 153

14. (a) (b) 14A.31(7) 14A.3314A 15. (a) (b) 2011322 20113222013630 154

2010618 2011322 (c) 20113222011322 20113222011331 2012 47,55050,192 (d) 0.1% 14A.33 14A 155

16. (a) (b) 2011322 20113222013630 2009522 2009921 2011322 156

(c) 20113222011322 20113222011331 2012 (d) 0.1% 14A.33 14A 17. (a) (b) 14A.65(4) 14A.65(4) 14A 18. (a) (b) 157

14A.65(4)14A.65(4) 14A 14A.34 1. (a) 2009522 2009712012630 (a) (b) 2009522 (b) 2009201020112012 48.953.673.350.2 (c) 201233120126 30139.0 58.0 158

2012201179.3% 14A.35(2) (d) 0.1%5% 14A.3414A 2. (a) (b) 2009201020112012 12.614.421.016.2 (c) 14A.35 20111129 (i) (ii)(iii) 2014331 30 159

(d) 14A.35(2)201220132014331 20122013 201433142.0 68.0117.0 2012 201179.3%2011 14A.35(2) (e) 0.1% 5%14A.34 14A 3. (a) 2011121 11 2011121 1 750,000 2010 121 2013 1130 3 24 32 4B 9,000 2010 121 2013 1130 3 160

New World Tower 464,162 Company Limited New World Tower Company Limited New World Tower Company Limited Pridemax Limited Pridemax Limited Park New Astor Hotel Limited Park New Astor Hotel Limited 16 18 31 16 18 38 16 18 3903 38 48 4446 38 48 1109 18 K11 G02 4 18 K11G06 1113 634 1 1A1 1B 634 13 2 393,624 123,305 1,572,000 13,680 388,320 977,400 40,339 122,400 2011 21 2014 131 3 2010 111 2013 1031 3 2010 1028 2013 1027 3 2010 101 2013 930 3 2010 71 2013 630 3 2009 1010 2012 109 3 2009 930 2012 929 3 2010 51 2013 430 3 2008 111 2012 831 46 161

(b) 2009201020112012 25.929.5 49.628.8 (c) 14A.35 20111128 (i)(ii)(iii) (iv) 2014331 30 (d) 14A.35(2)201220132014331 2012 2013201433170.0 125.0136.0 2012201179.3% 14A.35(2) (e) 0.1%5%14A.34 14A 162

4. (a) 201112120 2011121 16A 11 16B 12 17A 13 17B 14 422 61-63 737,000 2011 12 1 20143 312 4 655,000 2011 12 1 20143 312 4 655,000 2011 12 1 20143 312 4 655,000 2011 12 1 20143 312 4 83,000 2011 12 1 20143 312 4 321,000 2011 12 1 20143 312 4 163

8-161 J K 48 15 M 92 3B-2 607 1802-3 65 4G 11-17 212B Maronne Limited 580AG01 G06 Maronne Limited 580 A F 22 2201-06 19,000 2011 12 1 20143 312 4 15,000 2011 12 1 20143 312 4 23,000 2011 12 1 20143 312 4 22,000 2011 12 1 20143 312 4 6,000 2011 12 1 20143 312 4 10,000 2011 12 1 20143 312 4 1,631,000 2011 12 1 20143 312 4 114,900 2011 12 1 20143 312 4 164

55 24 2425 403,800 2009 5 1 2012 4 30 36 55 8610 38,100 2010 10 18 2013 10 173 55 1215 188,900 2011 7 1 2014 6 303 38-42 C 193,000 2011 9 28 20143 312 63 4 328 1 2 3 4 509,000 2011 9 28 20143 312 63 3521 2 14,800 2011 9 28 20143 312 63 (b) 2009201020112012 20.022.0 22.611.5 (c) 14A.35 165

20111128 (i)(ii)(iii) (iv) 2014331 30 (d) 14A.35(2)201220132014331 2012 2013201433149.0 97.097.0 2011 2012201179.3% 14A.35(2) (e) 0.1%5%14A.34 14A 331 930 331 2009 2010 2011 2011 2012 2013 2014 1........ 25.9 29.5 49.6 28.8 70.0 125.0 136.0 2.................. 20.0 22.0 22.6 11.5 49.0 97.0 97.0..................... 45.9 51.5 72.2 40.3 119.0 222.0 233.0 166

14A 14A.2512 14A.26 14A.25 14A.26 0.1%5% 14.34A 14A 0.1%5%14A.45 14A.4714A.3714A.40 14A.35 14A.35(1) 14A.35(2)14A.3614A.3714A.3814A.3914A.40 167

168

15............. 86 1947................. 64 1971................. 55 1977................. 32 2007................. 34 2007................. 49 1985................. 61 1977................. 37 2004................. 46 1985................. 53 1979................. 61 1985................. 66 2011................. 62 2011................. 60 2011................. 61 2011 (GBM)862011726 1947119613 CYT Family HoldingsCYT Family Holdings IICTF Capital CTF Holding 200956 20087 2004520114 19964 Commandeur de Lordre des Arts et des Lettres 20016 199510 169

1987619863199711200612 199310 (GBS)642011726 197151971520073 CYT Family HoldingsCYT Family Holdings IICTF Capital CTF Holding 2010113 John Harvard Fellows 19965 Johnson & Wales University 1997420017 170

552011726 197711986 19941997 1999 20022008 3220117262007 4 200742003920064 CTF Holding 2007 171

20033 34201172620074 2007419992000 CTF Holding 2007 19996 492011726 3119855 199612000220057 612011726 1977820061 1977819817 19886 172

372011726 2004420112 1998122002 6200612 20089 462011726 1985920101 20112 532011726 1979519905 197812 612011726 361985101994 20057 199411 173

(GBM, GBS, CBE) 6620111117 20032010 Koc Holding A.S. 199672009420001020075 199952007122005520104 CapitaLand Limited 19912000 1996200319992008 2001200920042010 6220111117 19721977 198419981992 174

1997 1616 200963 2010526 20105282011114 201169 2011615 (GBS, JP) 6020111117 19746 30 175

(SBS, JP) 6120111117 19727 20002005 2005 20095 2000220095 2000220095 200020032001200220042005 13.51(2)(a)(v) 176

................. 81 1947................. 80 1947................. 79 1949................. 61 1994................. 44 2011................. 39 2010................. 47 1998................. 53 1978................. 41 1993................. 50 1986................. 40 1994................. 49 2011................. 39 2010................. 37 1999................. 61 1972................. 54 1973................. 51 1989................... 62 1999................. 65 1970................. 51 1977................. 54 1978................. 63 1985 812011826 1947119613 CTF Holding 802011826 1947119613 CTF Holding 177

792011826 1949219613 CTF Holding 612011826 199412 1977119941219763 CTF Holding 44 2011720111028 18 19931219962 199639 19961019996Philips Consumer Communications Asia Pacific Pte Limited19997 20011 Informix Software Inc. Doubleclick Inc.20012200510 2005102006 1Doubleclick2008420083Doubleclick Inc.Google Inc.Google Inc.2008420087 20094 20108 19901993 1993 178

19952011 3920104 2007620104 1720068 4720116 1998520061 20116 (1989319932(1993819944 1819888 19975 Simon Fraser University 5320112 2010 1978319961 2007120112 4120108 1919931 201081993120033 199812 5020111 1986220068 2009820111 25 4020108 1994719987 1999320061 2008120108 17199412 179

19956 199612 4920116 520026 20115 198611 3920108 1919928 3720091 199911 2006119986 Carleton University 10 6120041 19722198881994 1120041 30 5420041 1973320041 38 5120051 198971997720041 20051 10 6220041 19992102011 1 6520002 19701119913 199922000240 5120113 197711199110 180

200392010120113 35 5420002 19781119868 1995120002 37 6320061 1985319948 199692000220061 48 3A.19 3A.23 (a) (b) (c) (d) 14 181

14 14 2009201020112012 23.425.125.616.0 2009201020112012 30.033.224.818.5 2009201020112012 2012331 40.4 182

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