2 3 4 11 26 52 66 68 71 73 75 76 78 80 182 1
Jacobus Petrus Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Ian Charles Stone Jacobus Petrus Bekker Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 1 29 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 183 17 1712-1716 www.tencent.com 700 Charles St Leger Searle 518057 2
7,154,544 12,439,960 19,646,031 28,496,072 43,893,711 4,984,123 8,550,492 13,325,831 18,567,764 25,686,351 3,104,895 6,040,731 9,913,133 12,099,069 15,051,015 2,815,650 5,221,611 8,115,209 10,224,831 12,784,852 2,784,577 5,155,646 8,053,625 10,203,083 12,731,871 2,815,650 5,221,611 9,936,338 8,956,702 13,618,810 2,784,577 5,155,646 9,874,754 8,937,627 13,566,608 3,359,696 4,348,823 10,456,373 21,300,877 38,746,663 6,495,861 13,156,942 25,373,741 35,503,488 36,509,148 9,855,557 17,505,765 35,830,114 56,804,365 75,255,811 7,020,926 12,178,507 21,756,946 28,463,834 41,297,507 98,406 120,146 83,912 624,510 850,759 7,119,332 12,298,653 21,840,858 29,088,344 42,148,266 644,628 644,033 967,211 6,532,673 12,442,549 2,091,597 4,563,079 13,022,045 21,183,348 20,664,996 2,736,225 5,207,112 13,989,256 27,716,021 33,107,545 9,855,557 17,505,765 35,830,114 56,804,365 75,255,811 3
127.32 25% 6.965 6.833 4
42% B2C 5
B2C QQ 6
Riot Games Epic Games Epic Games Kakao Kakao 6 QQ 7.98 11% 16% 1.76 WeChat WeChat 3 Qzone 9% 6.03 22% 2.47 QQ.com 0.87 7
QzoneQQ QQ 880 QQ Qzone 8
B2C QQ WeChat 9
1.00 0.75 10
798.2 783.9 1.8% 721.0 10.7% 176.4 167.3 5.4% 152.7 15.5% 16/15 2,798.9 2,744.4 2.0% 2,363.9 18.4% Qzone 602.7 592.8 1.7% 552.1 9.2% QQ 8.8 9.4-6.4% 8.4 4.8% 70.9 73.8-3.9% 77.2-8.2% 33.6 33.7-0.3% 31.4 7.0% QQ Qzone Qzone QQ QQ 11
12,153,053 11,565,556 (5,272,571) (4,787,093) 6,880,482 6,778,463 266,351 205,781 (202,248) (14,791) (1,094,775) (819,790) (2,123,735) (2,025,298) 3,726,075 4,124,365 (62,802) (99,478) (28,856) (21,188) (12,410) (6,089) 3,622,007 3,997,610 (151,201) (756,465) 3,470,806 3,241,145 3,463,593 3,218,693 7,213 22,452 3,470,806 3,241,145 4,067,756 3,551,337 12
5% 121.53 8,455,911 69.6% 8,371,026 72.4% 933,901 7.7% 946,218 8.2% 947,258 7.8% 1,015,266 8.8% 1,683,562 13.8% 1,133,901 9.8% 132,421 1.1% 99,145 0.8% 12,153,053 100.0% 11,565,556 100.0% 1% 84.56 59.90 3% 24.66 QQ 1% 9.34 7% 9.47 48% 16.84 13
10% 52.73 41% 43% 2,800,463 33.1% 2,741,307 32.7% 381,494 40.8% 389,083 41.1% 483,688 51.1% 511,545 50.4% 1,539,903 91.5% 1,084,637 95.7% 67,023 50.6% 60,521 61.0% 5,272,571 4,787,093 2% 28.00 2% 3.81 5% 4.84 42% 15.40 14
2.02 0.15 Mail.ru 3.90 34% 10.95 WeChat 7% 9% 5% 21.24 17% 37% 0.63 1.51 7.56 8% 34.64 15% 40.68 15
43,893,711 28,496,072 (18,207,360) (9,928,308) 25,686,351 18,567,764 835,671 468,990 (283,900) 420,803 (2,993,437) (1,920,853) (7,765,272) (5,283,154) 15,479,413 12,253,550 (347,518) 35,505 (54,386) (24,255) (26,494) (165,731) 15,051,015 12,099,069 (2,266,163) (1,874,238) 12,784,852 10,224,831 12,731,871 10,203,083 52,981 21,748 12,784,852 10,224,831 14,286,423 10,940,208 16
54% 438.94 31,995,183 72.9% 23,042,758 80.8% 3,722,968 8.5% 3,270,841 11.5% 3,382,328 7.7% 1,992,216 7.0% 4,427,806 10.1% 365,426 0.8% 190,257 0.7% 43,893,711 100.0% 28,496,072 100.0% 39% 319.95 44% 228.49 QQ 27% 91.46 QQ QQ 14% 37.23 70% 33.82 44.28 17
83% 182.07 35% 41% 10,595,967 33.1% 7,633,624 33.1% 1,468,351 39.4% 1,259,756 38.5% 1,732,704 51.2% 794,956 39.9% 4,192,596 94.7% 217,742 59.6% 239,972 126.1% 18,207,360 9,928,308 39% 105.96 17% 14.68 118% 17.33 41.93 18
2.84 4.21 Riot Games Gamegoo 7.08 Mail.ru 3.90 56% 29.93 7% 47% 77.65 19% 18% 3.48 0.36 21% 22.66 1) 2) 3) Riot Games 25% 127.32 31% 142.86 19
EBITDA (a) 17,540,340 13,298,239 4,362,868 4,591,603 3,502,553 EBITDA (a) 18,445,132 14,030,930 4,640,940 4,784,020 3,722,671 EBITDA (b) 42.0% 49.2% 38.2% 41.4% 47.0% 326,562 72,537 103,536 86,104 27,959 (c) 27,381,274 17,667,030 27,381,274 23,492,375 17,667,030 (d) 4,493,430 3,689,199 1,783,830 1,132,314 891,994 (a) EBITDA EBITDA EBITDA (b) EBITDA EBITDA (c) (d) 20
EBITDA EBITDA 15,479,413 12,253,550 3,726,075 4,124,365 3,091,569 (835,671) (468,990) (266,351) (205,781) (137,623) 283,900 (420,803) 202,248 14,791 (69,725) 1,880,078 1,208,261 530,977 480,101 390,135 732,620 726,221 169,919 178,127 228,197 EBITDA 17,540,340 13,298,239 4,362,868 4,591,603 3,502,553 904,792 732,691 278,072 192,417 220,118 EBITDA 18,445,132 14,030,930 4,640,940 4,784,020 3,722,671 21
(a) (b) (c) (d) (e) 15,479,413 904,792 107,600 5,150 247,272 699,000 (390,472) 17,052,755 12,784,852 904,792 107,600 5,150 286,830 699,000 (390,472) 14,397,752 12,731,871 890,285 94,884 5,150 255,705 699,000 (390,472) 14,286,423 35.3% 38.9% 29.1% 32.8% (a) (b) (c) (d) (e) 12,253,550 732,691 82,080 (708,486) 607,851 243,000 13,210,686 10,224,831 732,691 82,080 (708,486) 431,434 243,000 11,005,550 10,203,083 724,266 75,749 (708,486) 402,596 243,000 10,940,208 43.0% 46.4% 35.9% 38.6% 22
(a) (b) (c) (d) (e) 3,726,075 278,072 24,765 40,267 251,000 4,320,179 3,470,806 278,072 24,765 65,065 251,000 4,089,708 3,463,593 275,016 21,833 56,314 251,000 4,067,756 30.7% 35.5% 28.6% 33.7% (a) (b) (c) (d) (e) 4,124,365 192,417 24,860 5,150 38,494 448,000 (390,472) 4,442,814 3,241,145 192,417 24,860 5,150 66,013 448,000 (390,472) 3,587,113 3,218,693 189,660 21,921 5,150 58,385 448,000 (390,472) 3,551,337 35.7% 38.4% 28.0% 31.0% 23
(a) (b) (c) (d) (e) 3,091,569 220,118 24,249 (249,449) 185,194 243,000 3,514,681 2,551,203 220,118 24,249 (249,449) 140,554 243,000 2,929,675 2,537,026 216,959 22,299 (249,449) 129,753 243,000 2,899,588 39.0% 44.4% 32.2% 37.0% (a) (b) (c) (d) (e) Mail.ru 24
13,383,398 13,441,768 13,805,675 14,281,401 10,891,718 8,591,724 38,080,791 36,314,893 (3,182,751) (5,231,325) (7,516,766) (7,591,193) 27,381,274 23,492,375 80.55 101.71 25
10 5 75 1.00 1.00 46.69 15.91 19 20 26
6 19 10 25 26 1.20 3 27
0.25 154,400 128,400 153.0 151.9 19,582,798 26,000 205.0 204.4 5,326,269 154,400 24,909,067 19 28
I II III I 5,140,000 25.26 600,000 600,000 5 1 33.05 2,000,000 1,000,000 1,000,000 5 2 33.05 3,000,000 3,000,000 3 158.50 1,000,000 1,000,000 4 6,600,000 1,600,000 5,000,000 25.26 40,000 40,000 1 Iain Ferguson 25.26 60,000 20,000 40,000 Bruce 5 1 Ian Charles Stone 25.26 60,000 60,000 1 6,760,000 1,620,000 5,140,000 29
1. 20% 20% 2. 20% 20% 3. 20% 20% 20% 20% 4. 25% 25% 5. 233.9 Iain Ferguson Bruce 221.4 6. 30
I II III 1. 2. 31
I II III 3. II III 72,386,370 60,413,683 88,903,654 36,018,666 5% 2% I II III I I III II 30% 30% 32
I II III 4. 12 12 12 1% 1% 1% 10% 5. 7 10 33
I II III 6. 15 28 28 28 1 1 1 1 7. (i) (ii) (iii) (i) (ii) (iii) (i) (ii) (iii) 34
I II III 8. II III 86,247,332 4.65% 21 21 2% 35,755,232 1% 17,877,616 35
14A 7,569,380 21 28,000 Iain Ferguson Bruce Ian Charles Stone 20,000 4,000 16,000 15,000 3,000 12,000 35,000 7,000 28,000 36
Jacobus Petrus Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Antonie Andries Roux 87 Ian Charles Stone 86(3) Jacobus Petrus Bekker 3.13 41 Advance Data Services Limited 37
39 41 Best Update International Limited Jacobus Petrus Bekker60 Bekker Naspers Limited Bekker M-Net/ MultiChoice MTN Bekker MIH Naspers Limited (University of Stellenbosch) Bekker (University of the Witwatersrand) Bekker Charles St Leger Searle49 Searle MIH Internet Listed Assets MIH Searle MIH Searle University of Cape Town Searle 38
55 TCL TCL TCL Iain Ferguson Bruce72 Bruce Bruce Bruce Bruce Bruce KCS Limited Ian Charles Stone62 Stone SITC UK Broadband Stone Stone CSL Stone 39
41 42 37 EMBA 47 Internet Explorer MSN MSN IBM 40
James Gordon Mitchell39 Mitchell Mitchell Mitchell 46 ad:tech (Publicis) (BBDO) (Dentsu Young & Rubicam) McCann-Erickson EMBA (AMP) 39 Sendmail Oracle Oracle Oracle (University of Michigan, Ann Arbor) (Stanford University) 38 41
37 Tencent E-Commerce Holdings Limited QQ QQ Tencent E-Commerce Holdings Limited EMBA 38 MIH MIH 41 43 QQ Foxmail 42
44 Curtin University of Technology EMBA 40 37 IT MBA 43
(a) XV 7 8 XV (b) 352 (c) (A) 1 189,892,880 10.25% 2 66,000,000 3.56% 9,603,600 0.52% 3 40,000 0.002% 4 Iain Ferguson 92,000 0.005% Bruce 5 Ian Charles Stone 75,000 0.004% 6 44
1. Advance Data Services Limited 2. Best Update International Limited 3. 4,603,600 II III 5,000,000 4. I 5. 36,000 I 40,000 16,000 56,000 6. 3,000 I 60,000 12,000 72,000 (B) 16,285,710 54.29% 5,971,427 54.29% 6,857,130 22.86% 2,514,281 22.86% 45
14A 1. 14,862,923,000 1,885,814,000 3,902,301,000 846,322,000 1,113,910,000 119,989,000 349,800,000 46
2. 3. 4. 5. 6. 7. 47
8. 9. 10. 11. 9,000 21,000 173,000 186,000 178,033,000 69,640,000 463,364,000 6,012,000 46,058,000 76,579,000 128,061,000 356,474,000 17,543,000 3,028,000 5,000 12,819,000 37,702,000 12,000 128,000 41(a) 14A 48
XV 2 3 336 5% MIH TC 1 630,240,380 34.01% Advance Data Services Limited 2 189,892,880 10.25% 1. MIH TC Naspers Limited MIH (Mauritius) Limited MIH Holdings Limited XV Naspers LimitedMIH (Mauritius) Limited MIH Holdings Limited 630,240,380 2. Advance Data Services Limited 336 8.2% 1.9% 37.3% 18.3% 5% 49
A.2.1 A.4.2 24,160 17,446 77.24 48.79 50
(A) 183 17 1712-1716 (B) 183 17 1712-1716 51
A.2.1 A.4.2 52
53
54
59 62 55
A.2.1 Antonie Andries Roux Jacobus Petrus Bekker 37 39 3.10A 56
3.10 3.13 Iain Ferguson Bruce A.4.2 A.4.2 Ian Charles Stone A.4.2 Ian Charles Stone A.4.2 57
5/5 1/1 5/5 5/5 Antonie Andries Roux 1 0/2 1/1 Jacobus Petrus Bekker 2 2/2 1/1 Charles St Leger Searle 5/5 5/5 1/1 1/1 1/5 0/1 0/2 Iain Ferguson Bruce 4/5 5/5 1/1 1/1 Ian Charles Stone 5/5 5/5 1/1 1/1 2/2 1 Antonie Andries Roux 2 Jacobus Petrus Bekker 58
Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Iain Ferguson Bruce Charles St Leger Searle 58 59
Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle 58 Charles St Leger Searle 60
Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle 58 Jacobus Petrus Bekker Ian Charles Stone Jacobus Petrus Bekker Ian Charles Stone 58 61
62
COSO 63
Antonie Andries Roux Jacobus Petrus Bekker 64
66 15,050,000 7,107,000 6 65
68 181 66
67
6 7,402,766 5,884,952 7 533,691 158,656 21,674 21,871 8 794,439 230,915 9 4,719,075 3,779,976 11 7,310,266 4,433,374 35,409 61,903 28 168,906 198,058 13 5,632,590 4,343,602 16 1,236,129 2,187,570 17 10,891,718 38,746,663 21,300,877 14 568,084 15 2,353,959 2,020,796 16 3,877,800 2,211,917 17 13,805,675 13,716,040 23 2,520,232 4,942,595 18 13,383,398 12,612,140 36,509,148 35,503,488 75,255,811 56,804,365 68
19 199 198 19 2,879,990 1,950,876 19 (667,464) (606,874) 20 815,697 409,266 38,269,085 26,710,368 41,297,507 28,463,834 850,759 624,510 42,148,266 29,088,344 25 2,105,643 26 7,516,766 3,733,331 28 1,311,562 939,534 24 1,508,578 1,859,808 12,442,549 6,532,673 69
22 4,211,733 2,244,114 23 6,301,449 5,014,281 20,993 25 1,077,108 7,999,440 419,872 708,725 37(b) 540,095 179,499 27 8,114,739 5,016,296 20,664,996 21,183,348 33,107,545 27,716,021 75,255,811 56,804,365 15,844,152 14,320,140 54,590,815 35,621,017 80 181 68 181 70
152 243 10,309 4,958 10(a) 9,419,254 5,782,381 10(c) 11,467 896 9,441,182 5,788,478 10(b) 4,906,150 1,260,180 25,422 3,706 18 165,534 187,791 5,097,106 1,451,677 14,538,288 7,240,155 19 199 198 19 2,879,990 1,950,876 19 (667,464) (606,874) 2,456,290 246,667 4,669,015 1,590,867 71
26 7,516,766 3,733,331 10(b) 2,308,028 1,829,429 44,479 86,528 2,352,507 1,915,957 9,869,273 5,649,288 14,538,288 7,240,155 2,744,599 (464,280) 12,185,781 5,324,198 80 181 68 181 72
31,995,183 23,042,758 3,722,968 3,270,841 3,382,328 1,992,216 4,427,806 365,426 190,257 5 43,893,711 28,496,072 29,32 (18,207,360) (9,928,308) 25,686,351 18,567,764 30 835,671 468,990 31 (283,900) 420,803 32 (2,993,437) (1,920,853) 32 (7,765,272) (5,283,154) 15,479,413 12,253,550 36 (347,518) 35,505 (54,386) (24,255) (26,494) (165,731) 15,051,015 12,099,069 37(a) (2,266,163) (1,874,238) 12,784,852 10,224,831 12,731,871 10,203,083 52,981 21,748 12,784,852 10,224,831 73
39(a) 6.965 5.609 39(b) 6.833 5.490 40 1.00 0.75 80 181 74
12,784,852 10,224,831 823,893 (1,233,873) 10,065 (34,256) 833,958 (1,268,129) 13,618,810 8,956,702 13,566,608 8,937,627 52,202 19,075 13,618,810 8,956,702 80 181 75
198 1,950,876 (606,874) 409,266 26,710,368 28,463,834 624,510 29,088,344 12,731,871 12,731,871 52,981 12,784,852 823,893 823,893 823,893 10,844 10,844 (779) 10,065 834,737 12,731,871 13,566,608 52,202 13,618,810 21,920 21,920 95,099 59,431 154,530 21,715 176,245 1 238,492 238,493 238,493 676,699 45,292 721,991 6,556 728,547 (121,534) (121,534) (121,534) (60,944) 60,944 65,265 (65,265) (20,232) (20,232) (20,232) 40 (1,107,889) (1,107,889) (117,483) (1,225,372) 1 929,114 (60,590) 169,988 (1,173,154) (134,641) (67,292) (201,933) 41 249,181 249,181 (240,676) (240,676) (7,842) (248,518) (357,618) (357,618) (357,618) 1 929,114 (60,590) (428,306) (1,173,154) (732,935) 174,047 (558,888) 199 2,879,990 (667,464) 815,697 38,269,085 41,297,507 850,759 42,148,266 76
198 2,299,965 (258,137) 1,919,695 17,795,225 21,756,946 83,912 21,840,858 10,203,083 10,203,083 21,748 10,224,831 (1,233,873) (1,233,873) (1,233,873) (31,583) (31,583) (2,673) (34,256) (1,265,456) 10,203,083 8,937,627 19,075 8,956,702 9,800 9,800 110,322 48,911 159,233 159,233 159,729 159,729 159,729 517,870 58,264 576,134 576,134 (438,714) (438,714) (438,714) (89,977) 89,977 439,650 (439,650) (1,047,033) (1,047,033) (1,047,033) (838,290) (838,290) (56,531) (894,821) 10,000 (10,000) (349,089) (348,737) 556,825 (1,287,940) (1,428,941) (46,731) (1,475,672) (154,732) (154,732) 581,725 426,993 23,919 23,919 (13,471) 10,448 (670,985) (670,985) (670,985) (349,089) (348,737) (244,973) (1,287,940) (2,230,739) 521,523 (1,709,216) 198 1,950,876 (606,874) 409,266 26,710,368 28,463,834 624,510 29,088,344 80 181 77
42(a) 21,654,234 15,194,370 (2,224,777) (1,836,263) 19,429,457 13,358,107 (434,679) (1,444,442) (3,656,886) (4,059,717) 42(a) 4,100 599 (3,668,207) (3,528,714) (194,915) (869,011) (788,375) (312,829) (5,950) (556,564) (1,706,752) 110,940 (34,001) (15,764) 18,531,774 5,989,298 (29,513,127) (7,979,595) 3,062,576 (2,055,486) 625,839 415,055 439,867 20,000 (16,270,208) (15,354,758) 78
982,915 6,682,837 (8,024,071) (3,765,941) (41,760) (93,761) 2,215,305 3,767,767 3,760,928 238,493 159,729 (20,232) (1,047,033) (121,534) (438,714) 21,920 9,800 (1,107,889) (838,290) (117,483) (56,531) (179,409) (2,385,978) 4,373,024 773,271 2,376,373 12,612,140 10,408,257 (2,013) (172,490) 13,383,398 12,612,140 80 181 79
1 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 80
1 2 2.1 4 81
2 2.1 9 9 39 9 9 39 9 10 10 10 11 11 11 12 12 82
2 2.1 13 13 2.2 (a) 50% 50% 83
2 2.2 (a) (i) 2.11 39 84
2 2.2 (a) (ii) (iii) (b) 10(c) 85
2 2.3 20% 50% 2.4 2.3 86
2 2.5 2.6 2.7 (a) (b) 87
2 2.7 (c) (i) (ii) (iii) 88
2 2.8 20 50 3 5 5 5 2.13 89
2 2.9 50 2.10 2.11 (a) 90
2 2.11 (b) 2.12 2.13 91
2 2.14 (a) (i) (ii) 12 (iii) 12 92
2 2.14 (b) 2.15 93
2 2.16 (a) 94
2 2.16 (b) 2.17 2.18 95
2 2.19 2.20 2.21 2.22 96
2 2.23 12 2.24 97
2 2.25 98
2 2.26 (a) (b) (c) Black-Scholes BS 99
2 2.26 (c) 2.27 100
2 2.28 (a) 27 (i) (ii) 101
2 2.28 (a) (b) 102
2 2.28 (c) 18 2.29 2.30 2.31 2.32 103
2 2.33 2.34 5 3 3.1 (a) i) 104
3 3.1 (a) i) 718 7,818,738 5,645,223 285,222 304,835 417,766 194,705 10,645,843 5,529,637 2,276,453 6,600,412 22,606 52,086 1,278,151 1,307,290 3,805,001 140,681 7,516,766 3,733,331 20,956,000 108,042,000 5% 5% 221,123,000 301,869,000 105
3 3.1 (a) ii) 5%5% 272,330,000 212,909,000 iii) 111617 18 106
3 3.1 (a) iii) 5% 5% 4,990,000 3,165,000 (b) 15 107
3 3.1 (c) 26 1 1 2 2 5 5 301,704 301,704 4,501,989 3,834,941 8,940,338 283,803 1,151,622 194,641 1,630,066 1,160,656 244,058 1,963,660 3,368,374 8,216,085 8,216,085 9,678,445 829,565 7,617,271 4,029,582 22,154,863 174,850 174,850 4,305,090 4,654,790 316,622 641,070 1,002,541 1,960,233 7,999,440 7,999,440 20,993 20,993 7,155,609 7,155,609 15,350,892 491,472 4,946,160 1,002,541 21,791,065 108
3 3.1 (c) 1 1 2 2 5 5 301,704 301,704 4,501,989 3,834,941 8,940,338 2,308,028 2,308,028 44,479 44,479 2,654,211 301,704 4,501,989 3,834,941 11,292,845 174,850 174,850 4,305,090 4,654,790 1,829,429 1,829,429 86,528 86,528 2,090,807 174,850 4,305,090 6,570,747 109
3 3.2 33,107,545 27,716,021 75,255,811 56,804,365 44% 49% 110
3 3.3 4,083,100 1,549,490 5,632,590 111
3 3.3 3,318,794 1,024,808 4,343,602 20,993 20,993 112
3 3.3 1,024,808 556,564 (31,139) 53,967 (54,710) 1,549,490 257,845 802,963 (36,000) 1,024,808 113
4 4.1 (a) 706,139,000 746,471,000 5%5% 35,307,000 37,324,000 35,307,000 37,324,000 114
4 4.1 (b) 2.26(c) BS BS 21 BS 14,572,000 11,902,000 63,000,000 52,290,000 1,861,663,000 1,519,969,000 1,157,928,000 957,258,000 91%91% 5%5% 64,414,000 65,143,000 (c) 2.28(a) 115
4 4.1 (d) 5% 20,994,000 35,436,000 65,578,000 46,977,000 20,994,000 35,436,000 65,578,000 46,977,000 (e) 116
4 4.2 161,589,000 197,010,000 28 5 117
5 31,995,183 3,722,968 3,382,328 4,427,806 365,426 43,893,711 21,399,216 2,254,617 1,649,624 235,210 147,684 25,686,351 1,117,278 113,670 106,603 9,513 17,208 1,364,272 199,681 198,963 398,644 (76,934) (8,230) (32,982) 63,760 (54,386) (26,494) (26,494) 118
5 23,042,758 3,270,841 1,992,216 190,257 28,496,072 15,409,134 2,011,085 1,197,260 (49,715) 18,567,764 724,418 66,249 58,605 34,666 883,938 67,056 67,056 (23,513) (742) (24,255) (165,731) (165,731) 41,735,101 28,027,516 2,158,610 468,556 43,893,711 28,496,072 119
5 51,535,029 42,019,485 3,174,486 2,826,406 4,817,738 4,409,589 6,381,699 3,538,071 2,938,082 206,962 3,973,735 2,658,526 2,435,042 1,145,326 75,255,811 56,804,365 26,536,881,000 13,620,472,000 6,408,286,000 3,138,745,000 10% 43,893,711,000 28,496,072,000 120
6 1,731,913 6,159,151 255,073 12,631 385,638 8,544,406 (184,746) (2,288,953) (70,764) (6,534) (108,131) (2,659,128) (258) (35) (33) (326) 1,547,167 3,869,940 184,274 6,097 277,474 5,884,952 1,547,167 3,869,940 184,274 6,097 277,474 5,884,952 693 19,431 497 2,890 23,511 626,146 2,388,420 147,189 19,756 196,541 3,378,052 (2,731) (169) (2,900) (95,975) (1,610,374) (64,351) (5,947) (102,957) (1,879,604) (2,070) 524 301 (1,245) 2,077,338 4,646,609 284,336 20,403 374,080 7,402,766 2,358,059 8,227,107 415,310 32,884 584,775 11,618,135 (280,721) (3,578,170) (131,463) (12,481) (210,963) (4,213,798) (2,328) 489 268 (1,571) 2,077,338 4,646,609 284,336 20,403 374,080 7,402,766 121
6 1,368,462 3,185,873 125,816 7,636 130,305 4,818,092 (106,924) (1,314,636) (37,158) (5,681) (60,865) (1,525,264) 1,261,538 1,871,237 88,658 1,955 69,440 3,292,828 1,261,538 1,871,237 88,658 1,955 69,440 3,292,828 17,388 1,113 415 122 19,038 363,067 3,030,367 129,038 4,947 256,018 3,783,437 (1,870) (104) (37) (282) (2,293) (77,438) (1,046,924) (34,396) (1,183) (47,791) (1,207,732) (258) (35) (33) (326) 1,547,167 3,869,940 184,274 6,097 277,474 5,884,952 1,731,913 6,159,151 255,073 12,631 385,638 8,544,406 (184,746) (2,288,953) (70,764) (6,534) (108,131) (2,659,128) (258) (35) (33) (326) 1,547,167 3,869,940 184,274 6,097 277,474 5,884,952 1,364,272,000 883,938,000 20,907,000 13,377,000 494,425,000 310,417,000 122
7 158,656 386,943 640,012 500,268 (264,977) (728,555) 533,691 158,656 8 230,915 229,890 571,066 5,950 (7,542) (4,925) 794,439 230,915 44 49 7,542,000 4,925,000 123
9 2,694,696 629,661 1,355,071 282,635 4,962,063 (260,349) (644,798) (193,126) (1,098,273) (78,918) (332) (3,074) (1,490) (83,814) 2,615,778 368,980 707,199 88,019 3,779,976 2,615,778 368,980 707,199 88,019 3,779,976 318,067 121,717 55,228 115,870 610,882 163,767 100,251 796,737 3,970 1,064,725 (176,011) (242,065) (265,283) (49,261) (732,620) (4,926) 1,251 (77) (136) (3,888) 2,928,919 479,704 620,536 531,454 158,462 4,719,075 3,012,763 915,145 1,510,550 796,737 402,475 6,637,670 (436,360) (886,863) (265,283) (242,387) (1,830,893) (83,844) 919 (3,151) (1,626) (87,702) 2,928,919 479,704 620,536 531,454 158,462 4,719,075 124
9 302,701 377,838 222,130 42,364 945,033 (146,841) (208,115) (17,096) (372,052) 302,701 230,997 14,015 25,268 572,981 302,701 230,997 14,015 25,268 572,981 2,391,995 110,031 663,549 239,084 3,404,659 141,792 469,392 1,187 612,371 (113,508) (436,683) (176,030) (726,221) (78,918) (332) (3,074) (1,490) (83,814) 2,615,778 368,980 707,199 88,019 3,779,976 2,694,696 629,661 1,355,071 282,635 4,962,063 (260,349) (644,798) (193,126) (1,098,273) (78,918) (332) (3,074) (1,490) (83,814) 2,615,778 368,980 707,199 88,019 3,779,976 333,976,000 659,165,000 398,644,000 67,056,000 125
9 EV EBITDA EBITDA EV EBITDA 6.0-8.0x 25% 126
10 (a) 69,384 69 (i) 2,599,653 1,827,855 (ii) 6,750,217 3,954,457 9,419,254 5,782,381 100% 100% 30,000,000 (iii) 2,000,000 100% 100% 127
10 (a) 100% 100% 11,000,000 (iii) 80,000,000 100% 100% Tencent Asset 100 100% 100% Management Limited 1,000,000 100% 100% 100% 100% 10,290,000 (iii) 100% 100% 16,500,000 (iii) 128
10 (a) 100% 100% 10,000,000 (iii) 30,000,000 100% 100% 5,000,000 100% 100% 60,000,000 100% 100% 30,000,000 100% 100% Riot Games, Inc. 43,068,238 89.9% 91.8% Riot Games 129
10 (a) (i) (ii) (iii) 1 (b) 130
10 (c) 21(b) 121,534,000 314,064,000 (d) 65.79% 131
11 (a) 1,481,056 1,299,869 4,829,057 2,464,158 6,310,113 3,764,027 (b) 838,226 574,048 (c) 161,927 95,299 7,310,266 4,433,374 (a) 3,764,027 1,070,633 (i)(ii)(iii) (iv) 2,969,858 3,066,411 (43,391) (257,585) (54,386) (24,255) (32,798) (20,000) (98,338) (v) (194,859) (71,177) 6,310,113 3,764,027 132
11 (a) (i) 247,760,000 201,578,000 619,400,000 8.0% (ii) 72,000,000,000 401,053,000 Kakao Corp.Kakao 3,600,000 13.8% Kakao Kakao (iii) 330,000,000 2,087,217,000 Epic Games, Inc. Epic Games 48.4%Epic Games Epic Games Epic Games (iv) 280,010,000 (v) 194,859,000 71,177,000 133
11 (a) elong, Inc.eLong 16.07% 602,516 69,705 128,111 (1,123) 515,939 15.23% 934,013 147,126 214,852 21,941 789,900 8.00% 206,233 44,875 67,869 13,102 145,659 1,742,762 261,706 410,832 33,920 1,451,498 5,273,938 444,881 1,191,374 (88,306) 7,016,700 706,587 1,602,206 (54,386) 134
11 (a) elong 16.15% 576,958 33,065 55,452 (4,554) 524,178 15.28% 871,194 115,218 70,055 14,159 419,441 1,448,152 148,283 125,507 9,605 943,619 2,931,836 467,678 1,373,702 (33,860) 4,379,988 615,961 1,499,209 (24,255) 20% (b) 449,431,000 94,000,000 135
11 (c) 161,927,000 95,299,000 159,993,000 92,631,000 4.0% 6.0% (d) 136
12 13 5,632,590 5,632,590 11) 1,000,153 1,000,153 15 2,353,959 2,353,959 1,784,593 1,784,593 17 24,697,393 24,697,393 2,520,232 2,520,232 18 13,383,398 13,383,398 45,739,728 5,632,590 51,372,318 4,343,602 4,343,602 669,347 669,347 2,020,796 2,020,796 1,338,174 1,338,174 13,716,040 13,716,040 4,942,595 4,942,595 12,612,140 12,612,140 35,299,092 4,343,602 39,642,694 137
12 26 7,516,766 7,516,766 24 1,508,578 1,508,578 22 4,211,733 4,211,733 4,004,352 4,004,352 25 3,182,751 3,182,751 20,424,180 20,424,180 3,733,331 3,733,331 1,859,808 1,859,808 2,244,114 2,244,114 4,911,495 4,911,495 7,999,440 7,999,440 20,993 20,993 20,993 20,748,188 20,769,181 138
12 10b 4,906,150 24,424 18 165,534 5,096,108 1,260,180 2,702 187,791 1,450,673 139
12 26 7,516,766 2,308,028 44,479 9,869,273 3,733,331 1,829,429 86,528 5,649,288 140
13 4,343,602 4,126,878 556,564 1,487,645 (31,139) 818,273 (1,234,921) (54,710) (36,000) 5,632,590 4,343,602 Mail.ru Group Limited 7.76%7.76% 3,519,038 2,658,527 4.60%4.60% 396,150 439,518 3.98%3.98% 135,866 129,961 5.01%5.01% 32,046 90,788 4,083,100 3,318,794 1,549,490 1,024,808 5,632,590 4,343,602 14 4,066,513,000 141
15 0 30 1,406,915 1,103,261 31 60 552,772 443,555 61 90 257,286 246,501 90 136,986 227,479 2,353,959 2,020,796 1,236,770 1,178,445 811,171 673,844 306,018 168,507 2,353,959 2,020,796 30 120 90 142
16 258,237 243,754 510,425 575,452 458,009 49,765 15,764 96,993 945,135 270,165 1,236,129 2,187,570 1,640,229 405,915 502,743 483,592 119,976 112,714 353,202 143,370 588,903 270,028 672,747 796,298 3,877,800 2,211,917 5,113,929 4,399,487 143
17 3.87% 2.95% 10,891,000 718 10,891,718 10,448,140 13,714,364 3,357,535 1,676 13,805,675 13,716,040 24,697,393 13,716,040 144
18 8,460,459 7,833,767 165,534 187,791 4,922,939 4,778,373 13,383,398 12,612,140 165,534 187,791 13,383,018 12,611,379 165,534 187,791 2.21% 1.16% 8,686,880,000 6,694,164,000 19 10,000,000,000 10,000,000,000 0.0001 0.0001 1,853,333,230 1,839,814,008 19,349,672 17,809,839 21(b) 145
19 1,839,814,008 198 1,950,876 (606,874) 1,344,200 95,099 95,099 (i) 9,295,222 1 238,492 238,493 676,699 676,699 (ii) (121,534) (121,534) (iv) 4,378,400 (iii) (60,944) 60,944 (154,400) (20,232) (20,232) 1,853,333,230 199 2,879,990 (667,464) 2,212,725 146
19 1,835,730,235 198 2,299,965 (258,137) 2,042,026 110,322 110,322 7,624,113 159,729 159,729 517,870 517,870 (438,714) (438,714) 4,045,360 (89,977) 89,977 (7,585,700) (1,047,033) (1,047,033) 1,839,814,008 198 1,950,876 (606,874) 1,344,200 (i) 9,295,222 3.6650 189.0000 (ii) (iii) (iv) (v) (vi) 651,901 149,378,000 121,534,000 3,490,468 2,572,145 4,378,400 4,045,360 405,230 1,970,840 147
20 i ii ii iii (771,798) 587,256 (31,583) 505,811 12,405 107,175 409,266 (357,618) (357,618) 59,431 59,431 45,292 45,292 (240,676) (240,676) 65,265 65,265 823,893 823,893 10,844 10,844 (1,370,092) 1,411,149 (20,739) 571,076 12,405 211,898 815,697 20,000 1,821,129 66,161 12,405 1,919,695 (670,985) (670,985) (154,732) (154,732) 48,911 48,911 58,264 58,264 23,919 23,919 439,650 439,650 (1,233,873) (1,233,873) (31,583) (31,583) 10,000 10,000 (771,798) 587,256 (31,583) 505,811 12,405 107,175 409,266 148
20 (i) (ii) 10% 50% 25% 10% 50% (iii) 21(d) 149
21 (a) I II III I II III (i) (ii) (iii) (1) I II III 12.3871 8,761,937 59.9665 26,156,088 158.5000 1,000,000 35,918,025 248.8000 165,800 165,800 13.8099 (4,090,290) 45.4858 (5,204,932) (9,295,222) 11.5430 (75,158) 44.6799 (483,859) (559,017) 11.1348 4,596,489 65.4953 20,633,097 158.5000 1,000,000 26,229,586 11.1348 4,596,489 45.0314 9,931,574 14,528,063 0.0935 563,193 12.8579 12,805,763 54.9391 28,795,168 158.5000 1,000,000 43,164,124 191.1886 771,175 771,175 0.0935 (563,180) 13.8888 (4,038,282) 44.9126 (3,022,651) (7,624,113) 0.1967 (13) 6.0210 (5,544) 64.9539 (387,604) (393,161) 12.3871 8,761,937 59.9665 26,156,088 158.5000 1,000,000 35,918,025 11.4611 8,173,937 42.9814 8,996,582 17,170,519 150
21 (a) (1) 9,295,222 7,624,113 19 231.04 187.98 187.26 155.40 (2) 3.6650 8.3500 2,362,976 4,164,319 I 11.5500 25.2600 2,233,513 4,597,618 4,596,489 8,761,937 31.7500 43.5000 9,718,200 12,715,582 45.5000 90.3000 7,125,022 9,733,781 II 128.4000 248.8000 3,789,875 3,706,725 20,633,097 26,156,088 III 158.5000 1,000,000 1,000,000 26,229,586 35,918,025 151
21 (a) (3) BS 87.89 71.78 81.69 67.81 BS 248.80 191.19 0.40% 1.35% - 2.31% 0.36% 0.36% 48.1% 49.10% - 49.90% 152
21 (b) 1,970,840 15,838,999 19 651,901 4,378,400 (7,569,380) 7,569,380 973,469 (973,469) (3,490,468) 405,230 18,944,442 5 80 13,562,734 2,773,810 4,045,360 (5,995,410) 5,995,410 1,147,000 (1,147,000) (2,572,145) 1,970,840 15,838,999 14,406 35,000 153
21 (b) 245.95 200.81 193.14 159.67 (c) 80,000,000 4 7 154
21 (d) (e) 91%91% 22 0 30 3,573,610 1,514,155 31 60 430,408 351,587 61 90 176,116 108,337 90 31,599 270,035 4,211,733 2,244,114 155
23 2,221,853 1,478,391 872,886 731,571 2,486,804 1,840,947 43,999 315,045 40,345 252,952 635,562 395,375 6,301,449 5,014,281 24 96,993 945,135 1,028,603 670,985 103,885 131,180 279,097 112,508 1,508,578 1,859,808 156
25 (a) 2,105,643 15,000 2,958,720 25,000 (b) 942,825 4,410,630 630,090 (a) 94,283 1,077,108 7,999,440 3,182,751 7,999,440 157
25 (a) 2,199,926,000 350,000,000 LIBOR 2.10% 2.44% 1 94,283 1 2 188,565 2 5 1,917,078 2,199,926 (b) 942,825,000 150,000,000 LIBOR 1.20% 1.75% 158
26 600,000,000 4.625% 600,000,000 3.375% 99.771% 593,826,000 3,767,767,000 7,950,353,000 27 159
28 12 121,494 150,211 12 47,412 47,847 168,906 198,058 12 (1,043,639) (50,461) 12 (267,923) (889,073) (1,311,562) (939,534) (741,476) (748,192) (72,287) (326,434) 37 (519,359) (10,299) 186,894 339,946 5,620 1,048 (2,048) 2,455 (1,142,656) (741,476) 160
28 197,010 1,048 198,058 (35,421) (35,421) 6,269 6,269 161,589 7,317 168,906 219,019 219,019 32,832 32,832 (54,841) (54,841) 1,048 1,048 197,010 1,048 198,058 4.2 909,558,000 1,102,264,000 250,929,000 347,355,000 161
28 (111,818) (827,716) (939,534) (72,287) (72,287) 68,562 (552,500) (483,938) 186,894 186,894 (649) (649) (2,048) (2,048) (117,591) (1,193,322) (649) (1,311,562) (22,049) (945,162) (967,211) (326,434) (326,434) 234,210 (222,500) 11,710 339,946 339,946 2,455 2,455 (111,818) (827,716) (939,534) 37(a)(vi)) 162
28 1,193,322,000 827,716,000 5,726,456,000 4,264,270,000 29 2.28(a) 30 31 (699,000) (243,000) 407,069 15,851 7,451 708,486 226,148 101,406 (20,767) (96,790) (120,000) (100,000) (84,801) 34,850 (283,900) 420,803 163
32 33 7,724,266 4,865,744 6,586,658 4,843,784 4,066,513 3,408,763 2,627,106 1,998,274 1,403,699 6 1,879,604 1,207,732 9 732,620 726,221 614,979 342,957 315,820 224,748 8 7,542 4,925 15,050 10,760 7,107 7,575 1,608,873 867,064 28,966,069 17,132,315 4,175,973,000 2,684,821,000 3,358,077,000 2,243,793,000 449,642,000 287,968,000 164
33 5,577,316 3,450,307 504,404 247,109 1,012,392 814,771 593,421 321,801 36,733 31,756 7,724,266 4,865,744 10-22% 6-12% 0-2% 10-12% 165
34 (a) 2,600 2,053 45,534 44,622 122 108 18,021 20,474 66,277 67,257 6 6 3 2 9 8 166
34 (a) 20,617 61 20,678 14,741 61 14,802 1,136 10,176 16,153 27,465 Iain Ferguson Bruce 651 1,001 1,652 Ian Charles Stone 447 774 1,221 366 93 459 Antonie Andries Roux Jacobus Petrus Bekker Charles St Leger Searle 2,600 45,534 122 18,021 66,277 Antonie Andries Roux 167
34 (a) 20,615 54 20,669 14,741 54 14,795 756 9,266 18,564 28,586 Iain Ferguson Bruce 567 1,059 1,626 Ian Charles Stone 365 806 1,171 365 45 410 Antonie Andries Roux Charles St Leger Searle 2,053 44,622 108 20,474 67,257 35,000 168
34 (b) 34(a) 116,931 100,298 706 567 107,495 61,565 225,132 162,430 7,000,001-16,000,000 7 12 16,000,001-25,000,000 6 2 25,000,001-34,000,000 1 1 43,000,001-52,000,000 1 169
35 34 27,017 33,661 140 160 55,251 21,378 82,408 55,199 18,500,001-19,000,000 1 22,000,001-22,500,000 1 23,500,001-24,000,000 1 25,000,001-25,500,000 1 26,500,001-27,000,000 1 50,500,001-51,000,000 1 36 (20,956) 108,042 (326,562) (72,537) (347,518) 35,505 25 26 170
37 (a) (i) (ii) 16.5% (iii) 25% 18%20%22%24% 25% 50% 15% 10% 171
37 (a) (iii) 50% (iv) 36% (v) 12.5% 35% (vi) 10% 10% 5% 5% 172
37 (a) 1,746,804 1,863,939 28 519,359 10,299 2,266,163 1,874,238 25% 24% 15,051,015 12,099,069 80,880 189,986 15,131,895 12,289,055 25%24% 3,782,974 2,949,373 (2,027,510) (1,087,518) (308,014) (464,371) (110,096) (13,752) 275,440 186,196 28 552,500 222,500 (75,527) (23,276) 162,693 167,330 13,703 (62,244) 2,266,163 1,874,238 173
37 (b) 6% - 17% 3% 3% - 5% 7% 3% 5% - 3% 6% 38 3,263,692,000 1,279,795,000 39 (a) 12,731,871 10,203,083 1,827,886 1,818,966 6.965 5.609 174
39 (b) 12,731,871 10,203,083 1,827,886 1,818,966 23,441 28,897 11,963 10,683 1,863,290 1,858,546 6.833 5.490 40 1,107,889,000 838,290,000 10,684,000 6,720,000 1.00 0.75 175
41 (a) Level Up! 26,950,000 170,456,000 MIH LatAm Holdings B.V. Level Up! International Holdings Pte. Ltd.Level Up!49% Level Up! Level Up! Level Up! 9,900,000 62,615,000 Level Up! 18% 49% 67% Level Up! Level Up! Level Up! Naspers Limited Naspers Limited Level Up! 14A Level Up! Level Up! 133,928,000 Level Up! Level Up! Level Up! 170,456 177,612 348,068 86,897 18,887 224,649 (58,416) (57,877) 214,140 133,928 348,068 1,018 176
41 (a) Level Up! Level Up! (b) 51% 58% 60% 212,264 38,240 71,569 322,073 137,934 184,139 322,073 177
42 (a) 12,784,852 10,224,831 2,266,163 1,874,238 (7,451) (708,486) (407,069) 1,880,078 1,208,261 732,620 726,221 7,542 4,925 (1,200) 1,694 20,767 96,790 (835,671) (468,990) 904,792 732,691 54,386 24,255 26,494 165,731 699,000 243,000 20,956 (108,042) (266,551) (250,693) (300,896) (2,254,540) (2,630,368) 1,689,096 827,573 1,786,118 2,873,982 396,518 (45,689) (640,213) (1,850,652) 3,098,443 2,253,098 21,654,234 15,194,370 178
42 (a) 2,900 2,293 1,200 (1,694) 4,100 599 (b) 43 179
44 (a) 446,869 463,046 142,226 132,260 868,377 816,910 1,457,472 1,412,216 1,109,244 1,186,867 450,400 651,927 1,559,644 1,838,794 3,017,116 3,251,010 (b) 533,308 520,396 1,359,686 1,462,788 288,003 286,135 2,180,997 2,269,319 180
44 (c) 1,051,632 596,031 1,299,057 768,291 2,350,689 1,364,322 45 11 16 21 34 41 46 181
B2C 182
www.tencent.com COSO COSO EBITDA Epic Games Epic Games, Inc. Gamegoo Gamegoo Group Limited 183
Gamegoo Gamegoo Kakao Kakao Corp. 184
LIBOR Mail.ru Mail.ru Group Limited MIH TC MIH TC Holdings Limited 185
I II III Riot Games Riot Games, Inc. Riot Games Riot Games Riot Games 571 186
187
188