Differ Group Holding Company Limited 250,000, % 0.003% 0.005% C

Differ Group Holding Company Limited 鼎豐集團控股有限公司 Differ Group Holding Company Limited Differ Group Holding Company Limited 鼎豐集團控股有限公司於開曼群島註冊成立的有限公司股份代號 8056 配售鼎豐集團控股有限公司保薦人聯席賬簿管理人及聯席牽頭經辦人按英文首字母排序

Differ Group Holding Company Limited 250,000,000 0.78 0.60 1% 0.003% 0.005% 0.01 8056 32 342C 0.78 0.60 www.hkexnews.hk www.dingfeng-cn.com

www.hkexnews.hk i

1 2............................. www.dingfeng-cn.com (www.hkexnews.hk) 3................................. 4 5...................................................... 1. 2. 3. 4. 5. (i) (ii) ii

............................................................................................................................................................................................. i ii iii.................................................................... 1.................................................................... 19.............................................................. 29................................................................ 30............................................. 55............................................. 56..................................................... 60................................................................ 64................................................................ 66................................................... 80................................................................ 101................................................................ 120.................................................................... 137................................................. 251....................................................... 260............................................... 265 iii

................................................................ 273.................................................................... 274................................................................ 277................................................. 324.................................................................... 330................................................................ 336.................................................. I-1....................................... II-1.................................................... III-1........................ IV-1.............................................. V-1............................... VI-1 iv

(i) (ii) (iii) (iv) (v) 1

(i) (ii) (iii) (iv) (i) (ii) (iii) (iv) % % % % 6,710 31.6 8,449 15.0 4,421 17.0 8,359 21.4 1,642 7.7 6,016 10.7 1,827 7.0 7,014 18.0 7,647 36.0 19,094 33.8 9,105 35.1 8,396 21.5 5,245 24.7 22,365 39.6 10,640 40.9 12,066 31.0 492 0.9 3,137 8.1 21,244 100.0 56,416 100.0 25,993 100.0 38,972 100.0 2

99 113 82 115 39 70 35 43 5,669 5,762 5,820 6,429 12.7 12.5 12.0 12.6 1.0% 3.6% 1.0% 3.5% 1.0% 3.0% 1.6% 3.0% 38 51 31 38 31 35 15 25 21,740 70,250 22,700 54,500 137 121 94 136 6 10 10 8 85.7% 62.5% 62.5% 61.5% 1 4 6 3.2% 11.4% 24.0% 1% 1.5% 0.4% 1.5% 0.4% 1.5% 0.4% 0.47% 0.5% 1.8% 1.5% 3% 1.5% 3% 2.03% 2.6% 9,930 33,250 26,180 35,850 3

11 35 26 11 2.0% 1.5% 2.5% 1.5% 2.0% 1.0% 3.0% 2.0% 2.0% 1.8% 2.4% 13.7 10.9 12.0 6.3 7 20 12 13 7 16 8 7 117,000 400,000 195,000 222,000 91 140 129 108 31.3% 12.5% 42.9% 1.2% 1.5% 1.5% 2.0% 1.5% 2.0% 1.8% 43,717 120,000 110,000 97,000 1 5 8,500 62,240 18.0% 12.4% 4

3,130 37,638 9,930 33,250 35,850 43,717 120,000 97,000 4,048 23,244 4,737 1,240 1,147 58,384 158,538 157,241 246,590 408,310 484,100 (i) (ii) 5

(B) (A) (B/A) (B) (A) (B/A) (B) (A) (B/A) 246,590 499,770 49.3% 408,310 1,023,870 39.9% 484,100 1,052,323 46.0% 9,930 21,683 45.8% 33,250 46,457 71.6% 35,850 58,408 61.4% 43,717 358,222 12.2% 120,000 208,143 57.7% 97,000 207,564 46.7% 25.1% 6.8% 95.7% 8 46.4% 9.8% 99.1% 5 43.7% 9.4% 99.6% 5 29.3% 8.1% 70.4% 1 51.1% 9.8% 83.4% 3 34.3% 6.1% 83.4% 2 60.5% 8.1% 90.8% 5 51.2% 14.2% 79.3% 2 51.6% 19.6% 99.4% 1 82.8% 63.7% 119.4% 6 65.6% 14.2% 75.1% 1 75.0% 59.5% 92.6% 1 11.4% 6.2% 84.5% 1 26.9% 21.8% 27.6% 15 1 9 2 9 1. 2. 6

100% 100% (i) (ii) 100% (iii) 7

1 3,335 3,000 75.0% 90.0% 15.0% 2 10,102 9,170 75.0% 90.8% 15.8% 915 830 75.0% 90.8% 15.8% 3 1,084 860 75.0% 79.3% 4.3% 3,959 3,140 75.0% 79.3% 4.3% 4 3,469 2,778 75.0% 80.1% 5.1% 1,526 1,222 75.0% 80.1% 5.1% 5 2,499 1,882 75.0% 75.3% 0.3% 10,780 8,118 75.0% 75.3% 0.3% 6 10,448 10,000 75.0% 95.7% 20.7% 7 11,230 9,000 75.0% 80.1% 5.1% 8 11,402 10,000 75.0% 87.7% 12.7% 9 5,684 4,000 70.0% 70.4% 0.4% 10 11,087 8,621 75.0% 77.8% 2.8% 1,773 1,379 75.0% 77.8% 2.8% 11 192 150 75.0% 78.1% 3.1% 12 231 230 75.0% 99.6% 24.6% 13 256 250 75.0% 97.7% 22.7% 14 126 150 75.0% 119.4% 44.4% 15 136 150 75.0% 110.3% 35.3% 90,234 74,930 8

1 2,094 1,660 75.0% 79.3% 4.3% 8,000 6,340 75.0% 79.3% 4.3% 2 3,320 2,493 75.0% 75.1% 0.1% 10,000 7,507 75.0% 75.1% 0.1% 3 2,336 1,770 75.0% 75.8% 0.8% 964 730 70.0% 75.8% 5.8% 4 3,027 3,000 75.0% 99.1% 24.1% 5 1,014 1,000 75.0% 98.6% 23.6% 6 4,796 4,000 70.0% 83.4% 13.4% 7 7,259 5,100 70.0% 70.3% 0.3% 8 9,992 7,500 75.0% 75.1% 0.1% 9 8,873 7,500 50.0% 84.5% 34.5% 61,675 48,600 1 3,720 3,000 75.0% 80.6% 5.6% 2 2,712 2,700 75.0% 99.6% 24.6% 3 2,128 2,000 75.0% 94.0% 19.0% 4 2,537 2,500 75.0% 98.5% 23.5% 5 1,304 1,200 75.0% 92.0% 17.0% 6 4,796 4,000 70.0% 83.4% 13.4% 7 3,378 2,500 70.0% 74.0% 4.0% 8 10,057 10,000 75.0% 99.4% 24.4% 9 8,100 7,500 75.0% 92.6% 17.6% 38,732 35,400 9

169,903 71,477 327,158 178,647 395,808 198,878 290,517 187,976 A 459,493 86,413 250,427 92,664 152,954 40,749 159,921 39,959 31,562 9,239 74,591 38,126 123,171 42,253 87,554 48,927 A 215,689 130,599 426,377 218,342 606,172 312,868 658,779 353,973 A 3,028 2,509 32,318 21,208 23,640 17,755 8,128 4,968 A 163,099 10,447 16,550 4,447 21,550 6,447 A 4,500 2,126 879,675 300,237 1,278,470 561,560 1,318,295 616,950 1,226,449 642,250 A 117 171135 40.2% 41.0% 48.0% 9.9% 17.6% 21.5% 10

30,000 11

100% 1. 2. 3. 4. 5. 12

60% 45% 40% 30% 0.69 153,000,000 (i) 68,000,000 (ii) 45,300,000 (iii) 30,200,000 (iv) 4,500,000 (v) 5,000,000 13

21,244 56,416 25,993 38,972 2,059 3,224 1,159 2,348 (3,362) (5,287) (2,696) (4,326) (825) (1,817) (1,028) (1,187) (900) (313) (181) (181) (4,269) (10,050) (3,757) (7,086) (229) (526) (404) 13,718 41,647 19,086 28,540 (3,667) (10,409) (4,783) (8,209) 10,051 31,238 14,303 20,331 246,590 408,310 484,100 23,248 24,314 63,027 266,183 328,586 314,924 8,946 40,520 42,634 7,564 12,350 272,921 312,380 322,967 14

(57,100) (63,732) (55,099) 15,152 22,549 47,770 34,412 12,542 10,175 48,971 50,113 (10,000) (24,376) 33,009 29,426 17,694 47.3% 55.4% 21,200,000 165.6% 56,400,000 10,100,000 210.8% 31,200,000 55.0% 52.2% 49.9% 26,000,000 39,000,000 88.6% 3,800,000 7,100,000 3.7% 10.0% 3.5% 8.9% 15

4.8% 6.3% 4.3% 5.4% 29.8 8.1 19,900,000 3,700,000 10,500,000 8.1 7.4 (i) 12,600,000 (ii) 5,400,000 18,900,000 122,900,000 68,500,000 173,400,000 93,500,000 66,600,000 194,900,000 16

194,900,000 80,300,000 19,500,000 15,600,000 7,900,000 6,300,000 3,500,000 2,800,000 4,100,000 3,300,000 2,400,000 1,900,000 1,600,000 1,300,000 0.60 0.78 1 600,000,000 780,000,000 2 0.54 0.59 1 1,000,000,000 2 0.60 0.78 1,000,000,000 17

(i) (ii) (iii) (iv) 18

99% 1% 78% 749,998,900 19

22 3 32 Expert Corporate Limited Ever Ultimate Limited 20

78% 22% 78% 22% 21

(i) (ii) E. 99% 1% 22% 22

1 1 37,500,000 24

. 1. 0.78 0.60 250,000,000 25

75 571 0.01 26

2 27

% 1 0.8 1 7.8 28

57,100,000 63,700,000 30

(i) (ii) 157,890 52.6 263,811 46.4 239,627 35.4 142,347 47.4 304,927 53.6 438,205 64.6 300,237 100.0 568,738 100.0 677,832 100.0 % % % 100,007 15.9 280,384 49.3 328,122 59.8 175,506 27.9 44,867 7.9 28,596 5.2 252,918 40.2 4,416 0.8 52,115 9.5 100,965 16.0 239,046 42.0 139,929 25.5 629,396 100.0 568,713 100.0 548,762 100.0 32

8.1% 99.4% 60.5% 51.2% 51.6% 10 20% 33

10,100,000 31,200,000 20,300,000 35

19,500,000 15,600,000 7,900,000 6,300,000 3,500,000 2,800,000 4,100,000 3,300,000 4,000,000 3,200,000 K8 9 K8 619 114 115 125 126 36

619 37

179,000 205,000 55,000 10,000 50,000 H5N1 H1N1 H7N9 H5N1 H1N1 H7N9 38

246,600,000 408,300,000 484,100,000 10% 20% 39

484,100,000 93,545,000 19.3% 20% 20% 20% 3,250,000 41,000,000 100,500,000 68,400,000 2 2 2 40

13 5,000,000 60,000,000 326.4% 13.4% 31 4 13 41

30,000 5% L. 3. 17% 42

149.7% 7.8% 5% L. 3. 6% 71 43

99% 1% 99% 1% 45

41 46

25% 49

25% 10% 50

(i) (ii) (iii) (iv) (v) (vi) 52

17.29 75% 53

(i) 20 (ii) ; (iii) 55

571V 37,500,000 15% 56

250,000,000 25% 44B(1) 57

11.23(7) 25% 250,000,000 25% 5,000 58

5 A1501 310 2002 51 16 15 E A 13 1316 20 36 B 16 4 620 5 43 A 7 B 86 902 60

18 2 16 1606 35 28 2801 16 1601 35 28 2801 16 1601 61

39 19 28 10 100032 Conyers Dill & Pearman (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 1 3 11 500 5 30 200120 62

111 25 145 901 63

XI Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 166 11 23 39 19 18 2 16 1606 Codan Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 64

28 26 4 2059 www.dingfeng-cn.com 65

(a) (b) 12.2% 19,700 12.6% 28,055 13.5% 9,967 25.6% 12,700 2,000 1,970.2 45.0% 1,800 1,756.0 40.0% 1,600 1,400 1,200 1,000 800 600 400 924.9 22.0% 1,082.3 17.0% 1,223.7 13.1% 1,473.7 20.4% 19.2% 12.2% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 200 5.0% 0 0.0% 66

6,362 12,710 636.2 827.3 1,011.9 1,271.0 568.0 746.0 937.5 1,245.2 125 166 190 236 10,000 1,690.9 1,717.1 1,993.3 1,564.6 1. 8,402 39.3% 181,000 12,750 40.5% 9,860 67

2. (1) 8,402 1,572 18.7% 6,830 81.3% 1,572 19% 6,830 81% (2) 15,997 32.6% 68

9,311 57.2% 63.8% 7,858 (3) 1. 2. 2010 69

2011 2011 3,250,000 a. b. 20,000,000 c. 50% d. 3. 70

23 37 4. (1) (2) 5,000,000 (3) 71

30,000 1. (i) (ii) 2. 72

1. 6,084 53,000 2,370,000 117,000 2. (i) (ii) (iii) 2,200,000 2,210 1. 179 1,900 17,600,000 16,300,000 8.1% 637 73

112 24.6% 27.3% 48.1% 25.1% 24.9% 30.4% 25% 48% 27% 2. 3. 10% 74

51 6 4. 20% 6.0% 75

1. 560 89.2% 560 20 80 460 240 15,500 31.1 4.7 2.0 20 4% 80 14% 460 82% 350 22% 660 43% 540 35% 76

1,600 1,400 1,200 1,000 800 600 400 200 0 200.0% 24 546.0% 155 370 139.0% 700 89.2% 930 32.9% 1,550 66.7% 600.0% 500.0% 400.0% 300.0% 200.0% 100.0% 0.0% 42 2. (i) (ii) (iii) 77

(Caterpillar) 10 1. (i) (ii) (iii) (iv) 78

(v) (vi) (vii) 2. 79

60% 45% 40% 30% 80

1 2 3 4 5 6 7 1. 2. 3. 4. 5. 6. 7. 81

RongXin Company Limited RongXin Company Limited RongXin Company Limited 50,000 50,000 1.00 10,000 10,000 1 100,000,000 35,000,000 30,000,000 25,000,000 10,000,000 35% 30% 25% 10% 60% 40% 82

35% 25% (i) (ii) (iii) 30% 10% 83

20,000,000 25,000,000 10,000,000 68,400,000 16,000,000 22,800,000 12,000,000 15,000,000 19,000,000 57,000,000 84

100,000,000 150,000,000 150,000,000 228,000,000 228,000,000 35% 79,800,000 30% 68,400,000 25% 57,000,000 10% 22,800,000 229,626,331.10 228,000,000 (i) (ii) (iii) 128,000,000 85

128,000,000 15% 85% 19% 35,600,000 68,000,000 0.69 44% (i) (ii) 15% (iii) 30,000,000 1,200,000 28,800,000 4% 96% 4% 1,200,000 (i) (ii) (iii) 86

5,000,000 5,000,000 (i) (ii) 5,000,000 10,000,000 90% 10% 10% 1,000,000 (i) 2.5% 250,000 (ii)18.75% 1,875,000 (iii)37.5% 3,750,000 37.5% 31.25% 18.75% 12.5% 87

10,000,000 32,000,000 22,000,000 9,325,000 5,850,000 4,875,000 1,950,000 35% 30% 25% 10% 32,000,000 54,000,000 22,000,000 7,700,000 6,600,000 5,500,000 2,200,000 54,000,000 79,000,000 25,000,000 8,750,000 7,500,000 6,250,000 2,500,000 79,000,000 108,800,000 29,800,000 10,430,000 8,940,000 7,450,000 2,980,000 (i) 35% 38,080,000 (ii) 30% 32,640,000 (iii) 25% 88

27,200,000 (iv) 5% 5,440,000 5% 5,440,000 95% 5% 5% 5,440,000 90% 10% 108,800,000 150,000,000 41,200,000 37,080,000 4,120,000 E. (i) (ii) (iii) 89

5,000,000 35% 1,750,000 13% 650,000 35% 13% 52% 65% 3,250,000 5,000,000 10,000,000 5,000,000 67.5% 32.5% 90

67.5% 6,750,000 60% 40% 10,000,000 30,000,000 20,000,000 16,650,000 3,350,000 78% 22% 67.5% 32.5% 67.5% (i) (ii) 91

10,000,000 60% 40% 10,000,000 30,000,000 (i) (ii) (iii) 92

1,000,000 12,000,000 32,000,000 50,000,000 5% 2,500,000 (i) 95% 47,500,000 (ii) 5% 2,500,000 51% 25,525,500 49% 93

24,524,500 (i) (ii) 32.5% 49% 24,500,000 50% 25,000,000 99% 1% (i) (ii) (iii) 94

500,000 500,000 10,000,000 60,000,000 60,000,000 60,000,000 100,000,000 40,000,000 10,000,000 30,000,000 70% 30% (1) 380,000 38,000,000 0.01 Codan Trust Company (Cayman) Limited 599 400 95

(2) RongXin Company Limited 50,000 50,000 1.00 600 400 RongXin Company Limited (3) RongXin Company Limited Thrive Expand Limited 1 RongXin Company Limited Thrive Expand Limited 1 (4) Thrive Expand Limited RongXin Company Limited Thrive Expand Limited 247,562,000 RongXin Company Limited RongXin Company Limited (5) Thrive Expand Limited RongXin Company Limited Thrive Expand Limited RongXin Company Limited Thrive Expand Limited 148,537,000 (6) Thrive Expand Limited RongXin Company Limited Thrive Expand Limited RongXin Company Limited Thrive Expand Limited 99,025,000 (7) RongXin Company Limited RongXin Company Limited 60 RongXin Company Limited 60 1.00 (i)rongxin Company Limited (ii) RongXin Company Limited (8) RongXin Company Limited RongXin Company Limited 40 RongXin Company Limited 40 1.00 (i)rongxin Company Limited (ii) RongXin Company Limited 96

(9) 600 400 Expert Corporate Limited Ever Ultimate Limited (10) 660 440 RongXin Company Limited RongXin Company Limited (i) 60 40 Expert Corporate Limited Ever Ultimate Limited (ii) Expert Corporate Limited Ever Ultimate Limited 600 400 97

100% Expert Corporate Limited 60% 100% Ever Ultimate Limited 40% 100% RongXin Company Limited 100% 100% 100% 100% 10% 90% 1 2 3 99% 1% 1% 99% 78% 22% 100% 1. 2. 3. 98

100% Expert Corporate Limited 100% Ever Ultimate Limited 45% 30% 25% 100% RongXin Company Limited 100% 100% 100% 100% 10% 90% 1 2 3 99% 1% 1% 99% 78% 22% 100% 1. 2. 3. 99

100

A. 1. 2. 101

B. 1. 102

2. 103

C. 1. (i) (ii) (iii) 3,000,000 5,000,000 104

10,000,000 (i) (ii) (iii) (iv) (v) 15,000,000 5,000,000 50% (i) (ii) (iii) 30,000 (iv) (v) (i) (ii) (iii) (iv) (i) (ii) (iii) 105

(iv) 10,000,000 1,000,000 10,000,000 10% 25% 50% 4.2% 2.7% 2.4% 30,000 30,000 106

2. (i) 1/2 1/3 (ii) 18 (iii) (i) (ii) (iii) 1 3 2 D. 1. 107

E. 1. (i) 5,000,000 (ii) 50% 30 50% (iii) 10% 15% (iv) 108

(v) (vi) (vii) (viii) 50% 1% 10% 2. (i) (ii) 100,000,000 (iii) 3. (2012)1 4. 109

F. 1. 5,000,000 10,000,000 G. 1. 110

2. H. 1. 111

2. 75 (i) (ii) (iii) 75 75 75 3. (i) (ii) (iii) 10% 50% I. 112

J. 1. (i) (ii) (iii) (iv) (v) (vi) 2,000 (vii) 50% 100% 2. (i) 113

(ii) (iii) K. 1. 30 2. 5% 114

L. 1. 25% 2. 5% 3. 13% 17% 110 111 110 111 5,000,000 17% 11% 6% 5,000,000 3% 8 71 115

71 4. 7% 5% 1% 3% 116

M. 10% 250,746 378,286 311,890 15% 50% 215,689 393,963 606,172 1% 31,562 74,591 123,171 1,773 9,431 9,040 167,599 2,050 117

10,000,000 10% 25% 50% 20,428 14,698 29,308 1,255 22,886 14,600 8,873 14,500 358,222 175,729 207,564 32,414 118

N. 119

71 (2013)422 120

100% 1. 2. 3. 4. 5. 78% 22% 121

99% 1% 99% 1% 122

123

124

(a) (b) (a) (b) (c) 125

126

(a) (b) (c) (d) (e) (f) (i) 127

(ii) 18 18 (a) 50,000,000 50% (20) (b) 128

50% 50,000,000 (c) 18 (i) (ii) 2011 53 53 53 129

(i) (ii) (iii) (i) 52 (ii) 52 130

(i) (ii) (iii) 52 (i) (ii) 131

(i) (ii) (i) 132

(ii) (i) 133

(ii) (iii) (iv) 71 (i) 134

(ii) (i) (ii) 10 135

2 5 136

(i) (ii) (iii) (iv) (v) 137

% % % % 6,710 31.6 8,449 15.0 4,421 17.0 8,359 21.4 1,642 7.7 6,016 10.7 1,827 7.0 7,014 18.0 7,647 36.0 19,094 33.8 9,105 35.1 8,396 21.5 5,245 24.7 22,365 39.6 10,640 40.9 12,066 31.0 492 0.9 3,137 8.1 21,244 100.0 56,416 100.0 25,993 100.0 38,972 100.0 % % % % 81 69.2 100 58.5 75 59.5 101 74.8 22 18.8 33 19.3 25 19.8 14 10.4 9 7.7 27 15.8 20 15.9 10 7.4 5 4.3 10 5.8 6 4.8 5 3.7 1 0.6 5 3.7 117 100.0 171 100.0 126 100.0 135 100.0 138

10% 20% 139

1.0% 4.8% 1.0% 3.6% 1.5% 3.5% 0.05% 0.6% 800 16,000 18.14 0.8% 1.5% 60% 40% 4 140

(a) (b) 250,746 50.2 378,286 36.9 311,890 29.6 215,689 43.2 393,963 38.5 606,172 57.6 31,562 6.3 74,591 7.3 123,171 11.7 1,773 0.3 9,431 0.9 9,040 0.9 167,599 16.4 2,050 0.2 (A) 499,770 100.0 1,023,870 100.0 1,052,323 100.0 (B) 246,590 408,310 484,100 (B/A) 49.3% 39.9% 46.0% 141

49.3% 39.9% 46.0% 6,710 100.0 7,493 88.7 3,706 83.8 8,218 98.3 757 9.0 715 16.2 65 0.8 199 2.3 76 0.9 6,710 100.0 8,449 100.0 4,421 100.0 8,359 100.0 142

47 72 63 79 99 113 82 115 39 70 35 43 1,000 10,000 710 10,000 710 10,000 1,500 15,000 5,669 5,762 5,820 6,429 221,080 403,360 203,710 276,450 7 24 10 24 10 12 7 36 12.7 12.5 12.0 12.6 1.0% 3.6% 1.0% 3.5% 1.0% 3.0% 1.6% 3.0% 246,590 408,310 484,100 (i) (ii) 143

(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (i) (ii) (iii) (iv) 144

(v) (vi) (vii) (i) (ii) (i) (ii) (i) (ii) (i) (ii) (i) (ii) (i) (ii) (iii) 145

(i) (ii) 0.05% 0.6% (iii) (iv) (iii) (i) (ii) (iii) (i) (ii) 146

(i) (ii) (iii) 81 100 101 147

(i) (ii) (iii) (iv) 17 21 13 14 13 21 10 12 1 1 1 1 50 57 51 74 81 100 75 101 E. 100,000,000 108.8 108.8 108.8 150.0 108,800,000 150,000,000 148

(A) 246.6 408.3 484.1 (B) 109.8 110.8 156.2 A/B 2.25 3.69 3.10 10% (A) 10.0 10.0 15.0 (B) 109.8 110.8 156.2 A/B (%) 9.1% 9.0% 9.6% 149

15% (A) 10.0 10.0 15.0 (B) 109.8 110.8 156.2 A/B (%) 9.1% 9.0% 9.6% 50% 30% 50% 3.6% 3.5% 3.0% 50% 50% 4.9% 4.5% 4.5% 150

50% (A) 6.4 11.0 9.6 3.2 3.2 5.5 2.3 (0.7) * (B) 3.2 5.5 4.8 B/A (%) 50.0% 50.0% 50.0% 151

1% (A) 246.6 408.3 484.1 3.4 6.4 10.5 (B) 3.0 4.1 4.8 * 6.4 10.5 15.3 B/A (%) 1.2% 1.0% 1.0% * 152

0.8 1.0 2.7 0.8 1.0 2.7 (A) 2.3 (0.7) (B) 3.0 4.1 4.8 (A)+(B)* 25% (0.8) (1.6) (1.0) 3.0 5.8 5.8 153

9,600,000 16,000,000 20,100,000 39 37 1.0% 4.8% 1.0% 3.6% 1.5% 3.5% 154

0.05% 0.6% 800 16,000 3,250,000 210,000 570,000 900,000 1,566,600 155

10% 15%20% 10% 20% 484,100,000 93,545,000 19.3% 20% 20% E. 156

(i) (i) (ii) (iii) (i) (ii) 0.3% 1.5% 0.5% 3.0% 157

20,428 94.2 14,698 31.6 29,308 50.2 1,255 5.8 22,886 49.3 14,600 25.0 8,873 19.1 14,500 24.8 (A) 21,683 100.0 46,457 100.0 58,408 100.0 (B) 9,930 33,250 35,850 (B/A) 45.8% 71.6% 61.4% 45.8% 71.6% 61.4% 22 19,150 88.1 22 44,050 62.7 8 18,800 82.8 14 26,250 48.2 7 1,280 5.9 12 18,700 26.6 7 3,900 17.2 10 24,250 44.5 2 1,310 6.0 1 7,500 10.7 1 4,000 7.3 31 21,740 100.0 35 70,250 100.0 15 22,700 100.0 25 54,500 100.0 158

842 51.2 908 15.1 484 26.5 400 5.7 689 42.0 3,218 53.5 832 45.5 2,531 36.1 1,531 93.2 4,126 68.6 1,316 72.0 2,931 41.8 27 1.6 383 6.4 197 10.8 445 6.3 32 2.0 1,407 23.4 314 17.2 2,705 38.6 59 3.6 1,790 29.8 511 28.0 3,150 44.9 23 1.4 16 0.2 153 2.2 29 1.8 84 1.4 780 11.1 52 3.2 100 1.6 933 13.3 1,642 100.0 6,016 100.0 1,827 100.0 7,014 100.0 1,600,000 6,000,000 7,000,000 (i) (ii) 159

10 6 11 10 29 32 18 20 22 22 8 14 19,150 44,050 18,800 26,250 870.5 2,002.3 2,350 1,875 133 105 52 137 6 4 4 5 85.7% 40.0% 40.0% 83.3% 1 3 3 ( ) 4.5% 13.6% 21.4% 1% 1.2% 0.4% 1% 0.4% 1.0% 0.4% 0.47% 0.5% 1.8% 1.5% 2.6% 1.5% 2.6% 2.03% 2.6% 6 6 11 2 7 18 13 16 7 12 7 10* 1,280 18,700 3,900 24,250* 182.9 1,558.3 557.1 2,425* 176 144 142 130 6 6 3 100.0% 100.0% 50.0% 1 3 ( ) 8.3% 30.0% 1% 1.2% 0.4% 1.5% 0.4% 1.5% 0.4% 0.47% 0.5% 1.8% 2.0% 3.0% 2.0% 3.0% 2.4% 2.6% 160

1 1 2 1 2 2 1 1 1,310 7,500 4,000 655 7,500 4,000 41 180 180 ( ) 1% 1.5% 0.47% 0.47% 1% 1.5% 2.4% 2.4% 100% * 2,400,000 161

(i) (ii) (i) (ii) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) 162

(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) 163

22 33 14 1 9 13 7 2 7 9 9 7 16 1 22 2 16 2 10 1 1 1 5 6 6 5 5 3 6 1 12 2 11 2 3 1 1 1 2 1 1 2 22 3 33 3 25 3 14 3 1. 2. 3. 164

C. 6 6 6 10,000,000 10% (A) 1 1 3 3 (B) 10 10 30 30 A/B (%) 10% 10% 10% 10,000,000 30,000,000 165

25% (A) 2.5 2 7.5 7.5 (B) 10 10 30 30 A/B (%) 25% 20% 25% 25% 50% (A) 1.3 7.5 7.5 (B) 10 10 30 30 A/B (%) 13% 0% 25% 25% 166

9.7 8.8 22.1 20.4 10 10 30 30 167

4.2% 2.7% 2.4% 4.2% 1.8% 3.0% 2.6% 2.7% 1.8% 2.6% 2.6% 2.4% 1.5% 2.4% 2.4% 168

% % % 0 30 2,000 20.1 4,780 12,550 37.7 16,816 13,500 37.6 27,016 31 90 4,130 41.6 9,045 7,300 22.0 12,122 9,100 25.4 15,387 91 180 3,800 38.3 7,858 13,400 40.3 17,519 13,250 37.0 16,005 180 9,930 100.0 21,683 33,250 100.0 46,457 35,850 100.0 58,408 9,930 100.0 21,683 33,250 100.0 46,457 35,850 100.0 58,408 1,800 5.4 2,514 9,500 26.5 12,516 9,930 100.0 21,683 31,450 94.6 43,943 26,350 73.5 45,892 (i) (ii) 169

(i) (ii) 1.0% 3.0% 6 11 35 26 11 12 30 21 9 12 24 6 14 7 12 2 12 13.7 10.9 12.0 6.3 (i) (ii) (a) (b) 170

(iii) (a) (b) 9 27 10 (i) (ii) (iii) (iv) 8 17 11 2 1 1 3 3 1 1 6 6 6 9 27 20 10 6,085,000 2,802,000 171

66,000 300,000 180,000 600,000 250,000 600,000 2% 2.04% 2.25% 50,000,000 100,000,000 10,000,000 120,000,000 7,000,000 140,000,000 6,085,000 2,802,000 1. 2. 18 172

(i) (ii) (iii) 173

1.2% 1.5% 1.2% 2.0% 1.8% 174

0.05% 0.2% 358,222 100.0 175,729 84.4 207,564 100.0 32,414 15.6 (A) 358,222 100.0 208,143 100.0 207,564 100.0 (B) 43,717 120,000 97,000 (B/A) 12.2% 57.7% 46.7% 12.2% 57.7% 46.7% 175

4 6 4 3 7 20 12 13 7 16 8 7 117,000 400,000 195,000 222,000 16,714 25,000 24,375 31,714 43 183 57 365 91 275 31 182 91 140 129 108 1.2% 1.5% 1.5% 2.0% 1.5% 2.0% 1.8% 5 1 3 ( ) 31.3% 12.5% 42.9% 100% 100% 100% 100% 2 43,717 120,000 110,000 97,000 176

(i) (ii) (i) (ii) (iii) (i) (ii) (i) (ii) (i) (ii) (iii) (iv) (v) (vi) 177

(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (i) (ii) (i) 178

(ii) (i) (ii) (iii) (iv) 4 3 2 1 4 1 1 3 3 4 5 10 6 5 179

180

(A) 1.5% 2.0% 1.8% 0.48% 0.50% 0.50% A/B 3.13 4.00 3.60 1.2% 1.5% 1.2% 2.0% 1.8% 7,000,000 1.2% 181

8,000 20,000,000 1.5% % % % 0 30 35,000 29.2 66,752 33,000 34.0 80,369 31 90 20,000 45.7 83,568 65,000 54.1 108,977 29,000 29.9 48,410 91 180 20,000 16.7 32,414 35,000 36.1 78,785 180 (A) 20,000 45.7 83,568 120,000 100.0 208,143 97,000 100.0 207,564 1 90 (B) 23,717 54.3 274,654 (A) + (B) 43,717 100.0 358,222 120,000 100.0 208,143 97,000 100.0 207,564 67,000 55.8 118,188 35,000 36.1 78,785 43,717 100.0 358,222 53,000 44.2 89,955 62,000 63.9 128,779 43,717 100.0 358,222 120,000 100.0 208,143 97,000 100.0 207,564 182

7,000,000 20,000,000 23,717,000 1 90 10% 20% 183

1 5 2 3 1 4 8,500 62,240 8,500 15,560 24 36 24 36 18.0% 9.9% 14.7% 18.0% 12.4% 5% 2.9% 3.4% 5% 3.0% 100% 100% 0 0 7,178 60,882 184

(i) (ii) (i) (ii) (i) (ii) (iii) (iv) (v) (vi) (vii) (i) (ii) 185

1 4 1 1 5 186

10,000,000 128,000,000 16,400,000 128,000,000 16,400,000 (A) 17.8 65.9 (B) 20.4 23.8 A/B 0.87 2.77 27 17 187

(i) (ii) 17 117 171 135 14 13 12 9 67 87 63 92 81 100 75 101 22 33 25 13 1 22 33 25 14 9 27 20 10 9 27 20 10 188

5 10 6 5 5 10 6 5 1 5 1 5 117 171 126 135 1 5 2 2 2 1 1. 2. 189

40.2% 41.0% 48.0% 9.9% 17.6% 21.5% 5% 1 2 3 4 5 190

1 2 3 4 5 1 2 3 4 5 191

8,404,000 40,168 15,792 48,996 12,994 42,607 28,968 8,404 (8,404) 2,042 1,377 759 63,608 51,372 78,723 192

(i) (ii) (iii) (iv) 193

(i) (ii) (iii) (iv) (v) 194

195

(i) (ii) 196

197

1.79% 1.11% 198

2.5 30 20 199

(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) 68 43 63.2% 72 31 43.1% 45 21 46.7% 14 0% 29 0% 20 1 5% 82 43 52.4% 101 31 30.7% 65 22 33.8% 27 4 14.8% 37 5 13.5% 8 2 25% 8 3 20 1 5% 35 4 11.4% 40 5 12.5% 28 3 10.7% 200

8 1 12.5% 12 0% 2 1 50% 4 0% 6 8 1 12.5% 16 0% 8 1 12.5% 2 9 6 66.7% 2 0% 9 6 66.7% 201

1.79% 1.11% 202

(i) (ii) (iii) (a) (b) (c) (d) 203

(e) (f) 75% 70% 75% 50% 204

25.1% 6.8% 95.7% 8 46.4% 9.8% 99.1% 5 43.7% 9.4% 99.6% 5 29.3% 8.1% 70.4% 1 51.1% 9.8% 83.4% 3 34.3% 6.1% 83.4% 2 60.5% 8.1% 90.8% 5 51.2% 14.2% 79.3% 2 51.6% 19.6% 99.4% 1 82.8% 63.7% 119.4% 6 65.6% 14.2% 75.1% 1 75.0% 59.5% 92.6% 1 11.4% 6.2% 84.5% 1 26.9% 21.8% 27.6% 15 1 9 2 9 67 91 95 1. 2. 5 2 1 38,000,000 18,000,000 10,000,000 205

74,930 48,600 35,400 21,400 1 3,335 3,000 75.0% 90.0% 15.0% 2 10,102 9,170 75.0% 90.8% 15.8% 915 830 75.0% 90.8% 15.8% 3 1,084 860 75.0% 79.3% 4.3% 3,959 3,140 75.0% 79.3% 4.3% 4 3,469 2,778 75.0% 80.1% 5.1% 1,526 1,222 75.0% 80.1% 5.1% 5 2,499 1,882 75.0% 75.3% 0.3% 10,780 8,118 75.0% 75.3% 0.3% 6 10,448 10,000 75.0% 95.7% 20.7% 7 11,230 9,000 75.0% 80.1% 5.1% 8 11,402 10,000 75.0% 87.7% 12.7% 9 5,684 4,000 70.0% 70.4% 0.4% 10 11,087 8,621 75.0% 77.8% 2.8% 1,773 1,379 75.0% 77.8% 2.8% 11 192 150 75.0% 78.1% 3.1% 12 231 230 75.0% 99.6% 24.6% 13 256 250 75.0% 97.7% 22.7% 14 126 150 75.0% 119.4% 44.4% 15 136 150 75.0% 110.3% 35.3% 90,234 74,930 206

100% 100% (i) (ii) 100% (iii) 100% 150 150 208

A B A 149,475 29.9 219,913 21.5 218,797 20.8 A 101,271 20.3 164,923 16.1 95,143 9.0 B 249,024 49.8 639,034 62.4 738,383 70.2 (X) 499,770 100.0 1,023,870 100.0 1,052,323 100.0 (Y) 246,590 408,310 484,100 (Y/X) 49.3% 39.9% 46.0% A (Z) 398,499 858,947 957,180 (Y/Z) 61.9% 47.5% 50.6% A 20,428 94.2 23,571 50.7 43,808 75.0 A B 1,255 5.8 22,886 49.3 14,600 25.0 (X) 21,683 100.0 46,457 100.0 58,408 100.0 (Y) 9,930 33,250 35,850 (Y/X) 45.8% 71.6% 61.4% A (Z) 21,683 46,457 58,408 (Y/Z) 45.8% 71.6% 61.4% 210

A 175,729 84.4 207,564 100.0 A 358,222 100.0 B 32,414 15.6 (X) 358,222 100.0 208,143 100.0 207,564 100.0 (Y) 43,717 120,000 97,000 (Y/X) 12.2% 57.7% 46.7% A (Z) 208,143 207,564 (Y/Z) 57.7% 46.7% A B A A B 211

398,499 79.7 768,943 75.1 899,369 85.5 A 101,271 20.3 254,927 24.9 152,954 14.5 (A) 499,770 100.0 1,023,870 100.0 1,052,323 100.0 (B) 246,590 408,310 484,100 (B/A) 49.3% 39.9% 46.0% A (C) 398,499 768,943 899,369 (B/C) 61.9% 53.1% 53.8% 21,683 100.0 46,457 100.0 58,408 100.0 A (A) 21,683 100.0 46,457 100.0 58,408 100.0 (B) 9,930 33,250 35,850 (B/A) 45.8% 71.6% 61.4% A (C) 21,683 46,457 58,408 (B/C) 45.8% 71.6% 61.4% 208,143 100.0 207,564 100.0 A 358,222 100.0 212

(A) 358,222 100.0 208,143 100.0 207,564 100.0 (B) 43,717 120,000 97,000 (B/A) 12.2% 57.7% 46.7% A (C) 208,143 207,564 (B/C) 57.7% 46.7% 1 5,000 5,000 2 3,500 3,500 3 10,000 10,000 10,000 4 7,000 7,000 7,000 7,000 5 4,000 4,000 4,000 4,000 6 8,000 8,000 8,000 8,000 37,500 37,500 29,000 18,000 A B 77,877,000 49,452,000 A B (i) P Q R S P Q RA Q S B Q (ii) (i) 213

A Q R S P A 42.1% 7.5% 95.7% 50.1% 9.8% 99.1% 47.8% 9.4% 99.6% A 18.8% 6.8% 90.8% 38.7% 9.8% 76.0% 20.3% 9.4% 59.3% B 56.9% 8.1% 119.4% 41.4% 6.2% 83.4% 49.5% 6.1% 99.4% 50.9% 7.5% 119.4% 45.6% 6.2% 99.1% 49.4% 6.1% 99.6% 34.4% 20.5% 72.1% 37.1% 19.6% 71.1% 169,903 71,477 327,158 178,647 395,808 198,878 290,517 187,976 A 459,493 86,413 250,427 92,664 152,954 40,749 159,921 39,959 31,562 9,239 74,591 38,126 123,171 42,253 87,554 48,927 A 215,689 130,599 426,377 218,342 606,172 312,868 658,779 353,973 A 3,028 2,509 32,318 21,208 23,640 17,755 8,128 4,968 A 163,099 10,447 16,550 4,447 21,550 6,447 A 4,500 2,126 879,675 300,237 1,278,470 561,560 1,318,295 616,950 1,226,449 642,250 214

215,689,000 426,377,000 606,172,000 658,779,000 (i) (ii) (iii) A B A B i. (i) (ii) (iii) 215

ii. iii. A A (i) 216

10% 15% 217

10,000,000 10% 25% 50% 16 4 218

(i) (ii) (iii) (iv) (v) 16 219

19 20 1. 2. 3. 4. 5. 3 220

57,100,000 63,700,000 % % % 0 30 3,357 5.8 48,790 30.2 47,647 24.4 31 90 24,130 41.3 72,300 44.7 77,515 39.8 91 180 25,180 43.1 40,578 25.1 48,250 24.8 180 5,717 9.8 21,467 11.0 58,384 100.0 161,668 100.0 194,879 100.0 % % % 32,667 56.0 161,668 100.0 194,879 100.0 1 90 25,717 44.0 58,384 100.0 161,668 100.0 194,879 100.0 221

246,590 246,590 408,310 408,310 484,100 484,100 180 194,900,000 484,100,000 2 2 2 40,973,000 100,483,000 68,429,000 2 2 2 2 222

2 1 2 2 3 4 4.1% 2.4% 3.1% 223

1,900,000 (i) (ii) (iii) (iv) (v) 224

(i) (ii) (iii) 10% 100,000,000 225

10,000,000 166 11 2301 2306 23 20 D 13,300 K8 9 10,530 226

K8 6,000 K8 9 K8 1,600,000 6,000,000 7,000,000 (i) (ii) (iii) 227

28 B. 2. 619 166 23 619 125 03 166 23 619 126 06 619 115 228

619 114 (i) (ii) (iii) 229

11.06 10,000 50,000 230

179,000 205,000 55,000 (1) (2) (3) 231

232

1.0% 1.5% 31 4 7 6 1 0.49% 0.99% 0.49% 0.99% 502,000 433,000 2 3 21,740,000 1,280,000 2,450,000 3,100,000 233

5 4 6 6 234

1. 13 13 2. 1% 1.5% 235

3. (i) (ii) 4. 5. 6. 30,000 (i) (ii) (iii) 236

(i) (ii) 237

30,000 1 238

1 (i) (a) (b) (c) (d) (e) (f) (ii) 239

(iii) 502,000 433,000 66,633,000 322,967,000 31,238,000 42,607,000 (iv) 59,000 547,000 1,000,000 240

16 10 241

20 6 242

30 (1) (2) (3) (4) (5) (6) 243

5.01 5.02 5.01 5.02 11.07 11.06 (i) (ii) (iii) (iv) (v) 244

1. 2. 3. 4. A 1. 2. 245

3. 1. 2. 3. 246

1. 247

2. 3. A A B A 1. A B A B A 248

2. A B A (i) (ii) 6A.15(5) 6A.15(5) 5.01 5.02 11.07 11.06 (i) 249

(ii) (iii) (iv) 5.01 5.02 5.01 5.02 11.07 11.06 250

17 19 19.04(8) 19 19.07(1) 8% 17.15 17.17A 17 19 19.22 19.23 19.07 5% 25% 19.08 A 20,000,000 B 29,200,000 C 33,000,000 17,000,000 D 30,000,000 251

% % % % 1 240 1.13 2 192 0.90 18 0.03 18 0.07 212 0.54 3 704 3.31 485 0.86 270 1.04 365 0.94 4 199 0.35 76 0.20 896 4.21 702 1.24 288 1.11 653 1.68 5 121 0.57 1,257 5.91 702 1.24 288 1.11 653 1.68 252

1. 20% 80% 240,000 2. 95% 5% (a) 10,000,000 (b) 2% (c) (a) 10,000,000 (b) 3% (c) 10,000,000 10,000,000 10,000,000 3. 16 9 4 1% 2.7% 1% 3% 1.8% 3.0% 22,000,000 26,700,000 12,900,000 4. 60% 40% 253

22,160,000 60 3% 5. 800,000 1 0.5% 254

20 (1) (i) 78% 99% 1% (ii) 22% 99% 1% 20.11(1) 20.11(1) 20.11(1) 78% 22% (2) (1) 255

20 (i) (ii) 20 20 (i) (ii) (iii) 20.42(3) (i) 20 (ii) ; (iii) 256

(a) (b) (d) (c) (i) ; (ii) (iii) (d) 20 257

(e) (i) (ii) (1) (2) (3) (d) (iii) (iv) 20 20 (v) (f) 258

20.42(3) 259

Expert Corporate Limited Ever Ultimate Limited Expert Corporate Limited Ever Ultimate Limited 260

19,600,000 261

(1) (2) (i) (ii) (3) (30) 30 60 262

(1) (2) (3) (4) (i) 30% 263

(ii) (1) (2) (3) (4) (5) (6) (7) 264

39 41 54 46 49 55 51 39 265

39 41 54 30 46 15 266

49 25 55 51 Polytechnic of Central London University of Westminster 1488 39 14 31 36 (University of Glamorgan) University of South Wales 267

42 20 46 6 56 30 55 12 268

10% 450,000 300,000 375,000 96,000 96,000 96,000 96,000 96,000 269

56 71 91 97 16 20 31 34 6 8 10 11 13 14 15 16 6 11 12 14 15 18 23 22 (i) 3,030 (ii) 1,595.11 (iii) 425 1,300 270

5.28 C3.3 5.34 B1.1 271

6A.19 6A.23 (1) (2) (3) (4) 17.11 18.03 272

XV 2 3 10% Expert Corporate Limited 1 450,000,000 45% 1 450,000,000 45% 2 450,000,000 45% Ever Ultimate Limited 3 300,000,000 30% 3 300,000,000 30% 1. Expert Corporate Limited 450,000,000 2. 3. Ever Ultimate Limited 300,000,000 273

5,000,000,000 50,000,000 1,100 11 749,998,900 7,499,989 250,000,000 2,500,000 1,000,000,000 10,000,000 5,000,000,000 50,000,000 1,100 11 749,998,900 7,499,989 287,500,000 2,875,000 1,037,500,000 10,375,000 11.23(7) 25% 274

(a) 20% (b) 10% 275

(a) (b) (c) 276

(i) (ii) (iii) (iv) (v) 21,200,000 56,400,000 39,000,000 10,100,000 31,200,000 20,300,000 277

150,000,000 10% 30,000,000 10% 25% 278

20 5 4 5 3 5 279

280

281

12 282

283

(a) (b) (a) (b) (i) (ii) (a) (b) (c) 284

285

(a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (i) (ii) (iii) 27 286

17 (i) (ii) (i) 39 287

(ii) (iii) (i) (ii) (iii) (iv) (v) 6,710 8,449 4,421 8,359 1,642 6,016 1,827 7,014 7,647 19,094 9,105 8,396 5,245 22,365 10,640 12,066 492 3,137 21,244 56,416 25,993 38,972 288

6,710,000 25.9% 8,449,000 4,421,000 89.1% 8,359,000 (i) (ii) (iii) 269,000 1,270,000 289

1,642,000 266.4% 6,016,000 1,827,000 283.9% 7,014,000 (i) 10,000,000 30,000,000 (ii) (iii) 7,647,000 149.7% 19,094,000 (i) (ii) 290

8,396,000 9,105,0007.8% (i) 8 400,000,000 1% 3% 5 8 3 21 (ii) 6% 5% 5,245,000 326.4% 22,365,000 10,640,000 13.4% 12,066,000 (i) (ii) (iii) 291

492,000 3,137,000 292

269 1,270 967 359 141 328 213 54 1,384 3,736 1,429 1,892 391 278 210 586 293 456 420 228 2,816 3,250 347 201 28 64 54 32 16 23 230 212 126 160 242 223 87 201 336 362 191 189 582 136 70 80 4,269 10,050 3,757 7,086 (i) (ii) 25% 293

21,244 56,416 25,993 38,972 2,059 3,224 1,159 2,348 (3,362) (5,287) (2,696) (4,326) (825) (1,817) (1,028) (1,187) (900) (313) (181) (181) (4,269) (10,050) (3,757) (7,086) (229) (526) (404) 13,718 41,647 19,086 28,540 (3,667) (10,409) (4,783) (8,209) 10,051 31,238 14,303 20,331 221 256 10,051 31,459 14,303 20,587 * 1.34 4.17 1.91 2.71 * 10,051,000 31,238,000 20,331,000 750,000,000 294

56,400,000 21,200,000 35,200,000 165.6% 6,700,000 8,400,000 (i) 99 113 (ii) 221,100,000 403,400,000 (iii) 1,000,000 1,600,000 6,000,000 (i) 38 51 (ii) 21,700,000 70,300,000 295

(iii) 10,000,000 30,000,000 7,500,000 7,600,000 19,100,000 11 35 5,200,000 22,400,000 (i) 7 20 (ii) 117,000,000 400,000,000 492,000 2,100,000 3,200,000 1,700,000 3,400,000 5,300,000 296

800,000 1,800,000 900,000 300,000 10,100,000 4,300,000 5,800,000 135.4% 5% 1,400,000 3,700,000 2,800,000 500,000 200,000 300,000 129.7% 41,600,000 13,700,000 27,900,000 203.6% 3,700,000 10,400,000 6,700,000 183.9% 25% 26.7% 25.0% 297

31,200,000 10,100,000 21,100,000 210.8% 26,000,000 13,000,000 49.9% 39,000,000 4,400,000 89.1% 8,400,000 (i) 82 115 (ii) 35 43 203,700,000 276,500,000 1,800,000 283.9% 7,000,000 2,500,000 7,500,000 (i) 31 38 298

(ii) 15 25 22,700,000 54,500,000 9,100,000 7.8% 8,400,000 400,000,000 1% 3% 21 6% 5% 10,600,000 13.4% 12,100,000 (i) 12 13 (ii) 8 7 195,000,000 222,000,000 3,100,000 24 36 299

1,200,000 2,300,000 1,100,000 102.6% 1,570,000 210,000 2,700,000 4,300,000 1,600,000 60.5% 1,000,000 1,200,000 200,000 200,000 3,800,000 7,100,000 3,300,000 88.6% 3,300,000 400,000 300

19,100,000 9,500,000 49.5% 28,500,000 8,200,000 4,800,000 3,400,000 71.6% 25.1% 28.8% 20,300,000 14,300,000 6,000,000 42.1% 301

12,994 42,607 19,730 28,968 (57,100) (63,732) (55,099) 15,152 22,549 47,770 34,412 12,542 10,175 48,971 50,113 (10,000) (24,376) 33,009 29,426 17,694 40,168 15,792 15,792 48,996 195 (57) 15,792 48,996 45,218 66,633 (i) (ii) (iii) (iv) (v) 57,100,000 13,000,000 71,900,000 2,000,000 200,000 (i) 50,700,000 (ii) 1,700,000 (iii) 16,500,000 (iv) 3,000,000 302

63,700,000 42,600,000 104,100,000 1,400,000 3,600,000 (i) 99,700,000 (ii) 9,200,000 (iii) 2,200,000 (iv) 2,700,000 15,200,000 29,000,000 3,400,000 800,000 11,200,000 (i) 29,500,000 (ii) 9,500,000 (iii) 2,600,000 22,000,000 (iv) 14,000,000 10,500,000 3,300,000 22,500,000 (i) 25,900,000 (ii) 11,000,000 (iii) 100,000 (iv) 7,100,000 5,800,000 (v) 1,600,000 47,800,000 (i) 51,100,000 (ii) 100,000 (iii) 2,200,000 300,000 (iv) 900,000 303

12,500,000 (i) 5,800,000 (ii) 6,800,000 (iii) 100,000 10,200,000 (i) 8,400,000 (ii) 2,000,000 (iii) 200,000 49,000,000 (i) 38,000,000 (ii) 19,900,000 (iii) 8,400,000 (iv) 500,000 10,000,000 10,000,000 246,590 408,310 484,100 304

10,774 13,044 12,187 8,246 8,140 7,902 2,627 5,300 3,130 37,638 1,601 23,248 24,314 63,027 58,384 158,538 157,241 3,059 12,306 2,805 5,812 92,778 6,822 96,170 96,112 88,245 15,792 48,996 66,633 266,183 328,586 314,924 4,143 10,164 15,571 19,875 19,562 1,086 3,717 10,481 7,501 8,946 40,520 42,634 257,237 288,066 272,290 280,485 312,380 335,317 305

246 12,350 7,318 7,564 12,350 272,921 312,380 322,967 272,921 312,380 322,967 272,921 312,380 322,967 246,590 408,310 484,100 10,800,000 13,000,000 12,200,000 306

98,800,000 96,100,000 93,500,000 10% 20% 22,200,000 22,200,000 1,600,000 58,400,000 161,700,000 194,900,000 (i) (ii) (iii) (iv) 307

9,930 33,250 35,850 7,750 21.6 43,717 120,000 97,000 64,000 66.0 4,048 23,244 7,388 31.8 4,737 1,240 1,147 1,147 100.0 58,384 158,538 157,241 80,285 51.1 3,130 37,638 58,400,000 161,700,000 (i) 9,900,000 33,300,000 20,000,000 600,000 2,600,000 (ii) 43,700,000 120,000,000 10,900,000 20,000,000 308

(iii) 7,200,000 8,500,000 24 (iv) 4,700,000 1,200,000 1,300,000 1,000,000 3,400,000 200,000 161,700,000 194,900,000 (i) 33,300,000 35,900,000 10,200,000 20,400,000 (ii) 120,000,000 97,000,000 20,000,000 32,300,000 (iii) 7,200,000 60,900,000 3,000,000 29,200,000 36 (iv) 1,200,000 1,100,000 (a) 1,000,000 1,100,000 (b) 200,000 309

% % % 0 30 3,357 5.8 48,790 30.2 47,647 24.4 31 90 24,130 41.3 72,300 44.7 77,515 39.8 91 180 25,180 43.1 40,578 25.1 48,250 24.8 180 5,717 9.8 21,467 11.0 58,384 100.0 161,668 100.0 194,879 100.0 % % % 32,667 56.0 161,668 100.0 194,879 100.0 1 90 25,717 44.0 58,384 100.0 161,668 100.0 194,879 100.0 3,100,000 12,300,000 2,800,000 2,000,000 10,500,000 10,500,000 310

1,900,000 92,800,000 6,800,000 92,800,000 6,800,000 5,800,000 4,400,000 10,200,000 27,900,000 5,800,000 (i) 1,300,000 (ii) 3,300,000 6,800,000 17,800,000 (i) 10,400,000 (ii) 3,300,000 (iii) 3,700,000 19,900,000 19,600,000 311

19,600,000 24,400,000 128,000,000 103,600,000 19,600,000 8,400,000 (i) (ii) (iii) 312

(1) 165.6% 49.9% (2) 210.8% 42.1% (3) 47.3% 55.4% 55.0% 52.2% (4) 3.7% 10.0% 4.8% 6.3% (5) 3.5% 8.9% 4.3% 5.4% (6) 29.8 8.1 7.4 1. 2. 3. 4. 5. 6. 47.3% 55.4% 21,200,000 165.6% 313

56,400,000 10,100,000 210.8% 31,200,000 55.0% 52.2% 49.9% 26,000,000 39,000,000 88.6% 3,800,000 7,100,000 3.7% 10.0% 3.5% 8.9% 4.8% 6.3% 4.3% 5.4% 29.8 8.1 19,900,000 3,700,000 10,500,000 8.1 7.4 (i) 12,600,000 (ii) 5,400,000 314

3623 1290 8030 8090 8207 165.6% 6.7% 53.0% 9.0% (46.8%) 16.9% 7.8% 210.8% 38.1% 45.5% (15.0%) (150.4%) 13.1% (13.7%) 55.4% 83.4% 46.1% 43.6% 54.3% 56.8% 10.0% 11.8% 15.9% 11.6% 21.7% 15.3% 8.9% 10.2% 11.1% 10.7% 12.4% 11.1% 8.1 6.7 3.3 11.9 3.1 4.2 5.8 21,200,000 53,500,000 136,200,000 86,800,000 45,100,000 258,700,000 315

220,500,000 301,600,000 25.4% 22.8% 220,500,000 25.4% 48,800,000 15.9% 316

246,590 408,310 484,100 (i) 37 IN1 37 (ii) 37 2 39 (iii) 39 9 39 9 39 (iv) 37 2 39 37 (v) 39 (vi) 37 39 317

(i) 19,600,000 (ii) 525,800,000 1,030,800,000 18,000,000 4,100,000 100,000 (i) 229 95 44 199 428 95 44 318

(ii) 589 19 (iii) 20,000 319

19,500,000 15,600,000 7,900,000 6,300,000 3,500,000 2,800,000 4,100,000 3,300,000 4,000,000 3,200,000 12 320

139,913 2,883 117,634 68,469 328,899 16,440 19,562 6,528 42,530 286,369 17 17.15 17.21 321

1 2 3 6 0.78 322,967 146,074 469,041 0.47 0.59 0.60 322,967 110,974 433,941 0.43 0.54 (1) (2) 0.60 0.78 (3) 1,000,000,000 322

(4) 13,300,000 670,000 (5) (6) 0.8 1.0 323

1. 73,000,000 128,000,000 24,400,000 103,600,000 35,600,000 68,000,000 44% 0.69 2. 30% 3. 150,000,000 10% 324

20% 0.69 4. (i) (ii) (iii) 3% 0.69 325

1. 68.0 2. 30.0 15.0 0.3 326

3. 10.0 10.0 10.0 0.2 4. 1.0 1.0 1.0 1.5 327

0.69 153,000,000 68.0 68.0 30.0 15.3 45.3 10.0 10.0 10.2 30.2 1.0 1.0 1.0 1.5 4.5 5.0 5.0 45.0 94.3 11.2 1.0 1.5 153.0 328

153,000,000 175,000,000 131,100,000 68,000,000 178,300,000 329

30 (A) (i) (ii) 330

(iii) (iv) (v) (vi) (vii) (viii) (B) (i) (ii) (iii) (iv) 331

(v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) 332

(xiv) (a) (b) (c) 13.18 (a) (b) (a) (b) 13.18(1) 13.18(4) 17.43(1) 333

(4) (a) (b) 17.27(2) 30% (c) (d) 2.5% 0.69 19,500,000 334

18.03 335

1% 0.005% 0.003% 5,000 0.78 0.60 www.dingfeng-cn.com (www.hkexnews.hk) 250,000,000 25% 1% 0.005% 0.003% 336

11.23(8) 50% 30 37,500,000 15% 3.61% 37,500,000 Expert Corporate Limited 337

Expert Corporate Limited 37,500,000 (i) (ii) Expert Corporate Limited (iii) Expert Corporate Limited (a) (b) (c) Expert Corporate Limited (iv) (v) Expert Corporate Limited 37,500,000 15 % 338

(i) (ii) (iii) (i) (ii) (iv) (v) (vi) (ii) (iii) (iv) (v) 30 339

(a) (b) (c) 30 www.hkexnews.hk www.dingfeng-cn.com 5,000 340

10.12(4) 16.08 16.16 341

II 2.1 1 RongXin Company Limited RongXin I-1

27 II 2.1 I-2

II 2.2 II 5 II 2.2 II 5 3.340 II 2.2 II 5 II 2.2 II 5 2410 II 2.2 II 5 I-3

I-4

I. 8 21,244 56,416 25,993 38,972 8 2,059 3,224 1,159 2,348 (3,362) (5,287) (2,696) (4,326) (825) (1,817) (1,028) (1,187) (900) (313) (181) (181) (4,269) (10,050) (3,757) (7,086) 9 (229) (526) (404) 10 13,718 41,647 19,086 28,540 12 (3,667) (10,409) (4,783) (8,209) 10,051 31,238 14,303 20,331 221 256 10,051 31,459 14,303 20,587 14 1.34 4.17 1.91 2.71 I-5

15 10,774 13,044 12,187 16 8,246 8,140 7,902 17 2,627 5,300 18 3,130 37,638 1,601 23,248 24,314 63,027 18 58,384 158,538 157,241 19 3,059 12,306 2,805 20 5,812 20 92,778 6,822 17 96,170 96,112 88,245 21 15,792 48,996 66,633 266,183 328,586 314,924 22 4,143 10,164 15,571 23 19,875 19,562 24 1,086 3,717 10,481 7,501 8,946 40,520 42,634 257,237 288,066 272,290 280,485 312,380 335,317 I-6

22 246 12,350 24 7,318 7,564 12,350 272,921 312,380 322,967 25 26 272,921 312,380 322,967 272,921 312,380 322,967 I-7

59 90 (59) (90) 25 26 (59) (90) (59) (90) I-8

* 26 26 26 30,000 228,000 303 2,567 260,870 10,051 10,051 636 (636) 2.1(g) 2,000 2,000 32,000 228,000 939 11,982 272,921 31,238 31,238 221 221 221 31,238 31,459 2,909 (2,909) 1(c) (30,000) (30,000) 2.1(d) 228,000 (228,000) 2.1(e) 30,000 30,000 2.1(g) 8,000 8,000 268,000 3,848 221 40,311 312,380 20,331 20,331 256 256 256 20,331 20,587 2,463 (2,463) 2.1(g) (10,000) (10,000) 258,000 6,311 477 58,179 322,967 32,000 228,000 939 11,982 272,921 14,303 14,303 1,283 (1,283) 1(c) (30,000) (30,000) 2.1(d) 228,000 (228,000) 2.1(e) 30,000 30,000 2.1(g) 8,000 8,000 268,000 2,222 25,002 295,224 * 9,562,000 16,009,000 20,092,000 I-9

13,718 41,647 19,086 28,540 8 (2,042) (1,377) (788) (759) 9 229 526 404 10 825 1,425 798 949 10 392 230 238 10 264 (6) 12,994 42,607 19,730 28,968 (50,715) (99,714) (82,587) (29,525) (1,724) (9,247) (18,656) 9,501 (16,486) 2,685 28,527 2,567 (3,048) 2,205 66 14,071 (58,979) (61,464) (52,920) 25,582 2,042 1,377 788 759 (163) (3,645) (2,967) (11,189) (57,100) (63,732) (55,099) 15,152 (a) (7,060) (2,198) (2,116) (92) (b) (5,816) (286) (286) 103 110 (1,601) (c) (d) 25,923 51,081 42,337 6,822 (e) (937) (5,523) 5,812 11,000 22,549 47,770 34,412 12,542 I-10

(229) (526) (404) 19,901 19,901 8,690 (286) (8,404) (634) (e) 2,000 38,000 31,250 (10,000) 10,175 48,971 50,113 (10,000) (24,376) 33,009 29,426 17,694 40,168 15,792 15,792 48,996 195 (57) 15,792 48,996 45,218 66,633 (a) (b) (c) (d) (e) 2,701,000 1,601,000 15 2,430,000 16 1(c) 30,000,000 49,973,000 29 67.5% 6,750,000 2.1(e) I-11

II. 1. Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands RongXin 1,000 1 100% 1 1 100% 228,000,000 100% 30,000,000 100% 150,000,000 100% 24,400,000 (a) 100% 2.1(g) 30,000,000 100% 30,000,000 100% (b) I-12

(a) (b) (c) (d) 128,000,000 103,600,000 2.1(e) 30% 30,000,000 30,000,000 2.1(e) 2. 2.1 (a) (b) (c) Thrive Expand Limited Thrive Expand Thrive Expand Expert Corporate Limited Ever Ultimate Limited60% 40%10,000 10,000 1 (d) 228,000,000 228,000,000 26 I-13

(e) 10,000,000 67.5% 32.5% 67.5% 60% 40% 10,000,000 30,000,000 30,000,000 (f) RongXin RongXin 50,000 50,000 1.00 600 400 RongXin 380,000 38,000,000 0.01 1 599 400 (g) 2,000,000 60% 40% 2,000,000 10,000,000 2,000,000 8,000,000 10,000,000 10,000,000 30,000,000 I-14

10,000,000 (h) Rong Xin RongXin Thrive Expand (i) RongXin RongXin 2.2 3. 2.2 5 I-15

6 4. 32 1 10 1 12 27 36 1 9 2 1 2 10 12 27 10 9 9 9 39 9 39 I-16

5. 2 20 5 4 5 3 5 I-17

I-18

I-19

I-20

(a) (b) (a) (b) (i) (ii) (a) (b) (c) I-21

(a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) I-22

(v) (vi) (a) (vii) (a)(i) (i) (ii) (iii) (i) (ii) 8 6. I-23

2.1(e) I-24

7. 8 8 8 10% A 9,918 3,019 8,372 B 3,227 C 4,695 D 2,901 8. 6,887 28,381 12,467 19,080 7,647 19,094 9,105 8,396 6,710 7,493 3,706 8,218 956 715 141 492 3,137 21,244 56,416 25,993 38,972 I-25

2,042 1,377 788 759 6 1,680 210 1,567 125 130 17 36 31 22 2,059 3,224 1,159 2,348 9. 146 335 257 83 191 147 229 526 404 10. 42 63 59 83 825 1,425 798 949 392 230 238 11 2,844 4,889 2,475 3,669 115 175 111 169 403 223 110 488 3,362 5,287 2,696 4,326 2,816 3,250 13 900 313 181 181 264 (6) I-26

11. (a) 290 5 295 252 5 257 542 10 552 364 7 371 304 7 311 668 14 682 214 4 218 178 4 182 392 8 400 212 3 215 177 3 180 389 6 395 (b) 11(a) I-27

1,000,000 537 682 384 541 15 6 3 7 552 688 387 548 (c) 12. 3,667 10,409 4,783 8,209 25% 13,718 41,647 19,086 28,540 3,430 10,611 4,772 7,410 237 (202) 11 799 3,667 10,409 4,783 8,209 6,058,000 36,095,000 61,938,000 I-28

872,000 265,000 491,000 13. 14. 10,051,000 31,238,000 20,331,000 14,303,000 750,000,000 15. 1,411 787 979 3,177 9,166 307 102 186 9,761 (307) (109) (104) (520) 9,166 1,411 780 1,061 12,418 318 1,668 353 1,460 3,799 (223) (223) 9,484 3,079 910 2,521 15,994 92 92 9,484 3,079 910 2,613 16,086 I-29

513 160 299 972 431 165 229 825 (103) (34) (16) (153) 841 291 512 1,644 439 321 203 462 1,425 (119) (119) 439 1,162 375 974 2,950 264 255 111 319 949 703 1,417 486 1,293 3,899 9,166 570 489 549 10,774 9,045 1,917 535 1,547 13,044 8,781 1,662 424 1,320 12,187 16. 8,246 8,140 8,246 286 (392) (238) 8,246 8,140 7,902 17. 0.36% 3.5% 0.35% 3.5% 0.35% 3.5% 41,547,000 88,301,000 78,675,000 I-30

98,797,000 96,112,000 93,545,000 18. 3,130 37,638 9,930 33,250 35,850 43,717 120,000 97,000 4,048 23,244 4,737 1,240 1,147 58,384 158,538 157,241 180 180 360 3 (%) (%) (%) 0.8 3.0 2.5 3.5 2.5 3.0 1.2 1.5 1.2 2.0 1.8 1.5 0.8 1.5 40,973,000 100,483,000 68,429,000 I-31

% % % 0 30 3,357 5.8 48,790 30.2 47,647 24.4 31 90 24,130 41.3 72,300 44.7 77,515 39.8 91 180 25,180 43.1 40,578 25.1 48,250 24.8 180 5,717 9.8 21,467 11.0 58,384 100.0 161,668 100.0 194,879 100.0 % % % 32,667 56.0 161,668 100.0 194,879 100.0 1 90 25,717 44.0 58,384 100.0 161,668 100.0 194,879 100.0 378,650 190,427 236,872 1,255 55,300 14,600 8,873 14,500 379,905 254,600 265,972 I-32

19. 627 1,161 1,915 (a) 2,432 11,145 890 3,059 12,306 2,805 (a) 20. 161B 118,701 118,701 92,778 72,747 92,778 5,812 6,822 97,000 6,822 21. 15,792,000 48,830,000 66,400,000 I-33

22. 669 2,805 5,994 442 511 945 3,032 6,848 8,632 4,143 10,164 15,571 10,448 246 1,902 246 12,350 23. 24. 1,086 1,086 3,259 2,973 7,318 8,404 8.1% 9.2% (i) (ii) 15 16 I-34

25. 380,000 38,000,000 0.01 1 599 400 4,962,000,000 50,000,000 100 2.1(i) 26. I 30% 30% 100% 100% 228,000,000 30,000,000 10% 50% 25% I-35

(59) (59) (31) (90) 27. (i) 229 95 44 199 428 95 44 (ii) 589 19 (iii) 20,000 I-36

28. (i) 20 23 24 240 192 18 18 212 * 199 76 121 * 60% 40% 22,160,000 60 (ii) (iii) 350,000 131,000 69,000 1,000,000 1,079 1,646 930 1,415 25 24 13 25 1,104 1,670 943 1,440 I-37

29. 50,050,000 3,250 51,598 77 (4,875) 50,050 50,050 50,050 (77) 49,973 (49,973) 80,000 I-38

30. 58,384 161,668 194,879 2,432 11,145 890 5,812 92,778 6,822 98,797 96,112 93,545 15,792 48,996 66,633 268,183 330,555 355,947 310 1,988 16,120 19,875 19,562 8,404 8,714 21,863 35,682 59 90 31. I-39

17 21 24 0.5% +0.5% 0.5% +0.5% 0.5% +0.5% 0.5% 398 (398) 544 (544) 601 (601) 18 I-40

250,746 378,286 311,890 215,689 393,963 606,172 31,562 74,591 123,171 1,773 9,431 9,040 167,599 2,050 499,770 1,023,870 1,052,323 I-41

310 310 310 8,404 11,219 1,763 1,670 4,453 3,333 8,714 11,529 2,073 1,670 4,453 3,333 246,590 246,590 246,590 1,988 1,988 1,988 19,875 19,875 19,875 21,863 21,863 19,875 1,988 408,310 408,310 408,310 16,120 16,120 5,672 10,448 19,562 19,562 19,562 35,682 35,682 19,562 5,672 10,448 484,100 484,100 484,100 59 59 59 90 90 90 I-42

629,396 215,689 34,590 845,085 34,590 568,713 16,886 432,377 84,022 176,472 16,886 1,001,090 260,494 548,762 8,100 612,672 132,211 16,550 8,100 1,161,434 148,761 (i) (ii) (iii) I-43

272,921,000 312,380,000 322,967,000 32. 33. 2.1 34. P05419 I-44

7.31 7 A. 1 2 3 6 0.78 322,967 146,074 469,041 0.47 0.59 0.60 322,967 110,974 433,941 0.43 0.54 (1) (2) 0.60 0.78 II-1

(3) 1,000,000,000 (4) 13,300,000 670,000 (5) (6) 0.8 1.0 II-2

B. A 7.31 7 II-3

7.31(7) 3420 7.31 7 II-4

(a) (b) (c) 7.31(1) P05419 II-5

Rm 901, 9/F., On Hong Commercial Building 145 Hennessy Road, Wanchai, Hong Kong 145 9 901 Tel : (852) 2529 9448 Fax : (852) 3521 9591 III-1

III-2

8 (HKIS Valuation Standards) MFin BSc MRICS MHKIS RPS (GP) 10 III-3

1. 166 2301 2306 30,000,000 30,000,000 2. 20 D 3. K8 9 4. K8 1 III-4

5. 619 114 115 125 126 30,000,000 III-5

1. 166 2301 2306 36 23 6 30,000,000 1,882.84 1. 01014572 550.43 2301 2. 01014565 248.64 2302 3. 01014516 255.12 2303 4. 01014512 452.44 2304 5. 01014503 190.54 2305 6. 01014510 185.67 2306 7. 8. 2303 2306 2301 2302 17,411,875 III-6

9. i. ii. III-7

2. 20 D 28 20 266 13,300 1. 266 13,300 2. 09305 3. i. ii. III-8

3. K8 9 9 9 702 10,530 1. 42 630 2. 660 9,900 3. i. ii. III-9

4. K8 1 9 1 104 6,000 1. 104 6,000 2. i. ii. III-10

5. 619 114 115 125 126 20 4 1. 115 2. 125 3. 126 4. 114 5. i. ii. III-11

22 3 1. (a) 27(2) (b) 2. (a) (i) IV-1

(ii) (iii) (iv) (v) IV-2

(aa) (bb) (cc) (dd) IV-3

(ee) (vi) IV-4

(vii) (aa) (bb) IV-5

(cc) (6) (dd) (ee) (ff) (viii) (ix) IV-6

(x) (30) (b) (c) (i) (ii) (iii) (iv) (v) IV-7

(d) (e) (21) (10) (95%) (21) (10) (15) (f) IV-8

(g) (15) (18) (h) IV-9

(21) (i) (21) (20) (e) (21) (10) (14) (10) IV-10

(i) (ii) (95%) (aa) (bb) (cc) (dd) (ee) (ff) (20%) (gg) (j) IV-11

(30) (k) IV-12

(l) (m) (i) (ii) (a) (b) IV-13

(n) (o) 20 IV-14

(14) 20 (p) (2) 2.50 1.00 (q) IV-15

(r) 3(f) (s) (i) (ii) (t) (i) 12 (ii) 12 IV-16

(iii) (3) (u) 3. (a) (b) (a) (b) IV-17

(e) 34 34 2(m) (f) (a) (b) IV-19

(j) 6 (1) (2) (k) (l) (m) IV-21

(n) (28) IV-22

(21) (o) (75%) (p) (4) (90%) (4) (2) (1) (q) IV-23

4. Conyers Dill & Pearman (Cayman) Limited IV-24

A. 1. XI 39 19 51 16 15 E 2. (a) 380,000 38,000,000 0.01 Codan Trust Company (Cayman) Limited 599 400 (b) 4,962,000,000 380,000 50,000,000 50,000,000 5,000,000,000 1,000,000,000 4,000,000,000 V-1

3. (a) (b) 4,962,000,000 0.01 380,000 50,000,000 (c) (aa) (bb) (i) (aa) (bb) (cc) (ii) (iii) 7,499,989 749,998,900 V-2

(d) (aa) 20% (bb) (e) (e) 10% (f) (d) (e) V-3

10% 4. (a) 380,000 38,000,000 0.01 Codan Trust Company (Cayman) Limited 599 400 (b) RongXin Company Limited 50,000 50,000 1.00 600 400 RongXin Company Limited (c) RongXin Company Limited RongXin Company Limited Thrive Expand Limited 1 Thrive Expand Limited 1 (d) Thrive Expand Limited RongXin Company Limited RongXin Company Limited Thrive Expand Limited 247,562,000 RongXin Company Limited (e) Thrive Expand Limited RongXin Company Limited Thrive Expand Limited RongXin Company Limited Thrive Expand Limited 148,537,000 (f) Thrive Expand Limited RongXin Company Limited Thrive Expand Limited RongXin Company Limited Thrive Expand Limited 99,025,000 V-4

(g) RongXin Company Limited RongXin Company Limited 60 RongXin Company Limited 60 1.00 (i)rongxin Company Limited (ii) RongXin Company Limited (h) RongXin Company Limited RongXin Company Limited 40 RongXin Company Limited 40 1.00 (i)rongxin Company Limited (ii) RongXin Company Limited (i) (j) Expert Corporate Limited Ever Ultimate Limited 600 400 660 440 RongXin Company Limited RongXin Company Limited (i) Expert Corporate Limited Ever Ultimate Limited 60 40 (ii) Expert Corporate Limited Ever Ultimate Limited 600 400 5. 108,800,000 150,000,000 24,440,000 V-5