Tianjin TEDA Biomedical Engineering Company Limited 8189 (I)SJKGC51% (II) (III) 80A29H 118126 H 24 12HH 183171712-1716
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..................................................... i............................................................. 1....................................................... 9...................................... 52 SJKGC.................................... 54...................... 68 SJKGC.............................. 77 SJKGC...................................... 80 SJKGC............ 107..... 109.............................................. 112................................................. 118 H........................................ 121...................................... 124 ii
SJKGC 6,500,000 50,420,000 (i)h (ii)h 1
H 27,000,000 209,450,000 100,000,000H CTX 0.10 2
(i) (ii) H 0.10 3
(a) (b) (c) (d) (e) (f) (g) (h) (i) Kosivana 4
SJKGC (a) (b) (1) (2)(3) 24(4) (5) (6)Neuroref LORETAsLORETA QZ (7) PCT a) 13/858,783b) 13/858,617c) 13/858,693 9,308,385 d) 15/066,754 e) 15/087,209 5
SJKGC SJKGCSJKGC SJKGC SJKGC MRI 6
(a) PIN (b) PET SJKGC51% 571 0.1 7
SJKGC SJKGC SJKGC Shu Ju Ku Greater China, Ltd. 308468 SJKGC SJK Shu Ju Ku Inc. 173301 % 17.7573 8
Tianjin TEDA Biomedical Engineering Company Limited 8189 12 (I)SJKGC51% (II) (III) SJKGC 27,000,000209,450,000 9
6,500,00050,420,00020,500,000 159,020,0001.60 100,000,000 25% 100%19 (i) (ii)(iii)sjkgc(iv) (v)sjkgc(vi)sjkgc(vii) (i) (ii) Shu Ju Ku Inc. Shu Ju Ku Inc.173301 10
SJKGC5,100,0000.0001 SJKGC51% SJKGC51% SJKGC 27,000,000209,450,000 (i) 6,500,00050,420,000 (ii) 20,500,000159,020,0001.60 100,000,000 (i)5.90% (ii) H10.03% 11
1.60 (i) 1.653.03% (ii) 1.705.88% (iii) 1.737.51% (iv) 1.758.57% (v) 1.737.51% (vi) 0.24 381,877,4861,595,000,000 566.67% H H 12
(i) (ii) (iii) SJKGC (iv) SJKGC (v) SJKGC (vi) (vii) H (viii) (ix) (x) (90) 500,000SJKGC 13
(vi)(ix)(i)(v) (x) (iii)(x) SJKGC SJKGC 5,390,0005,390,000SJKGC SJKGC SJKGCSJKGC SJKGC SJKGC50%SJKGC 10%SJKGCSJKGC SJKGC ) SJKGC5,390,000 5,390,000 SJKGC2,750,000 SJKGC51%SJKGC 5,390,00051% 2,750,000 14
SJKGC SJKGCSJKGC SJKGC(i) SJKGC 10(ii) SJKGC SJKGC 45 SJKGC 5,390,000SJKGC SJKGC 5,390,0005,390,000SJKGC SJKGCSJKGC 2,750,000 SJKGC SJKGCSJKGC5,390,000 SJKGC 2,750,000 (iii) 15
(i) SJKGC6,000,000 5,390,000 SJKGC (ii) SJKGC4,000,000 5,390,0004,000,0001,390,000 SJKGCSJKGC 2,750,000 (iii) SJKGC1,000,000 5,390,0001,000,000)6,390,000 SJKGCSJKGC 2,750,000 SJKGC 16
(i) (ii) (iii) SJKGC SJKGC SJKGC 100% 49% 0% 51% (7) (3)(4) SJKGC 17
14 SJKGC (i) SJKGC (ii) SJKGC (iii) SJKGC 12SJKGC 10%90% (iv) (i) SJKGC (ii) (a) 18
(b) (c) SJKGC (i) (ii) SJKGC SJKGC(a) (b) (a) (b) (c) (d) 19
SJKGC SJKGC SJKGC SJKGC SJKGC 10% (a)(b)sjkgc SJKGC 20
(i)(ii) H % % 182,500,000 11.44 182,500,000 10.77 14,000,000 0.88 14,000,000 0.83 9,000,000 0.56 9,000,000 0.53 12,000,000 0.75 12,000,000 0.71 10,000,000 0.63 10,000,000 0.59 180,000,000 11.29 180,000,000 10.62 170,000,000 10.66 170,000,000 10.03 120,000,000 7.52 120,000,000 7.08 697,500,000 43.73 697,500,000 41.15 H 897,500,000 56.27 897,500,000 52.95 100,000,000 5.90 1,595,000,000 100.00 1,695,000,000 100.00 21
(i) (ii) G3 Data Solutions LLC Kosivana SJK Kosivana NeuroRef Chu Chien-yi Yi Jin Conway Ho Han, Jyh-chung 76% 8% 8% 8% Trifoco Ltd. 100% G3 Data Solutions LLC 100% 100% Kosivana Holdings Ltd. 100% SJKGC 22
Kosivana Chu Chien-yiSJKGC Panatech Real Estate Co., Ltd Yi Jin Brookside InstituteJin NARSADStanley FoundationDana FoundationNational Institute Mental Health Jin2844 Conway Ho MicrosoftAOLElectronic ArtsCapcomTime Warner MeRT PTSD TBI Han. Jyh-chungJJ Han Koo s20 MeRT Trifoco Ltd. Chu Chien-yiJin YiConway HoHan. Jyh-chung G3 Data Solutions LLC Trifoco LtdKosivana 23
Chu Chien-yiYi JinConway HoHan. Jyh-chungTrifoco Ltd. G3 Data Solutions LLC SJKGC SJKGC SJKGC G3 Data Solutions LLC 100% 100% SJKGC SJKGC G3 Data Solutions LLC 100% 5.9% 51% 49% SJKGC 24
SJKGC (a) 13/858,783 (b) 13/858,617 61/621,08961/621,399 (c) 9,308,38513/858,693 25
(d) 15/066,754 (e) 15/087,209 SJKGC100% SJKGC SJKGC SJKGC 26
SJKGC SJKGC SJKGC SJKGC SJKGC SJKGC SJKGCSJKGC SJKGC SJKGC SJKGCSJKGC SJKGCSJKGC SJKGC SJKGC SJKGC 27
SJKGC SJKGC SJKGC10% SJKGC SJKGCSJKGC SJKGC SJKGCSJKGC SJKGCAB A 70 BSJKGCB 20 AB SJKGC 30SJKGC SJKGC 28
SJKGC 50% 18 22 26 28 30 1,087 1,511 1,529 1,598 1,600 19,562 33,238 39,758 44,740 48,000 SJKGC 9,781 16,619 19,879 22,370 24,000 SJKGC10% 978 1,662 1,988 2,237 2,400 838 1,038 1,263 1,542 1,950 SJKGCSJKGC 10% 978 1,662 1,988 2,237 2,400 29
SJKGC 154 61 68 216 124 31 43 57 100 124 666 1,164 1,390 1,558 1,648 666 497 227 167 90 SJKGC 9,781 16,619 19,879 22,370 24,000 978 1,662 1,988 2,237 2,400 838 1,038 1,263 1,542 1,950 978 1,662 1,988 2,237 2,400 30
6,987 12,257 14,640 16,354 17,250 31 43 57 100 124 154 61 68 216 124 666 497 227 167 90 6,197 11,742 14,402 16,071 17,160 5,390,00020172019 SJKGCSJKGC SJKGCSJKGC SJKGC SJKGC10%SJK SJKGC 31
17.6 (PTSD) SJKGC NeuroRef SJK SJKGC 32
SJKGC SJKGC SJKGC SJKGC SJKGC SJKGCA SJKGCANeuroRef A ASJKGC 50%A 70 SJKGCBSJKGC BNeuroRef 20 AB 33
SJKGCAB SJKGC50% 9,780,000 18 22 26 28 30 SJKGC SJKGC CT MRIPET SJKGC 34
1.2(TLS 1.2)TLS 1.2 TLS 1.2(IP address) NBRL+ MERAKI SJKGC SJK SJKGC SJKGCSJKGC SJKGC SJKGC 1,000 SJKGC 458,505,000 745,937,000 35
114,072,000 114,072,000 SJKGC SJKGC51 49% 20 1,270,000 2,160,000 2,580,000 SJKGC 10%SJKGC 10% (i) 36
(ii) 10% (iii) (iv) SJKSJKGC (v) SJKGCSJKGC 10%SJKGC 10% SJKGC SJKGC10% SJKGC SJKGC 10% SJKGCSJKGC 50%SJKGC 19,560,000 x 50%9,780,000SJKGCSJKGC 10%978,000 30% 978,000 x 1.31,270,000 37
SJKGC SJKGC SJKGC5 5No. 13/858,617No. 13/858,783 No. 13/858,693 No. 15/066,754 No. 15/087,209 5SJKGC 5No. 13/858,617SJKGC SJKGC (i)(ii) 17.6 810 (iii)sjkgcsjk SJKGC 5% 20 38
KOSIVANA Kosivana Kosivana SJK KosivanaKosivana Kosivana Kosivana SJK Kosivana10% Kosivana Kosivana G3 Data Solutions LLC 100% KosivanaSJKG3 Data Solutions LLC 100% KosivanaSJK Kosivana100% SJKGC 1%1000 1/5000 39
1/681 3.1%5%-6% 2 990 33 18%-23%32%-35%30% 4 1 2 (http://www.chinanews.com/jk/2015/04-02/7180266.shtml) (http://www.chinanews.com/gn/2014/12-06/6851541.shtml) 3 (http://www.apdnews.com/it/ Environmental/242597.html) 4 (http://health.dbw.cn/ system/2010/05/26/052529879.shtml) SJKGC (a) 2D3D SJKGC 2D3D SJKGC 40
MeRT MeRT 5 (b) SJKGC 176,000 410 (c) SJKGC 5 (i) http://knight.house.gov/news/documentsingle.aspx?documentid=596&from=singlemessage &isappinstalled=0 (ii) http://cvbj.biz/2016/06/29/denham-supports-bill-expand-veterans-treatment-options/ 41
(d) SJKGC SJKGC SJKGC NeuroRef 95.87%SJKGC SJKGC SJKGC SJKGC 42
95.87% SJKGC SJKGC SJKGC 43
6SJKGC Hans Berger (EEG)EEG 10-20 6 China Brain Project 15 BRAIN Initiative The Human Brain Project Brain/Minds Projecthttp://braininitiative.nih.gov/ https//www.humanbrainproject.eu/http://brainminds.jp/en/ 44
SJKGC MRI 2D/3D SJKGC 45
(EEG)SJKGC (i)(ii)(iii) (iv) (v) (vi) 19 46
3D CTXMRI PET SJKGC MRI SJKGC100% KosivanaG3 Data Solution LLC 100%Chu Chien-yiYi JinConway HoHan Jyh-Chung Kosivana SJKSJK SJKGCSJKGC SJK SJKGC 47
SJKGC SJKGC SJKGC NeuroRef (1)SJKGC1,000(2) (3) SJKGC Kosivana 25%100% 19 1. 20H 2. 23 48
1. 320 1,595,000,000 697,500,00043.73%897,500,000 56.27% 1,595,000,000 697,500,000182,500,000 180,000,000 170,000,000120,000,000 14,000,000 12,000,00010,000,000 9,000,000 897,500,000 1,695,000,000 697,500,00041.15%997,500,000 58.85% 49
1,695,000,000 697,500,000182,500,000 180,000,000 170,000,000120,000,000 14,000,000 12,000,00010,000,000 9,000,000 997,500,000 2. 323 159,500,000 169,500,000 80A29 H 118126 50
24 12H 18317MH 17.47(4) 17.47(5) SJKGC 51
I. (1) 3796 (2) 3592 (3) 40102 (http://www.hkgem.com/)(www.bioteda.com) II. 3,930 1,1001,830 1,000 49.84% 24,663,375 15,000,000 52
III. SJKGC IV. V. (i) (ii) SJKGC SJKGC 53
SJKGC Shu Ju Ku Greater China, Ltd. 51% 22 54
SJKGC 3.340 I. (A) 6 8 9 55
SJKGC (B) 1,000 1,000 1,000 12 1,000 1,000 (C) 12 1,000 1,000 1,000 1,000 56
SJKGC (D) 1,000 1,000 1,000 1,000 57
SJKGC II. 1. 22 Floor 4, Willow House, Cricket Square, PO Box 268, Grand Cayman KY1-1104, Cayman Islands 2. 1 1 1 16 38 9 1 2 14 1 15 2 16 3 1 2 3 58
SJKGC 3. (a) 4 (b) (c) 4. (a) (i) 59
SJKGC (ii) (iii) 60
SJKGC (iv) 39 (b) (c) 61
SJKGC (d) (A) (i) (ii) (iii) (B) (i) (ii) (iii) (iv) (v) (vi) (A) 62
SJKGC (vii) (A)(i) (viii) (e) (f) (g) 63
SJKGC 5. 6. 7. 8. 64
SJKGC 9. 10. (a) (b) 11. 65
SJKGC 12. 20,000,0000.0001a 2,000 10,000,0000.0001a 1,000 a 2,000 20,000,0000.000110,000,000 13. 14. (a) 66
SJKGC (b) 15. 4(a) 1,000 III. P05325 67
A. 7.31 68
(a) 1 2 34 70,715 70,715 329,409 329,409 20,675 20,675 8,233 8,233 99,623 429,032 90,378 90,378 78,395 78,395 79,562 79,562 4,910 4,910 105,637 6 (41,983) 63,660 358,882 6 316,905 24,748 24,748 17,472 17,472 24,145 24,145 2,707 2,707 45,000 45,000 114,072 114,072 244,810 6 202,833 344,433 6 631,865 344,433 6 631,865 69
(b) 1. 2. 16.459 3. 6,500,000 41,983,000100,000,000 4. 51% 33 24.92% 70
a 329,409 6 329,415 49% (161,413) 168,002 b 168,002 a b (i) 41,983 (ii) 126,019 168,002 (i) 6,500,00090 500,000 6,000,000 71
(ii) 5. 36 6. 5,390,000 5,390,000 5,390,000 2,750,000 72
7. 73
B. Shu Ju Ku Greater China, Ltd. 6873 68 7.317 7 74
1 7.31(7) 3420 7.317 75
(a) (b) (c) 7.31(1) 76
SJKGC SJKGC SJKGC SJKGC SJKGC SJKGC SJKGC SJKGC1,000 1,0000 SJKGCSJKGC SJKGC SJKGC SJKGC SJKGC2,00020,000,000 SJKGC1,00010,000,0000.0001 SJKGC 77
SJKGC SJKGC SJKGC SJKGC SJKGC SJKGC1,000 SJKGC SJKGC SJKGC SJKGC SJKGC 78
SJKGC SJKGCSJKGC SJKGC 0% SJKGC SJKGC SJKGCSJKGC SJKGC 79
SJKGC SJK Greater China Ltd. 100% 33 rd Floor, Shui On Centre, Nos. 6-8 Harbour Road, Wanchai, Hong Kong 1. SJK Greater China Ltd.SJKGC100% SJKGC 2. 80
SJKGC 3. SJKGC 8189 (i) (ii) SJKGC SJKGC 308468Shu Ju Ku Inc.SJKGC SJKGC (a) 13/858,783 81
SJKGC (b) 13/858,617 61/621,08961/621,399 (c) 9,308,38513/858,693 (d) 15/066.754 (e) 15/087.209 82
SJKGC SJKGC (FDA) SJKGC SJKGC Neuro Ref SJKGCSJKGC SJKGCSJKGC SJKGCSJKGC SJKGC SJKGCNeuroRef SJKGC50% SJKGC SJKGC 1,000 83
SJKGC SJKGC SJKGC 51%27,000,000 SJKGC 5,390,000 SJKGC 5,390,000SJKGC5,390,000 SJKGC 4. 12%22%609 20 20%60 606.6% 17.4% 3.8%1% 60 84
SJKGC 3.5 6,000 5,000 80% 70% 75% 4,750 85
SJKGC 2,100 1601 86
SJKGC 2014 14.02367 1,127102,4498.7 3,400728 66,651101.7 2,540 10 1,814 728 66,651 2014 87
SJKGC Alpha812 Beta1330 Delta ThetaDelta4 7 5. SJKGC 88
SJKGC 6. SJKGC SJKGC SJKGC 7. SJKGC SJKGC SJKGC 89
SJKGC SJKGC SJKGC SJKGC SJKGC SJKGC SJKGC SJKGCSJKGC SJKGC SJKGC SJKGCSJKGC SJKGCSJKGC SJKGC SJKGC SJKGC 90
SJKGC SJKGC SJKGC SJKGC10% SJKGC 8. (1)(2) (3) 91
SJKGC SJKGC SJKGC SJKGC SJKGC SJKGC SJKGCSJKGC 92
SJKGC 9. FCF = NOPAT + NCE NCI InvFA InvNWC FCF = NI = NCE = NCI = InvFA = InvNWC = PVFCF = FCF 1 /(1 + r) 1 + FCF 2 /(1 + r) 2 + + FCF n /(1 + r) n PVFCF = FCF = r = n = SJKGCSJKGC SJKGC SJKGCSJKGC SJKGCAB 93
SJKGC A 70 BSJKGCB 20 SJKGC 30SJKGC SJKGC SJKGC 50% SJKGC 18 22 26 28 30 1,087 1,511 1,529 1,598 1,600 19,562 33,238 39,758 44,740 48,000 SJKGC 9,781 16,619 19,879 22,370 24,000 94
SJKGC SJKGC10% 978 1,662 1,988 2,237 2,400 838 1,038 1,263 1,542 1,950 SJKGCSJKGC 10% 978 1,662 1,988 2,237 2,400 SJKGC 154 61 68 216 124 31 43 57 100 124 95
SJKGC 666 1,164 1,390 1,558 1,648 666 497 227 167 90 SJKGC 9,781 16,619 19,879 22,370 24,000 978 1,662 1,988 2,237 2,400 838 1,038 1,263 1,542 1,950 978 1,662 1,988 2,237 2,400 6,987 12,257 14,640 16,354 17,250 31 43 57 100 124 154 61 68 216 124 666 497 227 167 90 6,197 11,742 14,402 16,071 17,160 96
SJKGC 10. SJKGC 5 SJKGC SJKGC 1 Compumedics Limited CMP AU 97
SJKGC Compumedics Limited 2 Nihon Kohden Corporation 6849 JP Nihon Kohden 3 Elekta AB EKTAB SS Elekta 4 Natus Medical Incorporated BABY US Natus Medical Incorporated Natus 98
SJKGC WACC = R e (E/V) + R d (D/V) (1T c ) WACC = Re = Rd = E = D = V = Tc = R e = R f + * MRP + RP S + RP U R e = R f = = MRP = RP S = RP U = 99
SJKGC R f (R f ) SJKGC SJKGC = (1/3) + (2/3)* SJKGC 100
SJKGC = /[1 + (1T c ) (D/E)] = = T c = D = E = D/E = SJKGC = * [1 + (1T c ) (D/E)] = = T c = D = E = D/E = MRP (MRP) 101
SJKGC Duff & Phelps Corporation2016 Valuation Handbook Guide to Cost of Capital Duff & Phelps Corporation Duff & Phelps Corporation SJKGCDuff & Phelps Corporation2016 Valuation Handbook Guide to Cost of CapitalDuff & Phelps Corporation Duff & Phelps Corporation SJKGC SJKGC SJKGC 102
SJKGC SJKGC SJKGC TV t = CF t + 1 /(r g) TV t = CF t + 1 = r = g = 103
SJKGC FMV Opinions, Inc.Determining Discounts for Lack of Marketability A Companion Guide to The FMV Restricted Stock Study 2015 Edition The FMV Restricted Stock Study SJKGCSJKGC a. 2.89% b. 0.745 c. 11.18% d. 3.58% f. 5.00% g. 1.00% h. 20.80% i. 20.80% j. 2.14% k. 16.11% 104
SJKGC 11. SJKGC (%) (%) (%) 2.0% 22.80% 51,000,000 12.07% 1.0% 21.80% 54,000,000 6.90% 20.80% 58,000,000 1.0% 19.80% 61,000,000 5.17% 2.0% 18.80% 66,000,000 13.79% (%) (%) 10.0% 208 64,000,000 10.34% 5.0% 198 61,000,000 5.17% 189 58,000,000 5.0% 179 54,000,000 6.90% 10.0% 170 51,000,000 12.07% 12. 105
SJKGC 13. SJKGC SJKGC100%58,000,000 SJKGC 80 A29 B. Eng(Hon), PGD(Eng), MBA(Acct), CFA, AICPA/ABV, RBVCIM (AICPA) AICPA (CIM) SJKGC 106
SJKGC SJKGC SJKGC 100% 19.61 (i)(ii) (iii) SJKGC 107
SJKGC 19.62(3) 12 108
SHU JU KU GREATER CHINA, LTD. 100% Shu Ju Ku Greater China, Ltd. 19.61 109
1 B29(2) 3000 110
12 111
1. 2. 1,595,000,000 159,500,000 1,695,000,000 169,500,000 3. XV 0.1 300,000,000 1 170,000,000 2 300,000,000 18.81% 170,000,000 10.66% 1. 180,000,000120,000,000 15% 100% 2. 100% 112
(a) XV78 (b)352 (c)5.465.67 4. 336 XVXV23 0.1 182,500,000 11.44% 180,000,000 11.29% 170,000,000 10.66% 120,000,000 7.52% 113
336 XV XV23 5% 5. 6. (a) (b) 7. 8. (a) 49.84%22,000,000 114
(b) (c) (d) (e) (f) 0.70192,500,000H 14,000,0003,500,000 9. 10. 1 6 115
10. (a) 12 (b) 80 A29 (c) (d) 183171712-1716 (e) (f) (g) 116
12. (a) (b) (c) SJKGC (d) (e) SJKGC (f) SJKGC (g) SJKGC (h) (i) (j) (k) 117
Tianjin TEDA Biomedical Engineering Company Limited 8189 80A290.10H 0.10 (a) Shu Ju Ku Inc. Shu Ju Ku Greater China, Ltd.SJKGC 27,000,000SJKGC51% A (b) SJKGC B 118
(c) 1.60100,000,000H (d) (e) (d) H (f) (g) 119
1. 2. H 24 H 18317M 3. 24 4. 5. H H 6. HH 7. 8. 12 (8622) 5981 6909 120
H Tianjin TEDA Biomedical Engineering Company Limited 8189 H 80A290.10H 0.10 (a) Shu Ju Ku Inc. Shu Ju Ku Greater China, Ltd.SJKGC 27,000,000SJKGC51% A (b) SJKGC B 121
H (c) 1.60100,000,000H (d) (e) (d) H (f) (g) 122
H 1. 2. H 24 H 18317M 3. 4. H H 5. H 6. H 7. 12 (8622) 5981 6909 123
Tianjin TEDA Biomedical Engineering Company Limited 8189 80A290.10 0.10 H (a) Shu Ju Ku Inc. Shu Ju Ku Greater China, Ltd.SJKGC 27,000,000SJKGC51% A (b) SJKGC B 124
(c) 1.60100,000,000H (d) (e) (d) H (f) (g) 125
1. 2. 24 3. 4. 5. 6. 7. 12 (8622) 5981 6909 126