IELTS TOEFL TOEIC 14 Express Education1997 5 8 Express Education Wong Yu Jenny Express Education 40% 35% 25% Express Education Express Education 1997 102000 12 Express Education 2000 12 Express Education Express Education1997 102000 12 Express Education 2000 12 Express Education Express Education 14 2003 10 15 2003 8 Modern College Xiandai College 2008 5 IELTS TOEIC 2010 1 105
2010 1260% 1997 2011 1 26 15 Sino Network Express Education Business Idol 100% 100% 100% 60% 40% 100% Ultra Strong Classic King Beautiful Choice Speedy Harvest 1.59% 4.13% 7.5% 14.73% 16.63% 55.42% 100% Sino Network 100% 100% 100% 100% 100% 100% 60% 100% 100% Express Education Business Idol 100% 100% 100% 100% 100% 2011 3 3Ultra Strong 73.7% 17.3% 9% Ultra Strong 106
Sino Network Sino Network Sino Network 2003 7 250,00050,000 1.00 Wong Chung Han Johnny 2003 10 15 Sino Network 5,3851,1372082,853417 2009 11 252011 2 22011 2 2 2003 10 15 Sino Network 2,228100100 Sino Network 2008 10 2Wong Chung Han JohnnySino Network 417 480,700 Wong Chung Han Johnny Sino Network 417Wong Chung Han Johnny Sino Network Sino Network4.17% 2010 5 7Sino Network 2,5881,395 2010 6 28Sino Network 15 Sino Network 0.11% 2010 6 28 2011 2 7 Sino Network 930 Sino Network Sino Network 60% 11.35% 6.65% 15.93% 3.04% 0.72% 0.72% 1.59% 107
2011 1 11 Sino Network 26,010,000 640 19216948 Sino Network 4.58% 1.37% 1.21% 0.34% Sino Network 55.42% 9.98% 6.65% 14.73% 3.04% 0.72% 0.37% 1.59% 7.5% 2011 6 7 Sino Network Sino Network 283,999,999 Speedy Harvest Classic King Ultra Strong Beautiful Choice 157,405,420 41,819,06611,719,08847,221,6264,529,21421,305,585 Sino NetworkSino Network Sino Network Express Education Express Education Express Education 1997 5 8 50,00050,000 1.00 Wong Yu Jenny Express Education 403525 1997 7 16Express Education Extraordinary Business Limited 108
Express Education2010 5 7 Sino Network Express Education Express Education1997 9 22 Wong Yu JennyExpress Education 20 Express Education 20% 1997 10 1 Express Education 40 Express Education Express Education40% Express Education15% 2000 8 Wong Wai 634Express Education 15% 2000 12 8 Express Education Express Education 40 Express Education Express Education28.57% 2000 12 13Wong Yu Jenny Wong Wai Wong Yu JennyExpress Education 45 2,201,991,66Wong WaiExpress Education 34 1,663,727.04 Express Education 32.14% 24.29% 140 Express Education2000 12 Express Education 100% 2003 5 2491 Express Education 65%Express Education 35% 65%2004 8 6 49 Express Education 35% 2009 11 25 Express Education Express Education 65% 35% Sino Network 2010 5 7 109
Sino Network 9149 Express EducationExpress Education 100% Sino Network 2,5881,395 2007 6 302008 6 30Express Education Express Education Sino NetworkExpress Education 1997 Express Education Express Education 2010 6 30 2002 6 5 10,00010,000 1.00 Wilda Limited Wilberg Limited 2004 2004 6 4 2006 6 22 Sino Network 2004 5 17 Sino Network9,998 2004 5 27 Sino Network Express Education 0.01%Sino Network Express Education99.99% 0.01% Sino Network Sino Network 2006 6 22 Express Education 1 0.01% Sino Network 2006 6 22 110
Modern College Xiandai College2000 8 21 10,00010,000 1.00 2006 6 22 Sino Network 2000 8 21 2000 9 11Express Education Wong Wai Express Education Express Education98 Express Education 100% 2000 12 13Express Education 1 1% 2002 8 20Express Education 4059 40% 59% 40% 60% 2003 11 13 Express Education Sino Network 1591% 59%Sino Network40 40% Sino Network Express Education99% 1% Sino Network Sino Network 2006 6 22 Express Education 111
11% Sino Network 100 Sino Network 2003 6 13 2009 3 11 10,00010,000 1.00 2009 5 13 1 2009 5 26Wong Chung Han Johnny 1 2010 6 14 2010 7 2Wong Chung Han JohnnySino Network 1Sino Network Sino Network 2000 6 21 10,00010,000 1.00 2006 6 19 Sino Network 2000 6 21 112
2000 7 13 50% 50% 2001 4 20 109 2001 5 10 1 4.76% 52.38%47.62% 2001 9 13 4,1875,792 41.98% 58.02% 2002 11 29 4,198 41.98% 2003 11 13 Sino Network 4,198 41.98% Sino Network Express Education 5,8002 58% 0.02% Sino Network Express Education99.98% 0.02% Sino Network Sino Network 2006 6 19 Express Education 2 0.02% Sino Network Sino Network 113
2009 10 20 10,00010,000 1.00 ` Company Kit Secretarial Services Limited2009 11 3 Sino Network Sino Network 1 2009 7 150,000 50,000 1.00 10,000 2010 10 2 2,812 7,188 28.12% 23.96% 23.96% 23.96% 60% 40% (i) 2010 10 2 10,000 100% 114
(ii) 2010 10 8 6,000 60%8,000,000 8,000,000(i) 4 12 6 10 (ii) 20122013 8 31 2,000,000 20122013 8 31 3,000,000 2010 10 11 60% 40% 2010 10 2 60% 2010 12 22 Sino Network 115
Sino Network 6,000Sino Network3,000,000 5,000,000 2010 12 31 Sino Network60%3,000,000 3,000,0002011 8 31 14 3,000,000 2,000,0002012 8 31 14 2012 8 312013 8 31 (i) 2012 8 31 3,800,000 2,800,000 2012 8 31 7,100,000 5,100,000 1,000,000 (ii) 2012 8 31 2,800,000 2012 8 31 5,100,000 2,000,000 (iii) 2013 8 31 4,100,000 3,700,000 2013 8 31 10,500,000 9,400,0002013 8 31 14 1,000,000 116
(iv) 2013 8 313,700,0002013 8 31 9,400,000 2013 8 31 14 2,000,000 40% 2010 9 1 11.25% 9.58% 9.58% 9.59% 2015 12 31 40% 2015 12 31 117
20112015 40% (i) 2011 2011 3,200,000 2011 x 40% x 6.5 2011 2,900,000 3,200,000 2011 x 40% x 6.25 2011 2,900,000 2011 x 40% x 6 201120155 20132013 2013 4,600,000 2013 x 40% x 6.5 2013 4,100,000 4,600,000 2013 x 40% x 6.25 2013 3,700,000 4,100,000 2013 x 40% x 6 3 3 118
(ii) 2012 2012 3,800,000 2012 x 40% x 6.5 2012 3,500,000 3,800,000 2012 x 40% x 6.25 2012 3,500,000 2012 x 40% x 6 201220154 20132013 2013 4,600,000 2013 x 40% x 6.5 2013 4,100,000 4,600,000 2013 x 40% x 6.25 2013 4,100,000 2013 x 40% x 6 3 3 119
(iii) 2013 2013 4,600,000 2013 x 40% x 6.5 2013 4,100,000 4,600,000 2013 x 40% x 6.25 2013 4,100,000 2013 x 40% x 6 201320153 (iv) 2014 2014 5,500,000 2014 x 40% x 6.5 2014 5,000,000 5,500,000 2014 x 40% x 6.25 2014 5,000,000 2014 x 40% x 6 201420152 120
(v) 2015 2015 6,600,000 2015 x 40% x 6.5 2015 6,000,000 6,600,000 2015 x 40% x 6.25 2015 6,000,000 2015 x 40% x 6 20151 19,300,000 40% 40% 2015 6,600,000 2015 x 40% x 6.5 2015 6,000,000 6,600,000 2015 x 40% x 6.25 2015 6,000,000 2015 x 40% x 6 121
14 (i)(ii) (iii) 60% 60% (i) Sino Network60% (ii) Sino Network Sino Network (iii) Sino Network 40%2015 12 31 (iv) Sino Network 60%40% 2015 12 31 (v) 6,000,000 122
2007 2 16 10,00010,000 1.00 28.12% 23.96% 23.96% 23.96% 2010 8 14 6,000 60% 8,000,000 2010 9 28 2010 10 2 10,000 2010 10 11 123
2008 11 242009 11 92010 11 11 2007 2 16 2008 3 31 2009 3 31 2009 4 1 2010 8 31 2,958 2,665 4,394 440 182 546 440 622 278 Sino Network 2008 8 8 50,00050,000 1.00Sino Network100 Sino Network 2008 12 410,000 10,000 1.00 100 124
2009 9 21 1,000,000 Business Idol Business Idol Sino Network 2009 7 1 50,00050,000 1.00Business Idol Sino Network Business Idol Sino Network Business Idol 2009 10 21 10,000 10,000 1.00 Company Kit Secretarial Services Limited 2009 11 25Sino Network99 2009 12 71 Sino Network Sino Network 2010 8 132010 11 19 Business Idol 199 Business Idol 125
2010 4 27 1,000,000 2008 1 24 2008 10 20 2009 11 2006 10 13 2009 6 1 2008 6 23 2009 6 19 126
2011 1 11 Sino Network 64019216948 Sino Network 4.58% 1.37% 1.21% 0.34% 26,010,000Sino Network 55.42% 9.98% 6.65% 14.73% 3.04% 0.72% 0.37% 1.59% 7.5% 2011 1 11 26,010,000 (i)sino Network 2012 6 30 (ii)(iii) 5.33% 2011 6 7 Sino Network 2011 6 14 Sino Network 127
2008 12 32009 7 2 2009 22009 8 World Developments Limited65.52% World Developments Limited Innovation Assets Limited 68.29% 128
(1) (a) 1979 (b) 1999 (c) 2000 (d) 2004 (e) 20053e2004 (2) (a) 1995 (b) 2001 2 2002 1 (c) 1997 (d) 1999 129
(i) 2010 6 30 43,350,000 x 8.0 x 7.5% (ii) 2011 6 30 20,000,000 x 17.20 x 7.5% (iii) 2012 6 30 45,000,000 x 8.0 x 7.5% 2010 6 30 3,300,000 Sino Network 2012 6 30 Sino Network 2011 5 2,000,000 Sino Network Sino Network Sino Network Sino Network Sino Network 130
Sino Network 24 24Sino Network 26,010,00012% 2 1 1.59% 3.04% 17.37% 18.00% 60.00% Sino Network 100% 100% 100% 100% 100% 100% 100% 100% Express Education Business Idol 100% 100% 100% 100% 1. 2011 2 7 Sino Network6.65% Sino Network 2. 2009 11 252011 2 22011 2 2 Sino Network15.93% 0.72% 0.72% Sino Network 131
Sino Network (a) 2010 12 22 Sino Network Sino Network 6,000 60% Sino Network3,000,000 5,000,000 2010 12 31 Sino Network60% (b) 2011 1 11 Sino Network 64019216948 26,010,000 Sino Network 55.42% 9.98% 6.65% 14.73% 3.04% 0.72% 0.37% 1.59% 7.5% (c) 2011 1 26 150,000,0001,500,000,000 0.1 2011 2 10.1Speedy Harvest (d) 2011 6 7 Sino Network13,983 Sino Network Sino Network 132
283,999,999 Speedy Harvest Beautiful Choice Classic King Ultra Strong 55.42% 16.63% 14.73% 4.13% 1.59% 7.5% 100% 100% 100% 60% 40% 100% Ultra Strong Classic King Beautiful Choice Speedy Harvest 1.59% 4.13% 7.5% 14.73% 16.63% 55.42% 100% Sino Network 100% 100% 100% 100% 100% 100% 60% 100% 100% Express Education Business Idol 100% 100% 100% 100% 100% 2011 3 3Ultra Strong 73.7% 17.3% 9% Ultra Strong 133
100% 100% 100% 60% 40% 100% Ultra Strong Classic King Beautiful Choice Speedy Harvest 1.13% 2.93% 5.33% 10.45% 11.81% 39.35% 29.00% 100% Sino Network 100% 100% 100% 100% 100% 100% 60% 100% 100% Express Education Business Idol 100% 100% 100% 100% 100% 2011 3 3Ultra Strong 73.7% 17.3% 9% Ultra Strong 134