TM China Tianyi Holdings Limited : 00756 2015

2 3 4-5 6-15 16-20 21-32 33-41 42-43 44 45-46 47 48-49 50-115 116

HKICPA HKICPA ACCA HKICPA ACCA 1 20 2003 2004 Clifton House, 75 Fort Street P.O. Box 1350, Grand Cayman KY1-1108 Cayman Islands 183 17 1712 1716 Appleby Trust (Cayman) Limited Clifton House, 75 Fort Street P.O. Box 1350, Grand Cayman KY1-1108 Cayman Islands www.tianyi.com.hk 2

% 470,834 569,199-17.3% 170,198 208,093-18.2% 36.1% 36.6% -0.5 EBITDA 145,162 196,363-26.1% 78,025 116,869-33.2% 6 9-33.3% 612,922 683,822-10.4% 69,344 30,986 123.8% 78,590 38,205 105.7% 544,794 410,490 32.7% 229,930-100% 1,645,701 1,561,638 5.4% 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 300,000 250,000 200,000 150,000 100,000 50,000 650,999 525,774 445,185 470,834 2011 153,768 2012 250,262 569,199 2013 2014 67,074 116,869 2015 78,025 6.7% 59.5% 25 20 15 10 5 15 22 2015 6 9 6 2.8% 31.0% 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 3

146,069,000 9.8%70,000 78,025,00033.2% 208,093,000 170,198,000 100% 4

20 5

280,044 59.5% 353,315 62.1% 13,292 2.8% 146,069 31.0% 161,878 28.4% 31,429 6.7% 54,006 9.5% 470,834 100.0% 569,199 100.0% 171,349 252,884 94,267 88,255 14,428 12,176 280,044 353,315 6

31,29227,350 353,315,000 280,044,000 20.7% 13,292,000 146,000 97.3 146,069,0009.8% 70,000 135,357 131,3403.1%56,888 80,5002,600 2,10023.8% 7

!!!!!! 8

54,006,000 31,429,000 41.8% (i)(ii) (iii) 56,888 80,500 21,955 56,514 50,840 135,357 131,340 112,984 157,640 248,341 288,980 170,198,000 208,093,00018.2% 36.1% 36.6% 30,178,00051,032,000 9

6,094,000 20,731,000 72,130,000 82,037,000 13.7% 1,619,0002,662,000 32,733,00049,179,000 12,556,000 34,447,000 78,025,000116,869,000 33.2% 10

15,993,00016,010,000 791,382,000776,607,000 296,985,000486,775,000 430,922,000 481,652,000 544,794,000410,490,000 229,930,000 78,590,00038,205,000 69,344,00030,986,000 CITIC Capital China Access Fund Limited232,800,000 3.5 274,448,000 118%CITIC Capital China Access Fund LimitedCITIC Capital China Access Fund Limited 544,794,000410,490,000 170,000,000189,310,000 45% 55%60% 40% 11

2.1 1.3 2.7 1.6 (a) 33.1% 41.0% (a) 1,347,860,727 1.261,698,304,516 15,993 86,395 94,141 15,105 15,476 182,000 202,170 299,493 311,787 12

150,810,000468,281,000 76,00050.67 70,00046.67 13

76,000 76,000 1.8 1.7 70,000 70,000 146,000 146,000 14

1,029914 1,000,000798,000 5 1,000,0011,500,000 798,0011,200,000 1 15

54 20 Sunshine Vocal Limited 47 16

37 Templeton Asset Management Limited 2010 CFA Institute Templeton Asset Management Limited Templeton Strategic Emerging Markets Fund IV, LDCTempleton Strategic Emerging Markets Fund IV, LDC103,888,000 7.70% 56 17

47 52 18 18

54 (APP) 20 47 7301 PET 19

45 20 40 0257.HK 32 35 20

23 6 10 7 44 115 116 19.3% 27.5% 31.0% 84.3% 5% 17 18 21 21

38 47 372,074,000 357,166,000 108(a) (3) 3.13 3.13 16 20 22

86,576,00085,591,000 12 13 23

XV 571 XV7 8 352 10 1. 2 572,712,145 (L) 42.49% 2 6,000,000 (L) 0.45% 3 8,000,000 (L) 0.59% 2. 2 103,888,000 (L) 7.71% 24

1. L 2. 682,600,145 (i) 572,712,14551% 49% 572,712,145 (ii) 103,888,000 Templeton Strategic Emerging Markets Fund IV, LDC 103,888,000 (iii) 6,000,000 3. 8,000,000 3. 100,000 100% 51%49% 51% XVXV7 8 352 25

XV2 3 336 572,712,145 (L) 42.49% 2 572,712,145 (L) 42.49% 3 4 682,600,145 (L) 50.64% Templeton Strategic Emerging Markets Fund IV, LDC (i) (ii) 103,888,000 (L) 103,888,000 (S) 7.71% 7.71% Templeton Templeton Asset Management Limited 5 103,888,000 (L) 7.71% 26

1. LS 2. 49% 559,712,145 572,712,145 3. 51% Templeton Templeton103,888,000 572,712,145 103,888,000 4. 6,000,000 6,000,000 5. Templeton Asset Management Limited Templeton Templeton 103,888,000Templeton Asset Management LimitedTempleton 103,888,000 XV2 3 336 12 27

18 18 14A 14A 44 14A.95 4414A 32 28

11 36 1.00 (i)(ii) (iii) 10% 30% 12 1%162,067,272 12.02% 29

6,000,000 6,000,000* 1,200,000 1,200,000 5,400,000 5,400,000* 2,800,000 2,800,000 *** 2,000,000 2,000,000 ** 49,000,000 49,000,000 66,400,000 11,400,000 55,000,000 * ** *** # 1.33 35 * 0.75 0.75 1.03 1.03 0.75 0.75 1.03 1.03 1.03 1.03 1.03 1.03 30

10% 1% 25% 143341 35,000,000 31

30% (ii) 18317 1712 1716 32

14 10 33

16 20 3.13 19/19 1/1 19/19 0/1 3/19 0/1 10/19 0/1 10/19 0/1 10/19 0/1 34

108(a)(3) A.1.8 35

1 2 1 2 1 2 1 2 1 2 1 2 1 2 A.2.1 36

A.5.6 2/2 2/2 2/2 37

2/2 2/2 2/2 38

2/2 2/2 2/2 1,350,0001,085,000 1,350,000 1,070,000 10,0008,000 10,000 8,000 15 20 39

64 64 113 (852) 3163 1000 (852) 3163 1122 (http://www.tianyi.com.hk/) 40

1 20 2003-2004 adminhk@hksummi.com 41

44 115 42

P05044 43

7 470,834 569,199 (300,636) (361,106) 170,198 208,093 25 30,178 51,032 8 6,018 13,347 33 23,342 (20,731) (6,094) (82,037) (72,130) 21 (18,414) (28,093) 9 (1,619) (2,662) 106,935 163,493 10 (32,733) (49,179) 11 74,202 114,314 14 3,823 2,555 78,025 116,869 9 (4,691) 78,034 112,178 16 0.06 0.09 0.06 0.09 44

17 427,117 394,274 18 23,655 24,210 19 747,997 747,880 20 56,696 56,696 21 51,009 75,547 22 15,993 16,010 28 170,000 171,062 1,492,467 1,485,679 24 69,344 30,986 25 95,831 90,485 19 84,432 81,815 26 78,590 38,205 27 20,263 22,356 28 12,000 31,108 29 430,922 481,652 791,382 776,607 30 12,063 10,176 31 56,186 16,849 32 228,254 229,734 33 229,930 482 86 296,985 486,775 494,397 289,832 1,986,864 1,775,511 45

32 316,540 180,756 34 10,620 12,980 37 14,003 20,137 341,163 213,873 1,645,701 1,561,638 38 11,610 11,520 39 1,634,091 1,550,118 1,645,701 1,561,638 44 115 46

39(a) 39(b) 39(c) 39(d) 10,682 409,997 71,608 38,810 5,152 843,889 1,380,138 116,869 116,869 (4,691) (4,691) (4,691) 116,869 112,178 38(a) 8 973 (163) 818 35 (5,448) 5,448 38(b) 830 92,091 92,921 15 (24,417) (24,417) 11,520 478,644 65,997 38,810 461 966,206 1,561,638 78,025 78,025 9 9 9 78,025 78,034 38(a) 90 9,769 (3,080) 6,779 35 (8,800) 8,800 33 (750) (750) 33 (10,724) 10,724 11,610 488,413 42,643 38,810 470 1,063,755 1,645,701 47

74,202 114,314 (30,178) (51,032) 31,548 23,934 555 532 (2,360) (2,360) 6,124 8,404 18,414 28,093 114 8,800 4,982 489 225 977 421 32,733 49,179 (1,529) (2,626) (23,342) (866) (2,702) (754) (798) (633) 114,883 169,977 (47,158) (3,162) 24,832 33,204 (2,734) (206,365) (40,385) 28,254 (13,686) 1,651 1,887 4,267 3,850 (3,412) 41,489 24,414 (1,915) (39,922) 39,574 (15,508) (28,916) (180,801) (12,000) (200,119) 206 11,873 490 4,713 1,529 2,626 958 473 30,787 117,629 18,412 (2,398) (18,412) (15,727) (10,173) 640 9,068 (287,278) 48

384,220 407,948 92,921 6,779 19,575 (251,422) (185,690) (216,513) (24,417) (22,124) (15,826) (99,060) 294,511 (50,418) (8,275) 481,652 488,913 (312) 1,014 430,922 481,652 49

1. 2. 10 12 27 32 39 19 21 50

2. 32 32 32 2(i)(ii) 2 3 939 3 8(i) (ii) 131339 9 1638 51

2. 24 622 9 622 9 9 3 15 2 1 1 1 16 1 38 16 1 41 27 1 10 1 28 10 1 12 28 11 1 1 2 3 52

2. 9 9 9 9 9 9 9 9 39 9 9 39 39 9 53

2. 9 9 9 39 39 39 9 9 15 15 15 i) ii) iii) iv) v) 15 1518 11 15 15 15 54

2. 1638 1616 38 i) ii) 1638 16 38 1 (i)(ii) (i) (ii) 1 55

3. (i)(ii)(iii) (i)(ii) (iii)(iv) 56

3. 57

3. 58

3. 59

3. 60

3. 61

3. 62

3. 63

3. 64

3. 65

3. 66

3. 4. 3 17 15,993,000 16,010,000 22 67

4. 56,696,000 56,696,000 20 427,117,000 394,274,000 51,009,000 46,507,000 75,547,000 28,093,000 68

4. 31,548,000 23,934,000 427,117,000 394,274,000 69,344,000 30,986,000 78,590,000 38,205,000 69

4. 19,195,000 20,080,000 25 95,831,000 90,485,000 70

4. 5. 6. a. 15,993 16,010 697,100 742,107 606,292 663,193 71

6. b. 28 32 29 32 100100 2,481,000 3,349,000 100100 72

6. b. 69% 86% 100%100% 73

6. b. 12,063 12,063 12,063 49,435 49,435 49,435 237,425 219,891 111,059 568,375 544,794 298,923 219,891 111,059 629,873 606,292 10,176 10,176 10,176 12,597 12,597 12,597 240,108 46,929 140,476 427,513 410,490 263,990 263,990 229,930 526,871 46,929 140,476 714,276 663,193 74

6. b. 146,069,000 161,878,000 396,866,000 461,671,000 31%28%84%81% c. 75

7. 1. 2. 3. 76

7. 146,069 311,473 13,292 470,834 41,421 893 42,314 187,490 312,366 13,292 513,148 (42,314) 470,834 20,419 86,547 (4,776) 102,190 3,658 23,342 (22,255) (32,733) 74,202 928,323 410,823 313,398 1,652,544 631,305 2,283,849 10,638 25,674 38,762 75,074 563,074 638,148 77

7. 161,878 407,321 569,199 27,962 27,962 189,840 407,321 597,161 (27,962) 569,199 39,012 133,312 172,324 10,987 (19,818) (49,179) 114,314 920,179 619,642 1,539,821 722,465 2,262,286 10,640 26,422 37,062 663,586 700,648 78

7. 3 (a) (b) 1 30,371 7,685 171 38,227 2 9,497 56,529 321 66,347 18,414 18,414 489 489 977 977 8,800 8,800 (30,178) (30,178) (2,360) (2,360) (1,529) (1,529) (866) (866) (798) (798) 114 114 32,733 32,733 (3,823) (3,823) 79

7. 1 32,723 147 32,870 2 185,388 185,388 28,093 28,093 21 204 225 421 421 4,982 4,982 (51,032) (51,032) (2,360) (2,360) (2,626) (2,626) (2,702) (2,702) (754) (754) (633) (633) 49,179 49,179 (2,555) (2,555) 1 2 80

7. 280,044 353,315 13,292 146,069 161,878 31,429 54,006 470,834 569,199 10% A 1 146,069 161,878 B 2 80,378 89,946 C 2 70,550 66,872 D 2 50,620 76,662 E 2 49,249 66,313 1 2 81

8. 1,529 2,626 34 2,360 2,360 866 2,702 754 798 633 1,927 a 1,635 465 710 6,018 13,347 (a) 9. 2,000 489 225 977 421 114 39 16 1,619 2,662 10. 33 12,556 34,447 20,177 14,732 32,733 49,179 82

11. 78,843 78,132 7,733 7,459 86,576 85,591 555 532 6,124 8,404 31,548 23,934 83,208 77,226 (34,520) (32,785) 48,688 44,441 1,085 1,070 1,170 8,800 4,982 83

12. (i) 1,558 14 1,572 1,366 720 14 2,100 48 48 48 48 48 48 (ii) 31 31 (iii) 886 148 7 1,041 3,099 1,606 148 35 4,888 84

12. 1,551 12 1,563 1,361 720 198 12 2,291 48 48 48 48 48 48 1,759 5,155 12 6,926 3,056 2,479 5,353 36 10,924 (i) (ii) (iii) 85

13. 12 1,410 677 48 6 33 1,416 758 1,000,000798,000 801,000 1 2 1,000,0011,500,000 798,001 1,200,000801,001 1,189,000 1 14. (2,311) (6,569) 37 6,134 9,124 3,823 2,555 86

14. [2008] 149 25% 74,202 114,314 (25%) 18,551 28,579 12,873 11,289 (4,164) (1,179) 1,478 4,255 (33,325) (46,871) 764 1,372 (3,823) (2,555) 87

15. 2.5 1.99 24,417 24,417 24,417,000 16. 78,025 116,869 1,345,393,330 1,260,424,847 29,095,494 12,279,025 1,374,488,824 1,272,703,872 88

17. 119,694 162,423 2,054 5,146 33,775 323,092 856 1,849 166 2,280 173,464 178,615 1,160 (1,160) (5,144) (65) (17) (5,226) (537) (537) 3 4 7 114,869 165,367 2,206 7,430 206,079 495,951 6,610 9,689 2,295 450 47,303 66,347 123,853 94,665 (218,518) (1,235) (810) (2,045) (204) (3,475) (228) (11) (3,918) 245,128 265,011 4,273 7,059 34,864 556,335 17,958 56,628 1,090 2,467 78,143 6,095 16,879 340 620 23,934 (232) (40) (16) (288) (116) (116) 3 1 4 23,705 73,467 1,417 3,088 101,677 9,328 20,663 597 960 31,548 (447) (619) (1,066) (47) (2,688) (197) (9) (2,941) 32,986 90,995 1,817 3,420 129,218 212,142 174,016 2,456 3,639 34,864 427,117 91,164 91,900 789 4,342 206,079 394,274 89

17. 2.5% 6.67% 5% 20% 20% 33% 10% 20% 212,142,000 91,164,000 4,680,000 5,012,000 86,395,000 94,141,000 90

18. 20,268 6,773 27,041 2,299 532 2,831 555 3,386 23,655 24,210 15,105,000 15,476,000 91

19. 829,695 623,330 84,463 282,893 (81,729) (76,528) 832,429 829,695 84,432 81,815 747,997 747,880 832,429 829,695 20. 56,696 Global One Management LimitedGlobal One Global One 56,696,000 Grant Sherman Appraisal LimitedGrant Sherman Global One Global One 15%15% 3%3% 92

21. 82,390 43,660 126,050 9,155 4,851 14,006 5,493 2,911 8,404 28,093 28,093 14,648 35,855 50,503 5,493 631 6,124 11,240 7,174 18,414 31,381 43,660 75,041 51,009 51,009 67,742 7,805 75,547 93

21. 15 Grant Sherman 2015-2026 4% 19% 7% 17.04% 2016-2026 2015-2026 3% 2% 18% 24% 7% 7% 16.89% 17.04% 11 11,240,0007,174,000 28,093,000 94

22. 15,993 16,010 6 6 15,993,000 23. % % % % Sunshine Vocal Limited 100,000 100 100 1 100 100 1 100 100 1 100 100 Global One 1 100 100 (c) 1 100 (d) 1 100 95

23. % % % % (a) 80,000,000 100 100 (b) 10,000,000 100 100 (a) 80,000,000 100 100 (b) 30,000,000 100 100 (b) 35,000,000 100 100 (b) 2,000,000 100 100 (b) (e) 500,000 100 (b) (f) 5,000,000 100 (a) (b) (c) (d) (e) (f) 96

24. 2,027 413 25,269 42,048 30,573 69,344 30,986 291,836 356,124 8,800 4,982 300,636 361,106 135,357 131,340 97

25. 90,485 72,657 167,986 162,546 a 30,178 51,032 (192,818) (195,750) b 95,831 90,485 (a) (b) 26. 28 90 90 78,590 38,205 98

27. 19,195 20,080 1,068 2,276 20,263 22,356 3,000,0002,398,000 23,000,00018,412,000 77.2 28. 182,000 200,238 1,932 182,000 202,170 (a) (12,000) (31,108) (b) 170,000 171,062 (a) 11,940,000 12,000,000 16,010,00018,938,000 9,500,000 10,238,000 1,932,000 99

28. (b) 101,300,000 103,300,00060,500,000 60,500,000 170,000,000 171,062,000 (c) 0.050.39 0.053.37 29. 430,922 481,652 426,821,000 404,272,000 0.0010.39 0.0010.75 30. 90 90 12,063 10,176 100

31. 37,431 4,493 6,649 6,751 4,252 3,286 3,097 1,947 1,094 2,278 1,757 32. 56,186 16,849 228,254 229,734 207,920 41,728 108,620 139,028 544,794 410,490 (228,254) (229,734) 316,540 180,756 262,733 262,310 282,061 148,180 544,794 410,490 101

32. 262,733 187,310 282,061 223,180 544,794 410,490 246,740 246,300 298,054 164,190 544,794 410,490 35,000,000 217,240,000 25%24 30 50% 16,000,000 99,320,000 20%18 24 30 40% 102

32. 2.89% 7.84% 2.89% 7.80% 3.28% 4.54% 2.55% 4.86% 173,740,000 189,310,000 73,000,000 73,000,000 15,993,00041 iii iii 33. 3.5 232,800,000 (i) (ii) (iii) 1.89 0.01 123,174,603 137.5938% 137.5938% 103

33. 39 (i) 16.79% (ii) (iii) 1.33 1.89 0.43% 3 61.34% 274,448,000216,513,000 104

33. 199,369 11,474 210,843 10 34,447 34,447 (6,457) (6,457) 2,571 2,571 229,930 11,474 241,404 10 12,556 12,556 (215,763) (750) (216,513) (23,342) (23,342) (10,724) (10,724) (3,381) (3,381) 34. 15,340 (2,360) 12,980 (2,360) 10,620 105

35. 0.01 (i)(ii) (iii) (iv) (v) 39,000,0000.75 10,000,0000.90 62,400,0001.15 57,200,0001.03 106

35. % 39,000,000 0.75 31.3 31.3 37.4 1 10,000,000 0.90 30.0 30.0 40.0 62,400,000 1.15 100 2 57,200,000 1.03 100 168,600,000 11,400,000 (11,400,000) 2 54,000,000 (54,000,000) 65,400,000 (54,000,000) (11,400,000) 65,400,000 0.98 1.03 0.75 107

35. 11,400,000 11,400,000 1 44,400,000 (44,400,000) 2 55,000,000 (1,000,000) 54,000,000 110,800,000 (44,400,000) (1,000,000) 65,400,000 110,800,000 65,400,000 1.05 1.15 1.03 0.98 0.98 1.36 1.241.30 36. 5% 1,2501,500 5% 13% 7,733,000 7,459,000 108

37. 28,011 1,250 29,261 (9,124) (9,124) 18,887 1,250 20,137 (6,134) (6,134) 12,753 1,250 14,003 3,057,000 10%5% 5% 5% 1,250,000 1,250,000 1,053,998 864,552,000 109

38. 0.01 3,000,000,000 30,000 26,376 1,231,572,727 12,316 10,682 a 1,000,000 10 8 b 103,888,000 1,039 830 1,336,460,727 13,365 11,520 a 11,400,000 114 90 1,347,860,727 13,479 11,610 (a) 8,550,000 6,779,000 1,030,000818,00011,400,000 1,000,000 0.01114,00090,000 10,000 8,000 8.436,0006,689,000 1,020,000 810,000 3,080,000 163,000 35 (b) 1.12Templetion Strategic Emerging Markets Fund, IV, LDC103,888,000 116,355,00092,921,000 1,039,000830,000 115,316,00092,091,000 110

39. (a) (b) 3,585,000 Sunshine Vocal 36,396,000 3 3 (c) 10% 50% 25% (d) 3 111

40. 466 302 268,862 269,157 394,400 441,376 15,993 16,010 679,721 726,845 633 19,162 20,870 1,623 20,427 2,256 60,459 3,693 2,842 80,814 84,734 229,930 84,507 317,506 (82,251) (257,047) 597,470 469,798 217,240 79,456 11,083 12,612 228,323 92,068 369,147 377,730 11,610 11,520 a 357,537 366,210 369,147 377,730 112

40. (a) 409,997 30,292 (19,139) (75,630) 345,520 (51,296) (51,296) 3,502 3,502 3,502 (51,296) (47,794) 38(a) 973 (163) 810 35 (5,448) 5,448 38(b) 92,091 92,091 15 (24,417) (24,417) 478,644 24,681 (15,637) (121,478) 366,210 478,644 24,681 (15,637) (121,478) 366,210 (14,385) (14,385) (227) (227) (227) (14,385) (14,612) 38(a) 9,769 (3,080) 6,689 35 (8,800) 8,800 33 (750) (750) 33 (10,724) 10,724 488,413 1,327 (15,864) (116,339) 357,537 113

41. 15,993 86,395 94,141 15,105 15,476 182,000 202,170 299,493 311,787 42. 124,396 21,409 161,862 144,197 36,750 122,955 323,008 288,561 114

43. 65,170 44. 6,932 12,781 105 204 7,037 12,985 45. 10% 1% 115

470,834 569,199 525,774 650,999 445,185 78,025 116,869 67,074 250,262 153,768 2,283,849 2,262,286 1,869,630 1,690,691 1,090,437 638,148 700,648 489,492 403,475 300,701 116