UNIVERSAL TECHNOLOGIES HOLDINGS LIMITED 1026 7424344 4585 148 11AB2 301302 48 183171712-16
............................................................. 1....................................................... 7............................................... 43................................................. 45...................................... 86.................................... 124...................... 217.................................... 230.............................................. 289.............................................. 294................................................. 301 i
600083 1
224,420,000280,525,000 000712 2
16 3
49% 571 4
0.01 100% 5
% 11.25 6
UNIVERSAL TECHNOLOGIES HOLDINGS LIMITED 1026 Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 148 11AB2 7
49%224,420,000280,525,000 1414A (1) (2) 49% 8
224,420,000280,525,000 35 (i) (ii) (i) (ii) 192,653,556 (iii) 28,620,000 12,100,0002,040,000 (iv) 457,000,000 9
457,000,000456,000,000 (i)(ii) (i) (ii) (iii) (iv) (v) 10
(vi) (vii) (viii) (ix) (x) (iv)(v)(vi)(vii)(viii)(x) (iv)(v)(vi)(vii)(viii)(ix)(x) (i) (ii) 11
(iii) (iv) (v) 51% 51% 49% 394,793,000 12
(1)(2) (386,059,000) 29,991,000 29,811,000 3,344,000 393,146,000 (1)(3) (36,209,000) 29,183,000 458,000,000 (1) (2) (3) 32.07%18.93% 13
51% 51%49% 51:49 (i) 100%(ii) (iii)(iv) 156,000,000 (i) (ii) (iii) (iv) 14
31,000,00038,750,000 31,000,000 20 49%14.77 31,000,000 31,000,000 x 14.77 x 49% 31,000,000 14.77100% 31,000,000 31,000,00038,750,000 15
49% (i)(ii) i) 100% 100% 100% 100% 100% 100% 100% 100% 51% 16
ii) 51% 49% 100% 100% 100% 100% 100% 100% 100% 51% 80% 20% 337,700,000 (a) (i) (ii) (b) (i) (ii) 17
500,000 1,150,000 650,000 18
(A) 310,000 20 BOT 19%19% 19% 19% 19
156,000,000 100,000 20
200,00080 60,00050,000110,000 95 100,000 200,000 60,000 50,000 100,000 310,000 21
22 (2015) 00005 (2013) 94142 (2013) 11141 (2015) 180000003 (2014) 441827H00003 (i) (ii) (iii) (2014) 441827H00002
% % 18,306 26 45 40 24,537 36 28 24 11,292 16 17 15 9,558 14 12 11 5,368 8 10 9 8 0 1 1 69,069 100 113 100 % 15 22 18 26 15 22 9 13 4 6 1 2 3 5 3 4 68 100 23
(B) (A) 24
(B) 410,000,000 15,000,000 1,000,000 25
1,000,000 1,000,000 98,521,400 1,600,000 2,000,000 26
27 23,254,000 51%49% 69,800 28,700,000 16 (i)1,196 25 2,740(ii) 1,864 222 8,000 (iii) 12,100,000 108 3,000 2,030,000
55 1,480,000 2,000 1,350,000 5 A101B101 1,810,000 1,460,000 142,000 590.566 152.9 46,571.50 17,970,000 28
1,148.23 6,438.486 2,000 (i)(ii) 13,900 (iii)(iv) 13,900 (v)42,000 37,262.15 1,253.31 (i)1,196 252,740 (ii)1,8642228,000 (iii) (a) 320.59 3,000 (b) 3,288.85645.13 29
7,500 6,259.147 145.4221.88 75,836.7 590.566 152.946,571.50 58,236,700 67,042,000 50.02% 14A 27.39%80% 14A 14A.60 14A.76 14A 30
108,468 137,068 218,796 (135,585) (171,335) (273,495) 35,237 29,406 51,505 (44,046) (36,758) (64,381) 25,457 20,523 39,448 (31,821) (25,654) (49,310) 143,681 180,939 219,448 (179,601) (226,174) (274,310) 31
108,468,000 137,068,000 (i)32.07%51% (ii) (a) (b) (c)5,252,000 35,237,000 29,406,000 (i) 100% 456,000,000 (ii) 30,050,000 (iii) 12,100,000 (iv) 3,510,000 32
(v) 3,412,000 (vi) 17,970,000 (i) (ii) (iii) (iv) (v) (vi) (i) (ii) 33
(iii) (iv) (v) (vi) 34
(i) (ii) (iii) (iv) (v) (i) 1,370,862,000781,059,000 2,151,921,000 35
(ii) 629,241,000611,051,000 1,240,292,000 (iii) 46%55% (iv) 317,148,000171,335,000 488,483,000 (v) 37,734,00020,675,00058,409,000 49% 37,734,00046,224,000 8,490,000 36
50% 49% 49% 51% 51% 37
(i) (ii) (iii) 38
(i) (ii) 80%20%316,000,00021,700,000 (i) 32%51%(ii) 100,00032.3% 49% 39
(i) (ii) (iii)57,310,000 (iv) 1%10% (v) 40
100%14 14A.0714A 1414A 148 11AB2 520,380,000 24.66% (i)77,540,000 3.67%10,000,000(ii) 10,000,0000.47% 10,000,000 41
301302 48 4344 4585 42
UNIVERSAL TECHNOLOGIES HOLDINGS LIMITED 1026 Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 148 11AB2 43
742 45 85 (i) (ii) 44
49%224,420,000280,525,000 45
14.07100%14 14A.07 14A 1414A 520,380,000 24.66% (i)77,540,000 3.67% 10,000,000 (ii) 10,000,000 0.47% 10,000,000 46
(i) (ii) 13.84 47
I. 189,847 317,148 131,487 142,029 (14,346) 48,159 6,193 (18,031) (24,865) 37,734 5,414 (19,751) 48
189,800,000317,100,000 24,900,000 37,700,000 46,200,000 131,500,000142,000,000 5,400,000 19,800,000 80% 20% 337,700,000 49
(a) (i) (ii) (b)(i) (ii) 50
560,000 1,150,000 590,000 51
(A) 310,000 20 BOT 19%19% 19% 19% 52
156,000,000 100,000 53
200,00080 60,00050,000110,000 95 100,000 200,000 60,000 50,000 100,000 310,000 54
55 (2015) 00005 (2013) 94142 (2013) 11141 (2015) 180000003 (2014) 441827H00003 (2014) 441827H00002 (i) (ii) (iii)
% % 18,306 26 45 40 24,537 36 28 24 11,292 16 17 15 9,558 14 12 11 5,368 8 10 9 8 0 1 1 69,069 100 113 100 56
% 15 22 18 26 15 22 9 13 4 6 1 2 3 5 3 4 68 100 (B) 57
410,000,000 15,000,000 1,000,000 1,000,000 1,000,000 58
98,521,400 1,600,000 2,000,000 23,254,000 51%49% 59
108,468 137,068 92,104 218,796 (135,585) (171,335) (115,130) (273,495) 106,099 134,313 89,489 215,308 (132,624) (167,891) (111,861) (269,135) 2,369 2,755 2,615 3,488 (2,961) (3,444) (3,269) (4,360) 35,237 29,406 27,843 51,505 (44,046) (36,758) (34,804) (64,381) 25,457 20,523 20,266 39,448 (31,821) (25,654) (25,333) (49,310) 143,681 180,939 219,448 (179,601) (226,174) (274,310) 108,500,000135,600,000 137,100,000171,300,000 (i)32.07%51% (ii) 60
(a) (b) (c) 5,300,000 35,200,000 44,000,000 29,400,00036,800,000 92,100,000 115,100,000218,800,000273,500,000 89,500,000111,900,000 215,300,000269,100,00097.2% 98.4%32.07% 51% 20,300,00025,300,000 39,400,00049,300,000 180,900,000 226,200,000219,400,000274,300,000 32.07%51% 61
II. 49% 88% 37,700,000 46,200,000 8,500,000 62
50% 49% 49% 51% 51% 63
(i)(ii) (iii) 64
(i) (ii) 80%20%316,000,000 21,700,000 (i)32% 51%(ii) 100,00032.3% 49% 65
(i) (ii) (iii) 57,310,000(iv) 1% 10%(v) 66
(i) 25 820,0001,400,000 1,700,000 67
(ii) (iii) 562,100,000476,800,000 (iv) 68
III. 224,400,000280,500,000 (i) (ii) 192,700,000 (iii) 28,600,00012,100,0002,000,000 (iv) 457,000,000 457,000,000(iv) 456,000,000 (i) 69
(a) (1) (2) (3) (4) (5) (6) 70
(i) (ii) 13.12%13.90% (i)(ii) (iii) (i) 3% (ii) (iii) 71
(iv)3% (v) (b) 72
2105 15 11 73
16 (i) (ii)(iii) 74
(ii) (i) 50% (ii)(iii) 572,500,000 2 75
855 1129 6,186 22.0 3,724 18.3 18.3 22.0 20.2 23.4 (i)(ii) 76
23.418.3 22.020.2 6.4% (iii) 337,700,000 80%20% 143,700,000 2.35 49%224,420,000 100%458,000,000 194,800,0002.35 77
(i) 51%51% 49% 394,793,000 (386,059,000) 29,991,000 29,811,000 3,344,000 393,146,000 78
0 (36,209,000) 29,183,000 458,000,000 (1) (2) (3) 32.07% 18.93% 51% 79
51% 49% 51:49 (i) 100%(ii) (iii)(iv) 156,000,000 (i) (ii) (iii) (iv) (ii) 31,000,000 38,800,000 80
31,000,000 20 49%14.77 31,000,000 31,000,000 x 14.77 x 49% 31,000,000 14.77100% 31,000,000 31,000,00038,800,000 (i) 81
(ii) (iii) (iv) (v) IV. (i) (ii) (iii) (iv) 82
1,370,900,000629,200,000 2,151,900,0001,240,300,000 37,700,00032,700,000 58,400,00052,200,000 63,200,00045.8% 493,700,00055.0% 83
476,800,000562,100,000 304,800,000132,500,000 (i) (ii)iii. (iii) (iv) (v) 84
1 613 85
1. (www.hkex.com.hk) (www.uth.com.hk) (i) (ii) http://www. hkexnews.hk/listedco/listconews/sehk/2013/0424/ltn20130424010_c.pdf http://www. hkexnews.hk/listedco/listconews/sehk/2014/0417/ltn20140417409_c.pdf (iii) http://www. hkexnews.hk/listedco/listconews/sehk/2015/0429/ltn201504291023_c.pdf 2. 49,500,000 61,875,000235,420,000 294,275,000 261,875,000327,344,000 4,318,0005,398,000 86
i) ii)iii) iv)v) 3. 4. 5. 126,719,000 47%6,989,00088% 87
16,125,000 52% 28,944,000 304% 6,517,000 133% 125,309,000 16% 8,869,000 321% 1178 88
693,000 100% 11,528,000 20% 3,022,000 60% 120,730,000 154,026,00033,296,00028% 2887 23,979,000 900,0001,107,000 28.42% 435,000 89
12,272,00012,272,000 119,277,000 87,099,00032,178,000 45,811,000 170,279,00079,359,000 90,920,000 114,736,000 115,357,000 90
365,337,000 341,535,00023,802,000 88% 83% 217,765,000 2.5% 75,000 75,000 328,650,000 247,879,00080,771,000 129,018,00067,168,000 61,850,000 91
141,173,000 42,033,00087,099,000 79,359,00010,057,000 1,202,000816,000 115,357,000341,535,000 217,765,000247,879,000 67,168,0003,473,000 51%60% 92
3.06.0 93
94
95
596 583 758,000927,000 100% 1,136,000 127,000 209,000 900,0001,104,000 28.42% 435,000 96
17.49% 53.64% 15% 12,765,500 15,679,0009.99% 36,750,00045,011,0007.5% 7.5% 13,542,000 13,542,00028,270,000 17,409,000 18,313,000130,046,000 120,730,00040,079,000 44,309,000115,357,000 114,736,000 97
784,000 12,272,000 20,000,00024,544,000 8.63% 10,000,00012,272,000 10,000,00012,272,000 98
189,847,000 50%34,085,000 588% 38,458,000 138% 15,728,000 46% 6,560,000 1% 99
178,886,000 43% 118,600,000 54% 596695 9917% 62%61% 99% 94% 8,869,000 6,996,00021% 1178 2887 7,635,000 1,002% 4,586,000 60%217,765,000 100
10,519,000 248% 63,445,000 53,888,0009,557,000 79,870,000 76,402,0003,468,000 16,504,000 18,443,0001,939,000 154,026,000 166,274,00012,248,0008% 101
697,000 270,000427,000 12,272,000 12,683,000411,000 87,099,000 128,003,00040,904,00047% 45,795,000 79,359,00034,978,000 44,381,000 316,776,000 36,713,000128,003,000 30,412,0001,794,000 1,238,0001,153,000 592,079,000 102
4,241,000364,189,000 100,016,0006,170,000 41%51% POS 103
104
105
106
695 596 1,000,000 17,409,000 130,046,00040,079,000 115,357,000 107
200,000,000 0.58 192,000,000111,360,000 108,580,000 784,000 12,683,00012,272,000 20,000,000 8.63% 10,000,00012,683,00010,000,000 12,683,000 108
317,148,000 67%32,694,000 196% 30,646,000 20% 12,536,000 20% 109
7,999,000 22% 294,021,000 64% 152,230,000 28% 94%93% 6,996,000 126,00098% 1178 1,917,000 75% 760,000 83% 110
8,796,000 100% 46,224,000 100%44,389,000 1,835,000 10,425,000 1% 53,888,000 37,986,00015,902,000 76,402,000 77,097,000695,000 111
18,443,000 4,250,00014,193,000 166,274,000 32,539,000133,735,00080% 270,000 270,000100% 12,683,000 12,683,000100% 12,362,00012,362,000 100%12,362,000 128,003,000 65,656,00062,347,00049% 45,795,000 112
34,978,000218,373,000 183,395,000 1,794,000221,0001,573,000 592,079,000 512,223,00079,856,000 96% 81% 338,087,000338,087,000100% 364,189,000 422,875,00058,686,000 16% 113
100,016,000104,207,000 4,191,000 14,350,00014,350,000100% 12,362,000 552,489,000 1,502,00065,656,000 213,336,000221,000 300,000338,087,000 512,223,000 422,875,000 104,207,00014,350,000 11,057,000 42% 41% 114
115
,,,, 116
117
602 695 2,205,0002,771,000 100% 2,076,000 335,00092,000 695,000 118
1 100% 10,000 1,00010,000 Universal Cyberworks International LtdUCI H and R Group LimitedH and R UCIH and R (i) 49%(ii) (iii) 315,480,000 119
49% 62,834,00044,389,00045,014,000 141,062,000 141,062,00086,447,000 101,048,00012,641,00044,389,000 46,849,000 1,835,000 49% 315,480,000262,480,000 120
6. 32,694,000 34,085,000196% 46,224,000 17,600,000 1,590,000 19,190,000 8% 121
122
273,495,00049,310,000 123
1. 49% 2 124
15,000,000 100% 1,000,000 100% 1,000,000 100% 1,000,000 100% 1,600,000 100% 2,000,000 100% 23,254,000 51% 10,000,000 100% 125
2 5 25 126
3.340 2410 25 127
I. 9 92,261 108,468 137,068 92,104 218,796 (49,969) (56,167) (77,381) (49,501) (151,005) 42,292 52,301 59,687 42,603 67,791 9 3,553 3,791 5,464 3,116 4,883 (526) (2,523) (1,160) (2,211) (5,457) (7,698) (14,815) (5,948) (9,817) (573) (809) (1,139) (773) (2,589) 210 1,030 (2,195) (2,195) 80 186 1,023 36 (5,252) 10 40,211 49,112 39,227 35,643 58,137 11 (10,385) (14,911) (10,484) (8,639) (6,632) 2,811 1,036 663 839 32,637 35,237 29,406 27,843 51,505 12 (7,732) (9,780) (8,883) (7,577) (12,057) 24,905 25,457 20,523 20,266 39,448 575 3,051 3,051 233 24,905 26,032 23,574 23,317 39,681 24,706 25,219 19,553 20,057 32,132 199 238 970 209 7,316 24,905 25,457 20,523 20,266 39,448 24,706 25,794 22,604 23,108 32,365 199 238 970 209 7,316 24,905 26,032 23,574 23,317 39,681 128
15 142,687 195,306 237,765 288,419 16 8,792 9,358 8,795 8,421 17 10,460 11,460 17,920 18,510 18 18,564 20,922 19 1,991 1,991 1,991 1,991 20 136,066 226,696 24 11,310 11,310 11,310 182,494 250,347 413,847 555,347 22 980 1,082 1,428 1,774 23 9,594 13,614 15,288 19,673 24 212 1,282 2,737 5,001 25 5,593 26 154,000 28 187,905 11,679 25,450 86,812 204,284 181,657 44,903 113,260 29 435 506 576 1,062 30 14,762 32,928 58,134 91,707 31 90,913 27,479 52,576 65,155 32 22,364 57,548 52,364 53,721 712 1,506 2,156 3,716 129,186 119,967 165,806 215,361 75,098 61,690 (120,903) (102,101) 257,592 312,037 292,944 453,246 129
32 121,230 165,682 93,318 212,472 33 1,829 2,674 18,687 21,326 123,059 168,356 112,005 233,798 134,533 143,681 180,939 219,448 34 88,521 89,521 102,521 410,000 35 45,396 53,306 33,786 (242,500) 133,917 142,827 136,307 167,500 616 854 44,632 51,948 134,533 143,681 180,939 219,448 130
21 1,000 15,000 27 413,000 28 97 997 774 97 997 413,774 31 100 19,000 (3) 997 394,774 997 997 409,774 34 1,000 1,000 410,000 35 (3) (3) (226) 997 997 409,774 131
35(a) 35(b) 35(c) 35(d) 88,521 8,539 290 26,758 124,108 417 124,525 13 (15,291) (15,291) (15,291) (15,291) (15,291) (15,291) 24,706 24,706 199 24,905 24,706 24,706 199 24,905 1,704 (1,704) 2 394 394 394 88,521 10,243 684 34,469 133,917 616 134,533 2 1,000 1,000 1,000 13 (18,391) (18,391) (18,391) 1,000 (18,391) (17,391) (17,391) 25,219 25,219 238 25,457 575 575 575 575 25,219 25,794 238 26,032 2,187 (2,187) 2 507 507 507 89,521 12,430 1,191 575 39,110 142,827 854 143,681 2 13,000 13,000 13,000 36 43,810 43,810 (2,698) (2,698) (1,002) (3,700) 13 (39,000) (39,000) (39,000) 13,000 (2,698) (39,000) (28,698) 42,808 14,110 19,553 19,553 970 20,523 3,051 3,051 3,051 132
35(a) 35(b) 35(c) 35(d) 3,051 19,553 22,604 970 23,574 5,743 (5,743) 2 (426) (426) (426) 102,521 18,173 (1,933) 3,626 13,920 136,307 44,632 180,939 2 307,479 (299,479) 8,000 8,000 13 (10,273) (10,273) (10,273) 307,479 (299,479) (10,273) (2,273) (2,273) 32,132 32,132 7,316 39,448 233 233 233 233 32,132 32,365 7,316 39,681 1,114 (1,114) 2 1,101 1,101 1,101 410,000 (299,479) 19,287 (832) 3,859 34,665 167,500 51,948 219,448 89,521 12,430 1,191 575 39,110 142,827 854 143,681 13 (19,815) (19,815) (19,815) (19,815) (19,815) (19,815) 20,057 20,057 209 20,266 3,051 3,051 3,051 3,051 20,057 23,108 209 23,317 2,454 (2,454) 89,521 14,884 1,191 3,626 36,898 146,120 1,063 147,183 133
32,637 35,237 29,406 27,843 51,505 10 235 244 271 205 184 10 2,198 8,592 10 17,851 18,553 22,436 17,743 15,147 11 10,385 14,911 10,484 8,639 6,632 9 (466) (955) (551) (276) (544) 10 (15) 140 54 (2) 760 10 93 11 135 (210) (1,030) 2,195 2,195 (80) (186) (1,023) (2,811) (1,036) (663) (839) 36 5,252 57,513 65,052 71,217 55,508 82,196 205 (102) 35 (77) (346) 564 (4,031) 64 (1,262) (4,385) 244 (1,070) (1,010) (16,262) (2,264) 6,616 (440) 71 (96) 230 486 (2,751) 18,166 17,260 27,549 33,573 55,335 84,702 87,470 65,686 109,260 (7,045) (8,332) (9,072) (5,753) (7,935) 48,290 76,370 78,398 59,933 101,325 134
(8,713) (69,992) (65,276) (39,600) (64,029) (3,454) (99,222) 80 26 7 2 45 97,599 (154,000) 116,609 90,787 (1,828) 507 506 466 955 551 276 544 (11,310) (1,905) (1,905) (16,359) 89,939 (235,643) 30,173 49,560 (162,662) 5,184 119,999 180,000 (22,363) (40,363) (77,548) (59,489) (59,489) 90,913 (63,434) 25,428 (7,022) 12,579 (15,291) (18,391) (39,000) (19,815) (10,273) (10,624) (16,271) (12,554) (9,456) (9,219) (3,700) 1,000 13,000 8,000 394 507 (426) 1,101 48,213 (16,953) (94,800) (95,782) 122,699 186,442 (176,226) 13,771 13,711 61,362 1,463 187,905 11,679 11,679 25,450 187,905 11,679 25,450 25,390 86,812 135
II. 1. 38 2. 136
3. 25 5 120,903,000102,101,000 (i) 69,000,00050,000,000 (ii) 137
4. 1 1 1 16 1 38 27 1 9 3 15 3 1 2 3 1 1638 16 38 138
27 9 9 9 39 939 9 39 139
15 15 18 11 15 15 5. 5.1 140
2 141
5.2 5.3 142
5.4 5.5 143
1520 1520 1520 35 5.6 5.17 144
5.7 145
5.8 5.3 5.19 5.9 5.12 1020 146
5.10 (i) 147
(ii) (iii) 148
(iv) (v) (vi) 39 149
5.11 5.12 (i) (ii) 150
(a) (b) 5.9 5.13 5.18 (a) (b) 5.16 151
5.13 5.14 152
5.15 5.16 5.17 153
5.18 (i) (ii) (iii) 5.13 (iv) (v) (vi) 154
5.19 155
5.20 (i) (ii) 156
5.21 5.22 40 157
5.23 5.24 (a) (i) (ii) (iii) 158
(b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (i) (ii) (iii) 159
6. (i) 5.55.65.9 (ii) 160
(iii) 5.19 (iv) (v) 5.135.18 161
(vi) 7. BOT (i)bot(ii) 5.12 20 162
8. 7 99,222,000 10% 10% 9. 83,672 97,668 118,518 81,559 110,659 3,454 99,222 6,897 8,431 12,341 7,930 5,427 1,692 2,369 2,755 2,615 3,488 92,261 108,468 137,068 92,104 218,796 466 955 160 64 544 391 212 1,545 1,376 3,029 1,478 1,523 263 277 516 414 1,339 1,279 1,183 1,368 948 1,477 3,553 3,791 5,464 3,116 4,883 163
10. 100 100 157 113 97 49,969 56,167 77,381 49,501 151,005 18,333 19,035 23,105 18,251 15,629 * (482) (482) (669) (508) (482) 17,851 18,553 22,436 17,743 15,147 235 244 271 205 184 2,198 8,592 93 11 135 (15) 140 54 (2) 760 22 30 64 45 48 14 9,656 11,809 15,210 7,913 13,065 1,149 1,359 1,756 1,176 1,424 10,805 13,168 16,966 9,089 14,489 * 164
11. 8,803 15,856 12,194 9,256 9,048 1,395 160 257 232 72 60 266 158 128 128 111 10,624 16,271 12,554 9,456 9,219 (239) (1,360) (2,070) (817) (2,587) 10,385 14,911 10,484 (8,639) (6,632) 6.95%6.92%7.59%7.94%6.82% 9.17%7.26% 12. 7,452 9,126 8,925 7,495 9,495 33 280 654 (42) 82 2,562 7,732 9,780 8,883 7.577 12,057 165
25% 32,637 35,237 29,406 27,843 51,505 8,159 8,809 7,352 6,961 12,876 4 145 305 99 108 (431) (927) 826 1,226 517 7,732 9,780 8,883 7,577 12,057 17,000597,000 1,907,0002,342,000 13. 166
14. 15. 54,528 234,052 22,474 1,352 3,458 6,284 1,071 323,219 (27,925 (124,357) (10,792) (1,047) (2,664) (4,783) (171,568 26,603 109,695 11,682 305 794 1,501 1,071 151,651 26,603 109,695 11,682 305 794 1,501 1,071 151,651 230 414 428 205 310 7,365 8,952 4,735 1,038 892 (6,665) (2,376) (12,323) (1,728) (172) (296) (956) (17,851) (4) (31) (30) (65) 24,227 102,337 11,402 530 673 1,747 1,771 142,687 54,528 239,017 23,853 1,052 3,481 7,295 1,771 330,997 (30,301) (136,680) (12,451) (522) (2,808) (5,548) (188,310 24,227 102,337 11,402 530 673 1,747 1,771 142,687 24,227 102,337 11,402 530 673 1,747 1,771 142,687 1,404 467 213 330 126 68,812 71,352 60,740 603 (61,343) (14) (14) (2,370) (13,460) (1,830) (175) (66) (652) (18,553) (129) (28) (3) (6) (166) 21,843 150,892 10,011 565 931 1,824 9,240 195,306 54,494 300,743 23,759 1,205 3,696 8,024 9,240 401,161 (32,651) (149,851) (13,748) (640) (2,765 (6,200) (205,855) 21,843 150,892 10,011 565 931 1,824 9,240 195,306 167
21,843 150,892 10,011 565 931 1,824 9,240 195,306 2,116 429 165 684 330 63,622 67,346 111 38,859 75 (39,045) (1,515) (875) (2,390) (2,436) (17,423) (1,820) (159) (420) (178) (22,436) (5) (3) (53) (61) 18,003 174,444 8,690 568 1,142 1,101 33,817 237,765 50,551 341,718 24,157 1,314 3,314 5,005 33,817 459,876 (32,548) (167,274) (15,467) (746) (2,172) (3,904) (222,111) 18,003 174,444 8,690 568 1,142 1,101 33,817 237,765 18,003 174,444 8,690 568 1,142 1,101 33,817 237,765 131 275 550 191 65,469 66,616 11,531 490 (12,021) (10) (10) (1,490) (11,809) (1,193) (135) (221) (299) (15,147) (700) (56) (49) (805) 16,503 173,466 7,572 708 1,422 1,483 87,265 288,419 50,517 351,115 24,119 1,589 3,633 5,686 87,265 523,924 (34,014) (177,649) (16,547) (881) (2,211) (4,203) (235,505) 16,503 173,466 7,572 708 1,422 1,483 87,265 288,419 62,939,00054,119,000 45,966,00037,368,000 32 168
1,355,0001,277,000 1,306,0001,244,000 16 58,000 86,776,000 1,370,000 8,267,0005,839,000 9,566,000 169
16. 11,535 11,535 12,296 11,845 (2,508) (2,743) (2,938) (3,050) 9,027 8,792 9,358 8,795 9,027 8,792 9,358 8,795 (235) (244) (271) (184) (150) (292) (190) 960 8,792 9,358 8,795 8,421 11,535 12,296 11,845 11,575 (2,743) (2,938) (3,050) (3,154) 8,792 9,358 8,795 8,421 4,378,0004,263,000 32 245,000442,000 597,000685,000 170
17. 10,250 10,460 11,460 17,920 1,905 15 14 2,390 10 16 150 292 190 16 (960) 210 1,030 (2,195) 80 766 4,068 310 10,460 11,460 17,920 18,510 8,080,0008,840,000 8,760,000 32 171
10,250 10,460 11,460 17,920 1,905 15 14 2,390 10 16 150 292 190 16 (960) 210 1,030 (2,195) 80 766 4,068 310 10,460 11,460 17,920 18,510 172
2.2 25.2 2.4 27.6 2.4 27.3 2.4 27.4 5.7%9.0% 5.7%9.0% 5.7%9.0% 5.7%9.0% 18. 18,564 20,922 36 173
17,554,000 23,254,000 32.07% 5,627 6,370 112,633 109,483 (17,845) (37,202) (42,529) (13,412) 57,886 65,239 32.07% 32.07% 18,564 20,922 174
41,893 31,422 37,131 8,766 3,231 2,068 507 506 19. 3%3%3% 13%13%13% 175
20. 36 BOT 138,264 (2,198) 136,066 136,066 36 134,810 3,454 99,222 (2,198) (8,592) 136,066 226,696 138,264 237,486 (2,198) (10,790) 136,066 226,696 32 176
21. 1,000 15,000 100% 51% 36 100% 9,226 140,615 1,678 14,930 822 7,316 177
4,171 66,350 (3,917) (98,760) 440 41,906 694 9,496 16,813 30,485 136,066 226,697 (46,879) (53,888) (14,914) (97,278) 91,086 106,016 44,632 51,948 178
22. 980 1,082 1,428 1,774 23. 9,687 13,718 15,527 19,912 (93) (104) (239) (239) 9,594 13,614 15,288 19,673 93 104 239 93 11 135 93 104 239 239 179
60 090 9,320 13,278 14,397 18,650 91180 100 163 358 544 180 174 173 533 479 9,594 13,614 15,288 19,673 9,183 13,127 14,140 18,106 130 138 151 257 544 30 273 336 891 1,023 9,594 13,614 15,288 19,673 180
24. 19 60 263 1,179 11,310 11,310 11,310 767 1,374 2,453 193 455 1,100 1,369 212 12,592 14,047 16,311 (212) (1,282) (2,737) (5,001) 11,310 11,310 11,310 181
25. 5,593 26. 97,599 97,599 198,632 154,000 160,028 154,000 182
27. 28. 187,905 11,679 25,450 86,812 97 997 774 183
29. 090 435 506 576 839 91180 223 435 506 576 1,062 30. 3,778 5,609 6,587 2,959 8,068 22,054 46,961 80,787 2,916 5,265 4,586 7,961 14,762 32,928 58,134 91,707 58,00058,00058,0001,428,000 15 31. 184
32. 21,500 51,500 51,500 52,857 5,184 864 864 864 864 22,364 57,548 52,364 53,721 110,000 160,500 89,000 209,017 5,184 6,046 5,182 4,318 3,455 121,230 165,682 93,318 212,472 143,594 223,230 145,682 266,193 21,500 51,500 51,500 52,857 27,500 51,500 61,500 40,643 82,500 109,000 27,500 22,304 146,070 131,500 212,000 140,500 261,874 185
864 6,048 864 864 6,048 864 864 864 2,591 2,955 2,590 2,227 2,591 1,363 864 364 12,094 11,230 5,182 4,319 143,594 223,230 145,682 266,193 7.63% 7.97%7.47%7.86%7.98%9.67%5.49%8.67% 3.08% 3.94%3.08%4.43%3.77%3.96%3.85%4.59% (i) 62,939,00054,119,00045,966,000 37,368,00015; (ii) 4,378,0004,263,000 16; 186
(iii) 8,080,0008,840,0008,760,000 17; (iv) 20; (v) 100% 100% (vi) 51%49% (vii) (viii) (ix) (x) (xi) 187
33. 12 17 1,532 1,549 227 53 280 244 1,585 1,829 396 258 654 191 191 640 2,034 2,674 36 15,038 15,038 (124) 631 (549) (42) 1,017 1,017 14,914 1,271 2,502 18,687 2,364 178 20 2,562 77 77 17,278 1,449 2,599 21,326 188
34. 1,000,000 410,000,000 35. I (a) (b) 189
(c) (i) (ii) (d) (3) (3) (223) (226) 36. 29,264,000 18.93% 51% 190
134,810 12,905 2,204 445 381 (166) (45,337) (15,038) (797) 89,407 (43,810) 45,597 32.07% 12,178 29,264 41,442 191
4,155 32.07% (9,407) (5,252) (29,264) 12,905 (16,359) 4,155,00032.07% 2,204,0002,204,000 8,776,0001,678,000 168,781,00021,928,000 192
37. (a) 162 108 306 72 72 72 54 94 (i) 66 102 77 115 (ii) 55,967 48,376 33,387 54,598 (ii) (iii) 101 175 (iv) 391 213 (iv) 1,696 5,041 4,393 (i) (ii). (iii) (iv) 36 193
(b) 982 952 1,076 448 647 47 79 89 63 73 1,029 1,031 1,165 511 720 38. (i) 32,758 49,286 231,105 107,479 300 48,568 32,758 49,286 231,405 156,047 194
(ii) 8 11 11 38 64 8 11 11 102 195
96 105 140 596 20 60 30 16 116 165 170 612 39. 196
5,593 9,594 13,614 15,288 19,673 193 1,222 2,474 3,822 154,000 187,905 11,679 25,450 86,812 197,692 180,515 43,212 110,307 435 506 576 1,062 11,846 27,663 53,548 83,746 90,913 27,479 52,576 65,155 143,594 223,230 145,682 266,193 246,788 278,878 252,382 416,156 197
413,000 97 997 774 97 997 413,774 100 19,000 100 19,000 198
+ 50 1,657 1,175 856 1,765 50 (1,657) (1,175) (856) (1,765) 199
435 435 435 11,846 11,846 11,846 90,913 90,913 90,913 143,594 169,648 8,615 22,666 138,367 246,788 272,842 103,194 8,615 22,666 138,367 506 506 506 27,663 27,663 27,663 27,479 27,479 27,479 223,230 253,274 17,419 53,725 182,130 278,878 308,922 55,648 17,419 53,725 182,130 200
576 576 576 53,548 53,548 53,548 52,576 52,576 52,576 145,682 158,997 16,127 44,434 98,436 252,382 265,697 106,700 16,127 44,434 98,436 1,062 1,062 1,062 83,746 83,746 83,746 65,155 65,155 65,155 266,193 268,460 15,380 43,605 209,475 416,156 418,423 149,963 15,380 43,605 209,475 201
5,593 5,593 40. 202
435 506 576 1,062 14,762 32,928 58,134 91,707 90,913 27,479 52,576 65,155 143,594 223,230 145,682 266,193 187,905 11,679 25,450 86,812 61,799 272,464 231,518 337,305 134,533 143,681 180,939 219,448 45.9% 189.6% 128.0% 153.7% III. P06047 203
2. 92,261,000108,468,000137,068,000218,796,000 123412 204
83,672,00097,668,000118,518,000 110,659,00090.69%90.04% 86.47%50.58% BOT 30 313738 1.121.682.24 1.803.35 90%0.80 32.07%51% 205
110,000 30.12 7,595,000 70,216,00065,738,00065,469,000 11,210,000 160,00032.07% 29,264,000426,000 18.93% 32.07%18.93% 12,178,000 32.07%9,407,000 4,155,000 5,252,000 49,969,00056,167,00077,381,000151,005,000 51% 206
45.84%48.22%43.55% 30.98% 99,222,000 19% 5,457,0007,698,00014,815,000 9,817,000(i) (ii) 32,637,00035,237,00029,406,000 51,505,000 7,732,0009,780,0008,883,00012,057,000 23.69%27.75%30.21% 23.41% 24,905,00025,457,00020,523,000 39,448,000 207
204,284,000 181,657,00044,903,000113,260,000 187,905,00011,679,00025,450,000 86,812,0009,594,000 13,614,00015,288,00019,673,000 090 9,320 13,278 14,397 18,650 91180 100 163 358 544 180 174 173 533 479 9,594 13,614 15,288 19,673 182,494,000 250,347,000413,847,000555,347,000 142,687,000195,306,000237,765,000 288,419,000 208
129,186,000 119,967,000165,806,000215,361,000(i) (ii)(iii) (a)(b) (c)(d) 3,778 5,609 6,587 2,959 8,068 22,054 46,961 80,787 2,916 5,265 4,586 7,961 14,762 32,928 58,134 91,707 209
21,500 51,500 51,500 52,857 5,184 864 864 864 864 22,364 57,548 52,364 53,721 110,000 160,500 89,000 209,017 5,184 6,046 5,182 4,318 3,455 121,230 165,682 93,318 212,472 143,594 223,230 145,682 266,193 21,500 51,500 51,500 52,857 27,500 51,500 61,500 40,643 82,500 109,000 27,500 22,304 146,070 131,500 212,000 140,500 261,874 864 6,048 864 864 6,048 864 864 864 2,591 2,955 2,590 2,227 2,591 1,363 864 364 12,094 11,230 5,182 4,319 143,594 223,230 145,682 266,193 210
7.63%7.97%7.47% 7.86%7.98%9.67%5.49%8.67% 3.08%3.94%3.08% 4.43%3.77%3.96%3.85%4.59% 123,059,000 168,356,000112,005,000233,798,000 121,230,000165,682,000 93,318,000212,472,000 187.50%200.67%153.54%204.68% 129,069,000 100,904,00035,350,000242,350,000 143,594,000223,230,000145,682,000 266,193,000 (i) 32,758,00049,286,000231,105,000 107,479,000(ii) 300,00048,568,000 211
32,758 49,286 231,105 107,479 300 48,568 32,758 49,286 231,405 156,047 (i) 62,939,000 54,119,00045,966,00037,368,000 (ii) 4,378,000 4,263,000 212
(iii) 8,080,000 8,840,0008,760,000 (iv) (v) (vi) 100%100% 51%49% (vii) (viii) (ix) (x) (xi) 213
+ 50 1,657 1,175 856 1,765 50 (1,657) (1,175) (856) (1,765) 214
(a) (i) (ii) (b) (i) (ii) 11,210,000 160,00032.07% 29,264,000426,000 18.93% 1,148,000 215
3,645,0002,689,0001,035,0001,087,000 171222340353 51% 10,805,00013,168,00016,966,000 14,489,000 216
A. 1. 49% 4.2914.69(4)(a)(ii) 217
4 317,148 137,068 171,335 488,483 488,483 (30,646) (77,381) (96,726) (127,372) (127,372) 286,502 59,687 74,609 361,111 361,111 12,536 12,536 12,536 7,999 5,464 6,830 14,829 14,829 (2,523) (3,154) (3,154) (3,154) (294,021) (14,815) (18,519) (312,540) (4,978) (317,518) (1,139) (1,424) (1,424) (1,424) 13,016 46,674 58,342 71,358 66,380 10 10 10 126 (2,195) (2,744) (2,618) (2,618) (923) (923) (923) (994) (994) (994) (8,796) (8,796) (8,796) 46,224 46,224 46,224 256 663 829 1,085 1,085 (5,252) (6,565) (6,565) (6,565) (760) (10,484) (13,105) (13,865) (13,865) 48,159 29,406 36,757 84,916 79,938 (10,425) (8,883) (11,104) (21,529) (21,529) 37,734 20,523 25,653 63,387 58,409 32,694 19,553 24,441 57,135 (4,978) 52,157 5,040 970 1,212 6,252 6,252 37,734 20,523 25,653 63,387 58,409 218
3 4 34,792 288,419 360,523 395,315 104,085 499,400 9,286 8,421 10,526 19,812 12,264 32,076 32,646 18,510 23,138 55,784 55,784 4,154 226,696 283,370 287,524 (2,875) 284,649 77,097 1,991 2,489 79,586 112,400 191,986 20,823 20,823 20,823 147 147 147 1,980 11,310 14,138 16,118 16,118 180,925 555,347 694,184 875,109 1,100,983 1,000 1,774 2,218 3,218 (49) 3,169 60,335 19,673 24,591 84,926 84,926 326,273 5,001 6,251 332,524 332,524 330 330 330 302 302 302 324,885 324,885 324,885 476,812 86,812 108,515 585,327 (280,525) 304,802 1,189,937 113,260 141,575 1,331,512 1,050,938 458,355 458,355 458,355 1,062 1,327 1,327 1,327 99,459 91,707 114,634 214,093 4,978 219,071 65,155 81,444 81,444 81,444 63,244 53,721 67,151 130,395 16,387 146,782 6,777 3,716 4,645 11,422 11,422 627,835 215,361 269,201 897,036 918,401 219
3 4 562,102 (102,101) (127,626) 434,476 132,537 743,027 453,246 566,558 1,309,585 1,233,520 212,472 265,590 265,590 (119) 265,471 1,406 21,326 26,658 28,064 28,356 56,420 1,406 233,798 292,248 293,654 321,891 741,621 219,448 274,310 1,015,931 911,629 20,805 410,000 512,500 533,305 (512,500) 20,805 521,215 (242,500) (303,125) 218,090 303,125 (4,978) 516,237 542,020 167,500 209,375 751,395 537,042 199,601 51,948 64,935 264,536 110,051 374,587 741,621 219,448 274,310 1,015,931 911,629 220
1 4 48,159 29,406 36,758 84,917 (4,978) 79,939 (8,490) (551) (689) (9,179) (9,179) (247) (247) (247) 72 10,484 13,105 13,177 13,177 (108) (108) (108) 29,976 22,436 28,045 58,021 58,021 1,240 271 339 1,579 1,579 4,764 2,198 2,748 7,512 7,512 (256) (663) (829) (1,085) (1,085) 2,023 54 68 2,091 2,091 (126) 2,195 2,744 2,618 2,618 (101) (101) (101) (1,377) (1,377) (1,377) (46,224) (46,224) (46,224) 923 135 169 1,092 1,092 994 994 994 8,796 8,796 8,796 3,470 3,470 3,470 (496) (496) (496) (10) (10) (10) 5,252 6,565 6,565 6,565 42,982 71,217 89,023 132,005 127,027 (21,307) 35 44 (21,263) (21,263) 61,203 64 80 61,283 61,283 (405,078) (1,010) (1,263) (406,341) (406,341) 58,686 58,686 58,686 (96) (120) (120) (120) 398,678 17,260 21,575 420,253 4,978 425,231 (12,362) (12,362) (12,362) 14,350 14,350 14,350 221
1 4 137,152 87,470 109,339 246,491 246,491 8,490 551 689 9,179 9,179 (72) (72) (72) (4,460) (9,072) (11,340) (15,800) (15,800) 141,110 78,949 98,688 239,798 239,798 108 108 108 247 247 247 (42,293) (65,276) (81,595) (123,888) (123,888) 2,611 7 9 2,620 2,620 (2,860) (2,860) (2,860) (1,905) (2,381) (2,381) (2,381) (574) (3,454) (4,318) (4,892) (4,892) (2,393) (2,393) (2,393) 5,434 5,434 5,434 (2,667) (16,359) (20,449) (23,116) (265,926) (289,042) 110,251 110,251 110,251 116,609 145,761 145,761 145,761 62,834 62,834 62,834 130,698 29,622 37,027 167,725 (98,201) 222
1 4 (12,554) (15,693) (15,693) (15,693) (77,548) (96,935) (96,935) (96,935) 25,428 31,785 31,785 31,785 (39,000) (48,750) (48,750) (48,750) (3,700) (4,625) (4,625) (4,625) 13,000 16,250 16,250 16,250 (426) (533) (533) (533) (94,800) (118,501) (118,501) (118,501) 271,808 13,771 17,214 289,022 23,096 (9,336) (9,336) (9,336) 587,838 11,679 14,599 602,437 (14,599) 587,838 850,310 25,450 31,813 882,123 601,598 1. 49%224,420,000 280,525,000 223
224,420 280,525 11,679 14,599 212,741 265,926 2. 11.25 3. 3 288,419 83,268 371,687 464,608 8,421 9,811 18,232 22,790 18,510 18,510 23,138 226,696 (2,300) 224,396 280,495 1,774 (39) 1,735 2,169 (53,721) (13,109) (66,830) (83,538) (212,472) 95 (212,377) (265,471) (36,853) (36,853) (46,066) (21,326) (22,685) (44,011) (55,014) 219,448 55,041 274,489 343,111 224
225
(i) (ii) 112,400,000 224,420 280,525 274,489 343,111 139,989 174,986 89,920 112,400 51% 4. 4,978,000 5. 226
2. A A 49% 227
4.29 7 7 4.29(7) 3420 4.297 228
a) b) c) 4.29(1) 18 26 229
1. 100% 33 rd Floor, Shui On Centre, Nos. 6-8 Harbour Road, Wanchai, Hong Kong 100% 230
38 410,000,000 1. 2. 3. 4. 5. 231
6. 7. 8. 9. 51%49% 100% 100% 100% 100% 100% 100% 100% 100% 51% 232
200,000 801,572 60,000 50,000110,00095 400 100,000 58.87.4% 63.61 5.827.130.74.1% 7.3%8.1%9%43%48%2 3 233
1 80 30% 70 60 50 40 30 40.9 10.6% 48.4 9.5% 63.6 58.8 53.4 7.7% 7.7% 7.4% 25% 20% 15% 10% 20 10 5% 0 0% 2 9% 48% 43% 234
235 3 60,1519% 44,7257% 227,991 36% 116,311 18% 46,9547% 38,1676% 62,21610% 28,7505% 11,1992% 20,167 10.1%8% 28,8449%6.8% 2.837 6486093,663 7.0% 6,2200.6% 2.7%1%0.1%0.6% 10,00011264 6.3%5.6%4560.1%
3820.7%184 2.49 1,188 7.9%177.5 483.95526.294.2%12.5% 4.5%31,2147.2% 45 14.9%40.8%44.3%6 236
4 200 180 160 140 120 100 80 60 40 20 0 12.9% 100.3 109.3 118.8 102.5 87.0 8.3% 8.2% 7.9% 5.1% 14% 12% 10% 8% 6% 4% 2% 0% 5 40,000 14% 35,000 30,000 25,000 20,000 15,000 12.3% 23,569 26,957 7.4% 27,320 28,928 31,214 7.4% 7.2% 12% 10% 8% 6% 10,000 5,000 4.2% 4% 2% 0 0% 237
6 15% 44% 41% (GDADRI) 1,8971,951 193.39.4334.9% 46.72.264.8% 18.5 1%3.2%5.8% 0.1%0.2%484.90.1% 238
390,000 1 1 18 46% 50 180,000 5 13% 11.2 43,000 10 26% 10 43,000 6 15% 15 50,000 39 100% 239
2 720,0001,560,000 200,0001,040,000 2 34.5 18 5 10 1 0.5 17.2 6 5 4.5 1.2 0.5 51.7 240
241
1. 2. 3. FCF = NI + NCE Int (1 Tint) NCI InvFA InvNWC 242
FCF = NI = NCE = Int = Tint = Int (1 Tint) = NCI = InvFA = InvNWC = PVFCF = FCF1 / (1 + r) 1 + FCF2 / (1 + r) 2 + + FCFn / (1 + r) n PVFCF = FCF = r = n = 103% 100,000 29.92 46.47 53.49 62.82 73.47 80.85 87.73 94.49 100.75 85.65 (92.48) 10.07 14.29 19.98 27.14 32.35 33.53 34.69 35.70 25.43 243
1,040,000 7.00% 6.60% 6.20% 5.80% 5.40% 5.00% 4.60% 4.20% 3.80% 3.40% 3.00% 8.36% 7.83% 7.29% 6.75% 6.22% 5.68% 5.15% 4.61% 4.07% 3.54% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 244
100,000 90% 4.55% 4.40% 4.24% 4.09% 3.93% 3.78% 3.62% 3.47% 3.31% 3.16% 3.00% 22.31% 4.75% 48.41% 12.90% 17.23% 14.73% 12.84% 0.00% 0.00% 0.00% 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 90% 25% 245
= + = = = 1. 601199 CH 2. 600461 CH 3. 000685 CH 4. 600283 CH 5. 601158 CH 6. 1129 HK 7. 855 HK 246
3.44% 8.98% = + 6.18%Duff & Phelps Corp2014 Valuation Handbook Guide to Cost of Capital 2.80% 247
=1 + (1 Tc) (D/E) = = Tc = D = E = D/E = 0.861 1.10% 0.854 0.936 35.20% 0.641 1.021 9.36% 0.931 0.965 35.38% 1.035 1.071 9.90% 0.968 0.450 11.60% 0.413 0.793 50.12% 0.467 =* 1 + (1 Tc) (D/E) 248
= = Tc = D = E = D/E = 21.81% 0.917 Duff & Phelps Corp2014 Valuation Handbook Guide to Cost of Capital 3.87% 100,000 1.00% Re = Rf + * MRP + RPS + RPU 249
Re = Rf = = MRP = RPS = RPU = 15.55%16.55% 5.90% 4.43%125.00% 21.81%78.19% 1 13.12% 13.90% FMV Opinions, IncDetermining Discounts for Lack of Marketability A Companion Guide to The FMV Restricted Stock Study 2015 EditionFMV769 76915% 250
(%) (%) (%) (%) 1.0% 14.12% 14.90% 391,000,000-14.25% 0.5% 13.62% 14.40% 422,000,000-7.46% 13.12% 13.90% 456,000,000-0.5% 12.62% 13.40% 493,000,000 8.11% -1.0% 12.12% 12.90% 534,000,000 17.11% 251
456,000,000 148 11AB2 BSc., MUD, MBA(Finance), MSc.(Eng), PhD(Econ), FSOE, FIPlantE, CEnv, SIFM, FCIM, CPA UK, MCIArb MASCE, MIET, MIEEE, MASME, MIIE 252
2. 33 rd Floor, Shui On Centre, Nos. 6-8 Harbour Road, Wanchai, Hong Kong 253
2105 15 11 254
255
512 148 11AB2 BSc., MSc., MRICS, MHKIS, RPS(GP) 22 16 256
1. 28,700,000 100% 28,700,000 2. 16 12,100,000 100% 12,100,000 257
3. 108 2,030,000 100% 2,030,000 4. 55 1,480,000 100% 1,480,000 258
5. 1,350,000 100% 1,350,000 6. 1,810,000 100% 1,810,000 259
7. 1,460,000 100% 1,460,000 8. 5 A101 B101 142,000 100% 142,000 260
9. 100% 10. 100% 261
11. 5 17,970,000 51% 9,164,700 67,042,000 58,236,700 262
1. 12 666.43 6,438.48 5,706.65 171,845 28,700,000 1. 25 2. (2015)00273666.43 3. 12 1 0200187307 236.21 2 0200187309 846.97 3 0200187311 894.72 4 0200187310 495.62 5 0200187312 495.62 6 0200187314 495.62 7 0200187308 495.62 8 0200187316 495.62 9 0200187320 495.62 10 0200187315 495.62 11 0200187317 495.62 12 0200187319 495.62 6,438.48 263
4. 5 1236 2,237.31 4B 991.24 12B 5B 495.62 7B 495.62 810B 1,486.86 74,345 27,700 13,900 13,900 42,000 5,706.65 171,845 5. a. b. c. d. e. 6. 264
2. 16 37,262.15 5 1,253.31 37,731.15 82,252 12,100,000 1. 25 2. 4 37,262.15 1 (2015)00270 12,317.84 2 (2015)00271 3,666.30 3 (2015)00272 20,259.00 4 (2015)00269 1,019.01 37,262.15 265
3. 02001873181,253.31 4. 23 18,390,000 5. 5 1,196 25 34,202.15 222 1,794 222 30 40 2,740 71,512 6,700 900 400 37,262.15 469 82,252 6. a. 23 b. c. d. e. f. 7. 266
3. 2,030,000 5,760.20 108 1,200 3,000 6 320.59 1. 30 2. 25,760.20 1 (2015)00693 5,702.97 2 (2015)00690 57.23 5,760.20 267
3. 0100187313320.59 4. 23 430,000 5. 1,2003,000 6. a. 23 b. c. d. e. f. 7. 268
4. 55 3,288.85 1,480,000 645.13 1. 45 2. (2015)013453,288.85 269
3. 1 0200199412 314.25 2 0200199546 43.31 3 0200199718 76.20 4 0200199894 28.16 5 0200199411 166.73 6 0200199878 16.48 645.13 4. 23 1,400,000 5. 645.13 5,161 6. a. 23 b. c. d. e. 7. 270
5. 6 246.97 1,148.23 570.33 8,020 1,350,000 1. 40 2. 6 246.97 1 (2015)01344 6 2 (2015)01343 5 3 (2015)01342 4 4 (2015)01341 3 5 (2015)01340 2 6 (2015)01339 1 26.91 26.91 26.91 24.31 71.36 70.57 246.97 271
3. 1 0200199839 615.33 2 0200199834 123.32 3 020019936 409.58 1,148.23 4., 322,000 5. 538.33 6,020 6. a. b. c. d. e. 7. 272
6. 7,500 200 1,810,000 1. 40 2. (2015)013467,500 3. 2 80,000 273
4. a. 2 b. c. d. e. 5. 274
7. 1,460,000 6,259.14 1. 40 2. 2 6,259.14 1 (2015)01338 3,426.23 2 (2015)00491 2,832.91 6,259.14 275
3. 1 2,290,000 4. a. 2 b. c. d. e. 5. 276
8. 7 142,000 5 21.88 A101 B101 145.42 1. 40 2. 21.88 1 (2015)00419 2 (2015)00420 15.7 6.18 21.88 277
3. 1 0200199835 44.74 2 0200199836 100.68 145.42 4. a. 23 b. c. 5. 278
9. 1,974 200 1. 45 2. B20150011 1,974 3. 2 1,110,000 4. a. 5. 279
10. 1,615 500 1. 45 2. B20150010 1,615 3. 2 1,060,000 4. a. 5. 280
11. 17,970,000 75,836.7 152.9 51% 9,164,700 46,571.50 5 6 590.56 1. 40 2. 571,344.40 281
1 (2000) 15,337 010041 2 (2007) 3,782.57 013913 3 (2009) 47,155.90 011044 4 (2008) 5,000.10 010888 5 (2002) 68.83 013227 71,344.40 3. 3 4,492.30 1 (2002)013216 23.20 2 (2002)013240 551.99 3 (2000)010040 3,917.11 4,492.30 4. 2 1 C0571306 434.26 2 C1228150 156.30 590.56 282
5. 2 137.1 43,526.50 15.8 3,045 152.9 46,571.50 6. 24 32,550,000 7. 51,600,000 8. 66 1 (2007) (2015) 18,975,000 013913 00006 2 (2009) (2015) 17,447,600 011044 00007 3 (2000) (2015) 6,901,600 010041 00008 4 (2008) (2015) 1,550,000 010888 00009 5 (2002) 8,539,267 013216 0100021784 6 (2002) 726,792 013227 0100021785 283
9. a. 24 b. c. d. e. 10. 51% 284
3. 148 11AB2 (i) (ii) 49% 14.61 14.66(2)1B29(2) 285
286
4. 100% 100% 14.61 49% 287
14.62(2) 3000 18 26 288
3 289
290
291
292
293
1. 2. XV XV (i)xv78 (ii)352 (iii) 1 1 20,000,000 20,000,000 0.95% 1 20,000,000 20,000,000 0.95% 12 10,000,000 67,540,000 77,540,000 10,000,000 87,540,000 4.15% 1 6,000,000 6,000,000 20,000,000 26,000,000 1.23% 1 10,000,000 10,000,000 10,000,000 20,000,000 0.95% 294
1. 2. 87,540,000(a) 10,000,000(b)10,000,000(c) 67,540,000 50% 3. XV(i) XV78 (ii) 352(iii) XV23 3. 4. 295
5. 6. 7. 8. 17,600,0001,590,000 19,190,0001,204% (i) (ii) 296
9. (i) Universal Cyberworks International Ltd.H and R Group LimitedUniversal Cyberworks International Ltd. H and R Group Limited 313,480,000H and R Group Limited 19,859,000 (ii) 10. (a) 4 6 9 (b) (c) (d) (e) 16 297
(a) (b) (c) 11. 12. a) b) Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands c) 14811 AB2 d) Royal Bank of Canada Trust Company (Cayman) Limited4th Floor, Royal Bank House, 24 Shedden Road, George Town, Grand Cayman KY1-1110, Cayman Islands 183171712-16 e) 298
13. 148 11AB2 a) b) 9. c) 45 85 d) e) f) g) h) i) j) k) 10. 299
l) m) 300
UNIVERSAL TECHNOLOGIES HOLDINGS LIMITED 1026 14811AB2 A 301
1. 2. 3. 48 183 17M 4. 5. 302