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Minsheng Education Group Company Limited (a) (b) (c) (d) (e) (f) (g) (h) (i) 1933 (j) (k)

Minsheng Education Group Company Limited [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 1.0% 0.0027% 0.005% 0.00001 [ ] [ ][ ] [ ] [ ] 342C [ ] [ ]2016 12 10 2016 12 14[ ]2016 12 14[ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][] 1%0.0027%0.005% [ ] [ ] [ ][ ] [ ] [ ] [ ] www.hkexnews.hkwww.minshengedu.com [ ] [ ] [ ] [ ][ ] [ ] 1933 [ ] (i)144a (ii)s [ ]

[ ] i

[ ] ii

[ ] iii

[ ] [ ] [ ] [ ][] [ ] [ ][ ][ ] [ ]...... i iv... 1... 14... 26... 28... 29... 60 [ ]... 62 [ ]... 66... 70... 72... 86... 103... 120... 176... 180 iv

... 186... 187... 190... 233... 234 [ ]... 245 [ ]... 253... I-1... II-1... III-1... IV-1... V-1... VI-1 v

[ ] [ ] [ ] 2016 6 30 2016 6 30 30,616 2013/2014 2014/20152015/201690.2%91.1% 88.9%201320142015 77.4%77.5%77.75% 2013 12 31 384.12014 12 31402.5 20151231426.32016630 242.82015 6 30 229.22013 12 31185.9 1

2014 12 31196.32015 12 31213.5 2016 6 30 149.82015 6 30125.5 2016 6 3030,616947 2003 3 2013 4 2016 6 30 18,427 16,818 953656524 2

2013122016630 9,8958,966929 256 2016 6 301,35595 18 2016 6 3093972 3

14 3+2 (%) 12 31 6 30 12 31 6 30 2013 2014 2015 2015 2016 2013 2014 2015 2015 2016... 252,350 261,751 271,780 147,552 153,924 65.0 66.2 63.2 66.4 67.4... 104,972 118,374 131,322 69,956 76,231 60.6 61.2 62.3 66.2 63.1... 16,780 15,198 13,570 7,831 7,153 56.1 46.3 26.6 46.5 5.6... 9,983 7,192 9,645 3,868 5,469 42.4 38.9 47.1 46.4 37.7... 384,085 402,515 426,317 229,207 242,777 62.8 63.5 61.4 65.3 63.5 (1) 2015 6 3046.5%2016 6 305.6%(i) 2015/2016(ii) (iii) 4

(1) 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 (2)... 16,173 16,762 17,013 16,818 16,559... 1,575 742 508 953 1,239... 413 408 541 656 970... 18,161 17,912 18,062 18,427 18,768... 7,185 7,945 8,617 8,966 9,188... 677 588 744 929 1,048... 7,862 8,533 9,361 9,895 10,236 (3)... 1,974 1,832 1,559 1,355 2,677 (3)... 1,444 764 644 939 1,629... 29,441 29,041 29,626 30,616 33,310 * (1) 12 316 7 6 30 (2) 2016-20172016 9 15 (3) 2012/20132015/2016 2012/20132014/2015 5

2016 6 30947 50.1% 2016 6 30 25.6% (i) (ii) (iii) (iv) (v) (vi) (vii) 6

(i)(ii) (iii)(iv) (v) (vi) 201320142015 12 31 2016 6 305% 2013 2014201512312016630 33.927.620.9 19.917.2 15.89.95.8 [ ] [ ] 75% [ ] F. 2013201420151231 2016 6 30 2015 6 302016 7

6 302016 12 31 12 31 6 30 2013 2014 2015 2015 2016... 384,085 402,515 426,317 229,207 242,777... (142,886) (146,811) (164,653) (79,453) (88,522)... 241,199 255,704 261,664 149,754 154,255... 32,474 45,732 56,921 23,999 33,090... (6,713) (8,891) (8,297) (2,796) (2,791)... (59,730) (60,175) (61,678) (29,129) (31,085)... (3,201) (9,624) (698) (276) (1,373)... (305) (1,275) (480) (928) (550) (385)... 204,029 222,266 246,679 141,002 150,436... (18,082) (25,939) (33,222) (15,539) (897)... 185,947 196,327 213,457 125,463 149,539 12 31 6 30 7 31 2013 2014 2015 2015 2016... 1,128,762 1,357,314 1,038,757 769,242 786,835... 309,271 320,349 354,157 211,899 215,972... 819,491 1,036,965 684,600 557,343 570,863... 1,718,983 1,917,713 1,418,941 1,495,477 1,509,402 8

12 31 6 30 2013 2014 2015 2016 (1)... 48.4% 48.8% 50.1% 61.6% (2)... 9.2% 9.0% 9.9% 7.8% (3)... 11.0% 10.8% 12.8% 10.3% (4)... 365.0% 423.7% 293.3% 363.0% (1) (2) (3) (4) 201320142015 12 312016 6 30 819.51,037.0684.6557.3 2014 12 312016 6 30 (i)(ii) 2015 2013 12 31819.52014 12 311,037.0 (i) 2014/2015 [ ] 12 9

2016 6 30 2016 7 8 201691 (i) 2018 9 (ii) 25%50 2016 6 30 2016 6 30 [ ] 84.8[ ] [ ][ ] [ ] [ ] [ ] 28.92016 12 31 10

56.0 [ ] [ ] [ ] [ ] [ ][ ] [ ] 2,251.9 [ ] [ ] [ ] [ ][ ] [ ] 2,595.5 [ ] [ ] 11

[ ] 201320142015 (i) (ii) (iii) (iv) (v) 12

2016 6 30 1,536.3 13

[ ] [ ] [ ][ ] [ ] [ ] [ ] III(3) III(3A)Baring Capital Beacon International Pte. Ltd.2006 5 2 14

2006 8 30 2015 11 6 2006 11 6 2006 12 1 221961 622 32 20051213 15

Honest Cheer [ ] G.1. 2015 1 19 2007 3 16 2008 1 1 2015 3 10 2015 4 10 2015 2016 [ ] [ ] [ ] [ ] 16

[ ] [ ][] [ ] GS GS Capital Partners VI Parallel, L.P.GS Capital Partners VI Fund, L.P.GS Capital Partners VI Offshore Fund, L.P. GS Capital Partners VI Gmbh & Co. KG 200643 90%Li Ning 10% 2012 4 10 [ ] [ ] [ ][][] [ ] [ ] 17

2014 8 21 [ ] [ ] [ ] 2016 12 6 [ ] [ ] 2015 11 6 [ ] [ ] [ ] [ ] 18

[ ][ ][ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 2016 7 7 2016 9 15 2003 11 4 19

1998 10 7 2016 12 16 [ ] 2008 2 19 200767 20051213 2006 3 16 20

2016 9 20 200681 2014 9 17 [ ] [ ] [ ] [ ] [ ] [ ] 21

2003 11 4 2006 12 1 19931229199471 1999 12 252004 8 28 2005 10 272013 12 28 [ ] [ ] [ ] [ ] [ ] [ ] [ ] S S 144A 144A 22

571 0.00001 2016 [ ] E. [ ] [ ] [ ] [ ][ ] [ ] 201320142015 12 31 2016 6 30 23

1933 [ ] [ ] [ ] [ ] [ ] [ ] [ ] 2015 1 22 2015 1 21 % [ ] 1.00 [ ] 1.00 24

** [ ] 25

3+2 8 31 26

2016 6 30 QQ 29

7.7 11.00 31

2016 7 8 2016 9 1 50 400 50%20162017 32

20132014 201512312016630 [92.4]%[92.6]%[92.7]% [93.0]% 33

2016 6 301,286 34

20152016 35.9% 35

9,287.1854 175.22 10% 2% 4% 36

2014 6 2015 11 25.6% (i) (ii) 20132014 2015 12 312016 6 30 97.0%98.2%97.7% 97.7% 37

(i)(ii) (iii) (iv) (v)(vi) 2013 20142015 12 312016 6 30 498.3733.3522.1[178.3] 20132014 2015 12 312016630224.6 234.4121.26.8 38

12 10 2090 19972003 39

Inner Mongolia Northern Technique College17,167.80 Inner Mongolia Northern Technique College Inner Mongolia Northern Technique College 40

1,00010,000 (i) (ii) (iii) (iv) (v) 41

2016 [ ] [ ] [ ] [ ] 43

201320142015 12 312016 6 303.4 5.13.23.1 2003 44

H5N1H5N2 45

1978 [ ] [ ] (i)(ii) 46

(iii)(iv) [ ] [ ] 47

2015 121.4% 1970 48

2006 7 14 2008 8 1 25% 25% 49

25% 10% 20081120071231 10% 2012 50

6 18 50% [ ] 51

2015 1 19 52

VIE VIE VIEVIEVIE VIE VIEVIE 53

VIE [ ] [ ] [ ] [ ] [ ] [ ] 54

[ ] [ ] [ ] [ ] [ ] [ ] [ ] 0.88 [ ] [ ] [ ][ ] [ ][] 2.6 [ ] [ ] [ ][ ] 4,000,000,000 [ ] 25%[ ][ ] 55

[ ] [ ] 75.0% [ ] [ ] [ ] [ ] [ ] 56

[ ] [ ] [ ] [ ] [ ][ ] 57

[ ] [ ] [ ] [ ] 58

[ ] [ ] [ ] [ ] [ ] 59

8.12 8.12 (a) 3.05 (b) (a) (b) (c) (c) 3A.19 13.46 60

(d) (e) 61

[ ] [ ] 62

[ ] [ ] 63

[ ] [ ] 64

[ ] [ ] 65

[ ] 36 A 1106 88 5-2-2901 6 13 1702 11 6 G 20 A1 31 3 1 102 62G C 903 66

[ ] [ ] 3 50 1 18 [ ] 67

[ ] 15 43 773 34 Conyers Dill & Pearman Cricket Square P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands [ ] 15 23 126 1 22 287-291 17 68

[ ] [ ] [ ] 6 19 1903&1904 69

P.O. Box 309 Ugland House KY1-1107 Grand Cayman KY1-1104 Cayman Islands 9 301 33 11 1102 www.minshengedu.com, HKICS, ISCA 28 18 11 6 G 6 13 1702 70

1 [ ] [ ] 71

[ ][ ][ ][ ] [ ] (i)(ii) 20162020(iii) 1961 402,000 700,000 72

201014,670.0 201529,080.014.7%2015 4.3%2015 12 31 81.7% 73

20152015 4.3%(6.0%)(5.5%)(4.9%) 2010 66120151,0088.8% 20201,379 201520206.5% 20102015250.4 249.30.1% 201023.9 201528.23.4% 2020 32.115.1225.12.6%0.6% 1.7%2010201520162020 20102020 74

2020 2010 570.02015926.010.2% 2015926.020201,563.0 11.0%20102015 20162020 20102020 75

201020154.8 6.15.1%20152020 7.4%8.720102015 20162020 20102020 2015 76

201013.5% 201518.3%202021.4% 2010 20.0% 2015 21.7% 202027.2% 0.4% 2015 12,153 201020152020 77

2010-2020 2010 2002 2012 78

2020 79

3004003.54.5 20142015 2014 (i)(ii)(iii) 2015 80

2025201530 20153.713 14.627.0%21.5% 2010 109201520113.0%2015 12.5% 2020362 20102015 20162020 20102020 20102015 968,4001.48.3%2015 20209.5% 20102015 20162020 81

20102020 201018.1% 201521.2%202028.1% 82

(i) (ii) (iii) 83

2015 734 8.2% 2015/2016 2015/2016 (1) 2015/2016A 2.9%B 1.0%0.5%30,616 84

2015 2002 2 112002 2 11 346 2005112015410 2015 3 10 2015 4 10 2005 1 1 2015 4 10 2015 4 10 86

2000 7 252000 9 1 100,000 87

2012 6 18 50% 1995 3 18 2015 12 27 2016 6 1 2003 9 1 2013 6 29 2004 4 1 88

(i)(ii) (iii) 15 25%25% 90

2005 3 2 1990 6 4 1990 6 4 199882920151227201661 91

2007 2 3 2015 11 10 70 2008 2 222015 11 10 50 3120 92

60% 5 1 2 93

2010-2020 2010 7 8 2010-2020(1) (2)20101024 2013 9 5 2012 6 18 50% 20073162007101 2010 2 262010 4 1 94

2013830201451 2008 12 272009 10 1 200411520041220 (IP) 95

199475199511 2009 8 27 28 2007 6 292008 1 1 2012 12 282008918 535 96

2010 10 282011 7 1 2011 9 6 2011 10 15 1999432002324 262 10,00050,000 2007316200811 2007 12 6 2008 1 1 25% 97

25% 10% 39 3 2006 8 21 25%5% 25%10% 2009 2 20 (i)(ii) 98

(iii) 1993 12 131994 1 1 2008 11 10 136 1993 12 25 19975222008121820111028 3% 20% 393 393 5381993 12 131994 1 1 20081110201626 651993122520081215 2011 10 28 17% 17% 99

(2011)110201211 2016 3 232016 5 1 [2016] 362016 5 1 1996 1 291996 4 1 1997 1 142008 8 5 2014 7 4 [2014]37 37 100

37 2015 2 132015 6 1 13 2012 2 [2012]7 101

2009 2009(i) (ii) 11 102

2016 6 30 2006 1112 Li Ning1998 10 10 2018 9 2016 9 1 2006 11... 2006 12... 2006 12... 2008 11... 2013... 2013 4... 2016 9... 103

20051213200512 132005 12 23 2005 12 23Li Ning 26,999,9993,000,00020061017 Li NingLi Ning 90% 10% 2006 102007 9 2015 9 2016 6 2006 103,195,00920072 110,479Baring Capital 2007 6 10,000,000 Baring Capital 2007 9 5,308,223645,664 GS 37.304.54200791,206,519 154,3368.48 1.08 2013 1 1 GS55.67%31.53% 12.80% 2015 9 25 14,666,34374.00 104

2015 9 25 74.002015 12 14 2015 9 29GSGS GS5,953,887 50.00GS 50.002016 6 10 4,981,022 2015 12 28 2015 12 28972,865 2016 6 10 2016 6 10 2016 7 5 0.001100 0.0000150,000 5,000,000,0000.00001 2005 12 232006316 2006 8 21 Li Ning95% 105

2006 8 1 2016 8 23 2006 8 30200691 5.802008 8 2 11.00 2007 6 7 2007 8 1 2008 2 192008 2 22 2014 8 21 2015 11 10 100 2014 6 10599,000 30%0.812015310Lee Hian105,000150,000 25.59% 106

1998 10 7 5.0090% 10%Li Ning 1999 5 19 5.0010.00 Li Ning67.73%5% 27.27% 2001 1 17Li Ning 22.27% 5.00% 8.00 Li Ning90% 10% 2006 8 2185%Li Ning15%100.00 95% 5% 2016 9 22(i) 2016 8 10(ii) 2016 8 10 2003 11 4 0.395% 5% Li Xuerang 107

2006 8 30Li Xuerang 2006 9 1 5.80 2008 7 10 15%3.532016 8 19 2010 11 2 30.00 95% 5% 2016922(i) 2016 8 10(ii) 2016 8 10 2016 7 7 50.00 2016 9 202018 9 108

2000 1 30 2003 3 18 2006 11 6 55.00 2006 11 28 2011 5 17(i) (ii) (iii)120.0 1202011 5 16 2013 4 182014 9 23 2014 9 23 2003 12 23 2006 11 30 (i) (ii) 109

20064.00(iii) 100 136,800(iv) 2006 12 1 5.00 2005 4 21 2005 5 13 2006 12 1 1.00 2015 7 31 1985 5 15 110

2008 8 2 11.00 7.70 2008 11 30 Zhang Kaifei Zhang Zhang Zhang (i) (ii) 111

(iii) 20132015(iv) (v) 2016 9 2030 2016 8 15 2018 9 2016 9 1 112

[ ] 113

(1) Li Ning (2) (3) Raymond NgLee HianChia Tek YewChua Sing Zhi 2.34%39.19%12.84% 20.04% (4) 2016 9 22(i) 2016 8 10(ii)2016 8 10 (5) 2016 9 22(i) 2016 8 10(ii)2016 8 10 (6) (7) Zhang Kaifei 114

[ ] 115

(1) Li Ning (2) (3) Raymond NgLee HianChia Tek YewChua Sing Zhi 2.34%39.19%12.84% 20.04% (4) 2016 9 22(i) 2016 8 10(ii)2016 8 10 (5) 2016 9 22(i) 2016 8 10(ii)2016 8 10 (6) (7) Zhang Kaifei 116

2005 10 212005 11 1 75 75 30 2014 7 14 37(a) (b) 37 2015 6 1 13 Li Ning2011 5 30 75 2006 8 8 2006982009622 (i) 117

(ii) (i) (ii) 2005112015410 2015 3 102015 4 10 2005 1 1 2015 4 10 2015 4 10 118

200695% 2008 (i) (ii) (iii) 2015 4 10 (iv)2015 4 10 2015 4 10 119

2016 6 30 2016 6 3030,616 201320142015 8 3177.4%77.5%77.75% 2013/20142014/20152015/2016 90.2%91.1% 88.9% 2013 12 31384.12014 12 31 402.52015 12 31426.3 2016 6 30242.82015 6 30 229.22013 12 31 185.92014 12 31196.3 120

20151231213.52016630 149.82015 6 30 125.52013 6 3029,4412016 6 3030,616 2016630 2016/201733,310 2013 6 30 29,4412016 6 30 30,616 2013 3 ( 2013 12 2013 4 201537.1% 121

2010 2011 2013 2013/2014 2014/2015 2015/201690.2%91.1% 88.9% 201320142015831 77.4%77.5% 77.7% 122

2015/2016 123

2013 2014201512312016630 84.248.5 51.037.4 201320142015 124

2016 6 309538838889472016 6 3047450.1% 2016 9 21 ACCA 125

25.6% (i) (ii)(iii) 2016 8 14 126

10 15 2011 142014 6 2015 11 152004 2005 127

2016 7 128

14 14A 25.6%51.0% 129

2013/2014 2014/2015 2015/2016 130

2016 2017 131

ACCA 2016 8 14 132

35 20 18 14 133

2016 6 30 30,616 2016 6 301,286 (1) 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 (2)... 16,173 16,762 17,013 16,818 16,559... 1,575 742 508 953 1,239... 413 408 541 656 970... 18,161 17,912 18,062 18,427 18,768... 7,185 7,945 8,617 8,966 9,188... 677 588 744 929 1,048... 7,862 8,533 9,361 9,895 10,236 (3)... 1,974 1,823 1,559 1,355 2,677 (3)... 1,444 764 644 939 1,629... 29,441 29,032 29,626 30,616 33,310 * (1) 12 316 7 6 30 (2) 2016 9 152016-2017[ ] (3) 2012/20132015/2016 2012/20132014/2015 134

(1)(2) (1) (%) 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 (3) 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 (3)... 21,877 21,877 21,877 21,877 21,877 83.0 81.9 82.6 84.2 85.8... 8,104 9,600 11,160 11,160 11,160 97.0 88.9 83.9 88.7 91.7... 2,748 2,748 2,748 2,748 2,748 71.8 66.3 56.7 49.3 97.4... 1,986 1,986 1,986 1,986 1,986 72.7 38.5 32.4 47.3 82.0... 34,715 36,211 37,771 37,771 37,771 84.8 80.2 78,4 81.1 88.2 * (1) 12 316 7 6 30 (2) (3) 2016 9 152016 2017 2013201420152016630 9538838889472016 6 30 50.1% 135

2014/2015 2015/2016 2015/2016 2013/20142014/20152015/2016 2016/2017 (1)(2) 2013/2014 2014/2015 2015/2016 2016/2017... 13,000 17,000 13,000 17,000 13,000 17,000 14,000 18,000... 9,500 10,000 10,000 11,000 12,000... 13,500 9,500 13,500 9,500 13,500 10,000 14,000... 12,000 13,000 12,000 14,000 12,000 15,000 13,500 15,000... 8,500 8,500 10,000 11,000 10,000 11,000... 7,000 10,000 7,500 10,000 7,500 9,800 8,000 8,800 (3)... 6,000 6,300 6,500 6,500 7,000 3+2... 2,500 2,500 2,500 4,500 136

(1) (2) (3) 201620179,800 8,800 9,800 2016/2017 1,200980 1,0001,000 6501,200 201320142015123120152016630 92.4%92.6%92.7%93.1% 93.07.6%7.4%7.3%6.9% 7.0% (i) (ii) 5% 137

(i) (ii) 90%(iii)70% (iv)50% (v) 2012/2013 2013/2014 2014/2015 2015/2016... 45 66 86 46... 20 53 46 46... 12 6 26 21... 1 2 5 8... 78 127 163 121 12 31 6 30 2013 2014 2015 2015 2016... 449.7 616.4 526.7 124.1 53.2... 193.6 346.9 302.9 125.3 102.7... 99.7 54.2 98.6 49.8 30.2... 49.5 178.3 136.9 17.3 28.9... 792.5 1,195.8 1,065.1 316.5 215.0 138

2003 3 2013 4 2016 6 30201,050,366.00 403,019.67 169 2016 6 3018,427 16,818953656524 201691520162017 18,76816,5591,239 9702015/2016 35 139

2014201520152015 2013/20142014/2015 2015/20164,2174,2925,099 90.3%92.5% 90.3% 2013/2014 2014/2015 2015/2016 (%) (%) (%)... 3,574 90.5 4,292 92.5 5,000 90.3... 643 89.3 99 90.9... 4,217 90.3 4,292 92.5 5,099 90.3 2015 422015/2016 2015/2016 140

2015/2016104 ACCA 2016 9 21ACCA ACCA ACCA ACCA ACCA ACCA12,000 12,000ACCA201661 2021 5 31 141

ACCA (i) (ii)accaf1 F9 (iii) ACCA 2003 12 2006 11 30 (i) (ii)2006 4.0(iii) 100136,800 (iv) 2016 6 30306,202.99 141,862.3722 142

2016 6 309,895 8,9669292562016 9 15 2016 201710,236 9,1881,0482015/2016 20 2013/2014 2014/2015 2015/20161,4922,1882,764 88.9%86.8% 89.5% 2013/2014 2014/2015 2015/2016 (%) (%) (%)... 1,492 88.9 2,001 86.1 2,541 89.4... 187 93.6 223 91.0... 1,492 88.9 2,188 86.8 2,764 89.5 143

ACCA 2016 9 1 ACCA ACCA2020 5 31 2005 4 2006 12 2016 6 30 三 133,577 61,331.58 47 144

2016 6 301,355952016 9 15201620172,677 2015/2016 18 2013/2014 2014/2015 2015/2016612787341 92.0%94.9% 97.7% 2013/2014 2014/2015 2015/2016 (%) (%) (%)... 612 92.0 787 94.9 341 97.7 145

慶應用技術職業學院 11 2015/201696 2016 9 13 2008 146

2016 6 304,560.35 5,824.02 17,617.80 2016 6 30939 722016 9 152016 2017 1,629 14 2013/20142014/2015 2015/2016 50928822391.6%92.4% 35.9% 2013/2014 2014/2015 2015/2016 (%) (%) (%)... 509 91.6 288 92.4 223 35.9 147

2016 6 30 兩 3+2 3+2 3+2 2003 148

(i) (ii) (iii)qq 2013 20142015 12 312016 6 30 3.83.64.3 3.1 149

(i) (ii)(iii)(iv) (v)(vi) 150

2015/201630 ID (i)(ii) (iii)(iv) 151

(v) (i)(ii)(iii) (iv) 2016 6 3050.1% 1,100 160 (1) 6 30 6 30 2013 2014 2015 2016... 613 525 526 524... 203 227 234 256... 90 78 78 95... 47 53 50 72... 953 883 888 947 (1) (i) (ii) 152

(i)(ii) (iii) (iv) (v) 153

70 154

2016 8 155

156

2016 6 30 25.6% 20065 2014 6 25.6% 代價為數 1.0 百萬新加坡元 2014 6 10 51.0% 2016 6 30216 16 2015 11 2015/2016 81 157

2016 7 8 2016 9 1 2016920 400 2016 2017 6,0002018 9 1,500 (i)(ii)(iii) (vi)(v) 158

25% 50% 6,000 50 159

201320142015 12 31 2016 6 305% 160

20132014201512312016630 33.927.620.9 19.9 17.215.89.95.8 13 8 册 C. 2. 2015... 2015... 2011... 2009-2010 161

2011... 2010... 2010... 2010... 2009 20132014201520166301,7121,641 1,5921,715 2016 6 30 (1)... 947 55.2... 541 31.5... 227 13.3... 1,715 100.0 (1) 162

1,494,706.3532 612,350.53206 5.01(2) 20166301,536.3 2016 6 30 29,145.1620 2016 6 30 1,050,366.00 20306,202.99 100,558.004,560.35 (1) 1 2 3 4 256 B 256 L 256 A 256 499,675.00 36,614.00 86,885.00 183,548.00 163

(1) 5 6 7 8 9 10 11 12 13 14 256 I 256 K 256 J 256 F 256 C 256 G 256 H 256 D 256 256 164 1,074.00 14,430.00 8,176.00 5,627.00 3,733.00 3,752.00 73,513.00 118,452.00 813.00 1,154.00

(1) 15 16 17 18 19 20 21 22 23 256 256 256 256 256 14 (HC13-111-3) 593 593 593 1,708.00 2,229.00 1,712.00 1,183.00 1,128.00 4,960.00 808.00 2051 19,973.00 2054 20,000.00 2054 165

(1) 24 48,267.00 (1) 2 0 5 8 (44,321 ) (2) (3,946 ) 25 51,733.99 (1) 2 0 6 0 (47,613 ) (2) (4,120.99 ) 26 27 28 29 80,000.00 10,734.00 2066 74,687.00 2066 99,102.00 (1) 2 0 5 8 (87,126 ) (2) (11,976 ) 166

(1) 30 31 1,456.00 2058 4,560.35 (1) 33,019.00 50 612,350.53206 175.22 137.67403,019.67 169141,862.3722 61,331.58 5,824.02 13,439.15 9,760.90 167

(i) 169 4,976.1443 434 300 43 (ii) 21379.60 (iii) 3,931.44 300 (iv)175.22 9,528.891.56% 5% 10% (i)(ii) (iii)10% 300 1% 2% 2% 4% 168

2016 29,145.1620 (i) 11,151.3614 (ii)17,617.80 2016 7 1 2017 6 30 2.8(iii)Beijing Meidiya Properties Limited3762017 3 7 112,800 [ ] 1,000 169

10,000 (1) 2012 7 13 (2) 2016 6 24 2018 7 13 2012 12 3 2016 12 3 2016 6 24 2018 6 29 2015 5 22 2018 5 22 2016 6 24 2018 5 22 2015 7 22 2018 7 22 170

(1) (3) 2015 7 5 (3) 20171231 (3) (1) 營 (2) (3) 171

[ ] 1. 2013 2014 2015 12 31 2016 6 30 3.4 5.1 3.2 3.1 0.05% 額外 8.9 172

2016 4 (i) (ii) 2016 8 [ (i) (ii) (iii) 173

3.08 3.098.04 174

175

[ ] [ ] 75% 8.10 2016 [ ] (a) (i) (ii) (b) 176

[ ] 26 35 178

179

7 4 3 62 1998 2005 10 7 12 13 [52] 2000 2008 9 7 27 [36] 2016 2016 8 1 8 23 [39] 2012 2016 5 21 8 23 [50] [ ] [ ] [41] [ ] [ ] 60 [ ] [ ] 180

50 2015 10 2016 9 44 2016 1 2016 9 62199810 2005 12 132006 1 17 101988 6 2014 9 [52]2007 4 2008 7 27 2007 4 2016 8 1 2000 9 15 1988 19982007 122012 12 181

20112007 9 2006 6 [36]2016820168 2314 2002 7 2016 3 2002 2012 6 2014 5 2014 6 2015 11 [39]2012 5 2016 8 232016522 15200092003 112003 112006 10 2006 11 2007 3 TOM2383 2007 3 2012 5 1999 112000 10 2004 2005 502016 [ ] 251988 TSC206 10198021 8190 182

[41]2016 [ ] 2009 3 2010 2010 3 6000532008 11 602016 [ ] 1982 1 302010 2011 200620091992 20052005 (Clinton Global Initiative)2011 10 1152 Concordin University 502005 10 15 1989 7 4420161 2010 6 2015 12 1999 3 2010 3 183

2016 9 21 201320142015 12 312016 6 30 4.5 2.72.71.3 184

201320142015 12 312016 6 30 5.5 3.74.31.9 2016 12 31 4.34 3A.19 3A.23 (i) (ii) (iii) [ ] (iv) 185

[ ] [ ] XV2 3 10% [ ] (1) (2)... 2,589,451,200 100% 3,000,000,000 75% (2)... 2,589,451,200 100% 3,000,000,000 75% (1) [ ] (2) 90% Li Ning10% [ ] XV2 3 10% 186

5,000,000,000 50,000 [ ] [ ] [ ] (%) 2,589,451,200 25,894.51 [64.74] [410,548,800] [4,105.49] [10.26] [1,000,000,000] [ ] [10,000.00] [25.00] [4,000,000,000] [40,000.00] [100] [ ] [ ] [ ] (%) 2,589,451,200 25,894.51 [62.40] [410,548,800] [4,105.49] [9.89] [1,150,000,000] [ ] [ ] (1) [11,500.00] [27.71] [4,150,000,000] [41,500.00] [100] (1) [ ] 150,000,000 187

[ ] 2. (c) [ ] F. (i) [ ] 20% [ ] (ii) (i) (ii) (iii) 188

A.4. 2016 [ ] [ ] 10%[ ] A.5. (i) (ii) (iii) A.4. 2016 [ ] 189

201320142015 12 31 2016 6 30 2016 6 3030,616 2013 12 31384.120141231 402.52015 12 31426.32016 6 30242.82015630 229.220131231 185.92014 12 31196.32015 12 31213.52016 6 30 149.52015 6 30125.5 2013 6 3029,4412016 6 3030,616 2016 7 8 2016 9 1 190

25% 50 400 50% 2016 20176,000 2018 9 1,500 2016 1 1 191

201030,567201549,351 10.1%202069,527 20102015 8.8%2010 4.820156.15.1%20208.7 201363029,4412016630 30,616 2020 8.720156.1 7.4% (i) (ii) (iii) 192

2005 3 2 2014/2015 2015/2016 2016/2017 2015 20162,50017,000 193

20132014 2015 12 3120152016 6 30 37.2%36.5%38.6%34.7% 36.5% 201320142015 12 3120152016 6 30 19.7%19.4%20.1%18.2%18.6%2013 12 3175.62015 12 3185.7 20132014 2015 12 3120152016 6 30 17.3%17.2%16.4%13.9% 14.0% (i) (ii)(iii) 2.33 194

195

(i) (ii) (i) (ii) (a) (b) 196

197

... 2.4% 6.3%... 9.5% 23.8%... 9.5% 31.7%... 9.5% 31.7% 198

199

10%2008 1 1 2007 12 31 10%2008 1 1 201320142015 12 312016 6 30498.3733.3522.1 178.3 22 200

201320142015 12 3120152016 6 30 12 31 6 30 2013 2014 2015 2015 2016... 384,085 402,515 426,317 229,207 242,777... (142,886) (146,811) (164,653) (79,453) (88,522)... 241,199 255,704 261,664 149,754 154,255... 32,474 45,732 56,921 23,999 33,090... (6,713) (8,891) (8,297) (2,796) (2,791)... (59,730) (60,175) (61,678) (29,129) (31,085)... (3,201) (9,624) (698) (276) (1,373)... (305) (1,275)... (480) (928) (550) (385)... 204,029 222,266 246,679 141,002 150,436... (18,082) (25,939) (33,222) (15,539) (897)... 185,947 196,327 213,457 125,463 149,539 201

201320142015123120152016630 384.1402.5 426.3229.2 242.8 12 31 6 30 2013 2014 2015 2015 2016... 234,307 243,786 253,231 138,117 143,713... 96,701 109,696 121,825 65,087 71,061... 14,867 13,465 12,104 6,968 6,437. 8,919 5,918 7,980 3,201 4,525... 354,794 372,865 395,140 213,373 225,736... 29,291 29,650 31,177 15,834 17,041... 384,085 402,515 426,317 229,207 242,777 2014/2015 2015/2016 202

12 31 6 30 2013 2014 2015 2015 2016... 75,575 78,172 85,716 41,785 45,270... 24,579 27,038 28,856 15,429 15,721. 3,107 4,490 5,950 2,249 2,788... 3,823 3,562 4,280 1,663 3,109... 7,169 6,793 6,599 3,307 4,115... 4,390 4,666 6,139 1,730 3,622... 1,243 1,479 1,116 431 383... 2,267 1,617 1,617 809 1,186... 5,387 2,185 5,685 3,422 2,938... 11,320 12,475 13,953 6,659 7,368... 4,026 4,334 4,742 1,969 2,022... 142,886 146,811 164,653 79,453 88,522 203

201320142015 12 3120152016 6 30 75.678.285.741.8 45.352.9%53.2%52.1%52.6% 51.1% (i) (ii) (iii) (i) (ii) 5% 10% 5% 10% 204

12 31 6 30 2013 2014 2015 2015 2016 (10)%... (35,479) (37,287) (39,514) (21,337) (22,574) (5)%... (17,740) (18,643) (19,757) (10,669) (11,287) 5%... 17,740 18,643 19,757 10,669 11,287 10%... 35,479 37,287 39,514 21,337 22,574 (10)%... 7,558 7,817 8,572 4,179 4,527 (5)%... 3,779 3,909 4,286 2,089 2,264 5%... (3,779) (3,909) (4,286) (2,089) (2,264) 10%... (7,558) (7,817) (8,572) (4,179) (4,527) (i)(ii) (iii) (iv) 12 31 6 30 2013 2014 2015 2015 2016... 360 480 480... 24,150 35,401 36,856 16,826 15,361... 4,375 3,310 3,340 571 709... 505 294 1,249 936 121... 2,267 4,035 8,627 3,373 6,788... (631) (138) 2,653 41 8,170... 1,448 2,350 3,716 2,252 1,941... 32,474 45,732 56,921 23,999 33,090 205

25.6% 25% 25% 206

2013 20142015 12 312016 6 30 201320142015 12 312016 6 306.8 6.90.40.4 16.5%201320142015 12 312016 6 30186,000210,000 241,000286,000 201320142015 12 3120152016 6 30 185.9 196.3213.5 125.5 149.5 2016 6 302015 6 30 2015 6 30229.25.9%2016 6 30242.82015 6 30 213.45.8%2016630225.7 (i)2015/2016 (ii)201563029,62620166 3030,616 207

2015 6 3079.511.4%2016 6 3088.5 2015 6 3041.8 8.3% 2016 6 3045.3(i) (ii) 2015 6 301.7109.4%2016 6 30 3.6 2015 6 301.787.0%2016 6 303.12016 2015 6 30 3.414.1%2016 6 302.9 2015 2015 6 30149.83.0%2016 6 30154.3 2015 6 3065.3%2016 6 3063.5% 9 6 2 2015 6 3024.037.9% 2016 6 3033.1(i)2016 (ii)20162015 (A)2015 2016 (B)2016(i) 208

(ii)2016 2015 6 302016 6 30 201563029.16.7%2016 6 3031.1(i)2016 (ii) 20156300.320166 301.4 20156300.6 2016 6 30 0.42016 2016 6 30150.4 2015 6 30141.0 2016 6 3062.0%2015 6 30 61.5% 2016 6 300.92015 6 3015.5 2015 209

2016 6 30149.5 2015 6 30125.5 2015 12 312014 12 31 2014 12 31402.55.9%2015 12 31426.3 2014 12 31 372.96.0%2015 12 31395.1 (i) 2015-2016(A) (B) (C) (ii)2014 6 3029,6262015 6 3030,616 2014 12 31146.812.2%2015 12 31164.7 2014 12 3178.2 9.7% 2015 12 3185.7 2014 12 3112.511.8%2015 12 31 14.02015 12 2014 12 312.2160.2%2015 12 315.72015 201412314.532.5%201512 316.0(i)2015 (ii)2015 210

2014 12 31255.72.3%2015 12 31261.72014 12 3163.5% 2015123161.4% 2014123145.724.5% 2015 12 3156.9(i)2015 (ii)20152014 (A)2015 (B)2015 2014 12 318.96.7% 2015 12 318.32015 2014 12 3160.22.5%2015 12 3161.7 2014 12 319.692.7% 2015 12 310.72015 211

2014 12 310.52015 12 310.92015 2015 12 31246.7 2014 12 31222.3 2015 12 3157.9%2014 12 31 55.2% 2014 12 3125.92015 12 3133.2 2015 12 31213.5 2014 12 31196.3 2014 12 312013 12 31 2013 12 31384.14.8%2014 12 31402.5 2013 12 31 354.85.1%2014 12 31372.9 2014/2015 212

20131231142.92.7%2014 12 31146.8 2013 12 31 75.62014123178.2 2013 12 3124.6 2014 12 3127.0 20142013 12 31 11.32014123112.5 2013 12 313.12014 12 314.520142013 2013 12 31241.26.0%2014 12 31255.72013 12 3162.8% 2014123163.5% 2013123132.540.8% 2014 12 3145.7(i) (ii) 2013 12 316.732.4% 2014 12 318.9(i)2014 (ii) 213

2013 12 31 2014 12 31 2013 12 313.22014 12 319.6 2014 2014 12 31222.3 2013 12 31204.0 2014 12 3155.2%2013 12 31 53.1% 2013 12 3118.12014 12 3125.9 2014 12 31196.3 2013 12 31185.9 214

12 31 6 30 7 31 2013 2014 2015 2016 2016... 1,003 1,053 1,184 1,104 1,155... 5,716 4,901 2,620 2,495 2,460... 7,394 8,712 39,409 39,308 39,981... 498,312 733,257 522,096 178,255 348,310... 224,580 234,370 121,230 6,780 80,000... 391,757 375,021 352,218 541,300 314,929 1,128,762 1,357,314 1,038,757 769,242 786,835... 216,567 231,150 246,471 4,271 2,136... 86,669 84,950 85,445 77,255 74,503... 2,253 3,455 5,195 6,222 6,240... 118,703 119,258... 4,692 13,383... 3,782 794 17,046 756 452... 309,271 320,349 354,157 211,899 215,972... 819,491 1,036,965 684,600 557,343 570,863 2016 7 31570.9 2016 6 30557.32015 12 31127.318.6% (i)343.8 (ii)114.5 189.1 242.2 215

2015 12 31684.62014 12 31352.434.0% (i)211.2 (ii)113.1 201530.0 2014 12 311,037.0201312 31217.526.5% (i) 235.0 2014/2015 14.6 12 31 6 30 2013 2014 2015 2016... 498,312 733,257 522,096 178,255 14 1.8% 5.8% 216

217

3.00% 5.05% 12 31 6 30 2013 2014 2015 2016... 224,580 234,370 121,230 6,780 218

12 31 6 30 2013 2014 2015 2016... 198,184 211,715 225,523 232... 18,383 19,435 20,948 4,039... 216,567 231,150 246,471 4,271 6 30 (i) (ii)(iii) (iv) [ ] 201320142015 12 312016 6 30391.8375.0 352.2 541.3 219

12 31 220 6 30 2013 2014 2015 2015 2016... 222,878 254,624 313,124 (35,355) (119,755)... (93,507) (303,149) 251,931 118,189 245,737... (619,495) (50,417)... 129,371 (48,525) (54,440) 82,834 75,565... 426,008 547,487 499,921 499,921 473,448... (7,892) 959 27,967 5,068 (7,713)... 547,487 499,921 473,448 577,687 541,300 2016 6 30119.8 151.0 254.2242.2 2015/2016 2015 12 31313.1 241.485.4 (i)64.3 2015 (ii)15.32015/2016 2015

2014 12 31254.6 224.056.3 (i)36.32014 (ii) 14.62014 2013 12 31222.9 212.922.2 (i)16.42013 (ii)5.62013 4.9 2016 6 30245.7 (i)1,246.7(ii) 30.0(i) 913.7(ii)52.8 (iii)30.7 2015 12 31251.9 (i)2,139.9(ii) 38.9(i) 1,820.6(ii)58.4 221

2014 12 31303.1 (i)2,010.4(ii) 57.0(i) 1,736.3(ii)35.6 2013 12 3193.5 (i)1,227.4(ii) 74.4(i) 1,185.6(ii)22.5 2016 6 3050.4 59.1 8.6 2015 12 31619.5 738.8 119.3 2013 2014 12 31 20132014 12 31 [ ] 222

[ ] 12 2013 20142015 12 312016 6 30 84.252.168.237.3 12 31 6 30 2013 2014 2015 2015 2016... 84,230 48,466 51,016 20,138 37,366... 3,641 17,216... 84,230 52,107 68,232 20,138 37,266 12 31 6 30 7 31 2013 2014 2015 2016 2016... 397 3,751 5,129 480 111... 2,560 3,152 111 4,094 4,401... 2,957 6,903 5,240 4,574 4,512 223

12 31 6 30 7 31 2013 2014 2015 2016 2016... 2,195 170 182 893 755 201320142015 12 312015 2016 6 302016 7 31 2016731 119.318 2015 2016 7 3113.4 2016 7 31 2016 6 30 224

2016 6 30 2016 6 30 [ ] 84.8[ ] [ ][ ] [ ] [ ] [ ] 28.92016 12 31 56.0 [ ] 2016 12 31 12 31 6 30 2013 2014 2015 2016 (1)... 48.4% 48.8% 50.1% 61.6% (2)... 9.2% 9.0% 9.9% 7.8% (3)... 11.0% 10.8% 12.8% 10.3% (4)... 365.0% 423.7% 293.3% 363.0% (1) (2) (3) (4) 225

2013 12 312014 12 31 稳 2015 12 3150.1% (i)(ii) 2015 (iii) 201520132014 2015 6 3054.7%2016 6 30 61.6%2015 2013 12 31 回報率於 2014 12 31 2013 12 312014 12 31 2015 12 319.9% 12.8% 2015 2016 6 307.8%15.6%2016 6 3010.3%20.5%2015 12 31 20131231365.0%20141231423.7% 20151231293.3% 2016630 363.0%2016 6 30 6 9 226

201320142015 12 312016 6 30 119.38.5 35 35 2016 6 30 25% 10% 50% 25% 25% 227

201320142015 13.13 13.19 13.13 13.19 2016 6 30 2016 6 30 4.29 [ ] [ ] 2016 6 30 228

2016 6 30[ ] 2016 6 30 2016 6 30 (1) [ ] (2) (3) (4) [ ] [ ]... [ ] [ ] [ ] [ ] [ ] [ ] [ ]... [ ] [ ] [ ] [ ] [ ] (1) 2016 6 30 2016 6 301,401 (2) [] [ ] 2.12.6 [ ] [ ] 2016 6 301.00.8547 (3) [ ] 3,000,000,000 [ ] (4) 2016 6 301.0 0.8547 229

12 31 6 30 2013 2014 2015 2016 3%... 5,750 6,529 10,487 13,475 3%... (5,750) (6,529) (10,487) (13,475) 12 31 6 30 2013 2014 2015 2016 3%... 7,633 7,499 (3,431) (3,127) 3%... (7,633) (7,499) 3,431 3,127 230

2013 12 31... 79,239 79,239 2014 12 31... 73,414 73,414 231

2015 12 31... 66,312 66,312... 118,219 118,219... 4,682 4,682 66,312 122,901 189,213 2016 6 30... 64,138 64,138... 120,724 120,724... 4,781 8,803 13,584 64,138 125,505 8,803 198,446 232

[ ] [ ] [ ] [ ] [ ] [ ] 2,251.9 [ ][ ] [ ] [ ] [ ] [ ] [ ]243.7 [ ] [ ] [ ][][ ] [ ] 2,595.5[ ] [ ] [ ] [ ] 280.1 [ ] 233

[ ] [ ] [ ] [ ] [ ] [ ] 234

[ ] 235

[ ] 236

[ ] 237

[ ] 238

[ ] 10.08 [ ][ ] 10.08 10.07(1)(i)[ ](ii)[ ] (iii) [ ] (a) 239

(b) (a) (a) 10.07(2)(2)155 (b) 2.07C [ ] 240

[ ] 241

[ ] 242

[ ] 243

[ ] 3A.07 244

[ ] [ ] 245

[ ] [ ] 246

[ ] [ ] 247

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[ ] [ ] 249

[ ] [ ] 250

[ ] [ ] 251

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201320142015 12 312016630 201320142015 12 312016 6 30 201320142015 12 312016 6 30 2015 6 30 [ ] [ ] 2005 12 13 1 12 31 1 2013 20142015 12 312016 6 30 I-1

[ ] 2410 2013 20142015 12 312016 6 30 I-2

I. 12 31 6 30 2013 2014 2015 2015 2016... 5 384,085 402,515 426,317 229,207 242,777... (142,886) (146,811) (164,653) (79,453) (88,522)... 241,199 255,704 261,664 149,754 154,255... 5 32,474 45,732 56,921 23,999 33,090... (6,713) (8,891) (8,297) (2,796) (2,791)... (59,730) (60,175) (61,678 ) (29,129 ) (31,085)... (3,201) (9,624) (698) (276) (1,373)... 6 (305) (1,275)... (480) (928) (550) (385)... 7 204,029 222,266 246,679 141,002 150,436... 10 (18,082) (25,939) (33,222) (15,539) (897)... 185,947 196,327 213,457 125,463 149,539... 5,312 6,757 5,426 9,723 1,414... (3,926) (5,312) (6,757) (6,757) (5,426) 1,386 1,445 (1,331) 2,966 (4,012) I-3

12 31 6 30 2013 2014 2015 2015 2016... (7,892) 958 27,924 (5,098) (9,935)... (6,506) 2,403 26,593 (2,132) (13,947)... 179,441 198,730 240,050 123,331 135,592... 11 176,721 186,786 203,207 119,302 142,446... 9,226 9,541 10,250 6,161 7,093 185,947 196,327 213,457 125,463 149,539... 170,149 189,132 229,848 117,044 128,700... 9,292 9,598 10,202 6,287 6,892 179,441 198,730 240,050 123,331 135,592... 12 0.04 0.04 0.05 0.03 0.05 I-4

12 31 6 30 2013 2014 2015 2016... 13 566,436 571,937 583,567 600,472... 14 37,442 40,084 55,999 55,364... 15 303,937 303,937 303,937 303,937... 16 1,900 2,524 2,418 2,580... 17 3,541 3,290 20,242... 18 6,000 6,000 6,000 6,000... 15,500 15,500 15,500 68,300... 931,215 943,523 970,711 1,056,895... 19 1,003 1,053 1,184 1,104... 20 5,716 4,901 2,620 2,495... 21 7,394 8,712 39,409 39,308... 22 498,312 733,257 522,096 178,255... 23 224,580 234,370 121,230 6,780... 23 391,757 375,021 352,218 541,300... 1,128,762 1,357,314 1,038,757 769,242... 24 216,567 231,150 246,471 4,271... 25 86,669 84,950 85,445 77,255... 29 2,253 3,455 5,195 6,222... 26 118,703... 27 4,692... 3,782 794 17,046 756... 309,271 320,349 354,157 211,899... 819,491 1,036,965 684,600 557,343 I-5

12 31 6 30 2013 2014 2015 2016... 1,750,706 1,980,488 1,655,311 1,614,238... 29 31,723 62,775 116,725 110,133... 26 115,095... 27 4,550 8,628... 31,723 62,775 236,370 118,761... 1,718,983 1,917,713 1,418,941 1,495,477... 30 375 375 217 209... 31 1,650,885 1,840,017 1,331,201 1,400,853 1,651,260 1,840,392 1,331,418 1,401,062... 67,723 77,321 87,523 94,415... 1,718,983 1,917,713 1,418,941 1,495,477 I-6

30 31(b)31(c) 2013 1 1... 375 508,836 249,245 3,730 716,988 (64,730) 1,414,444 245,098 1,659,542... 176,721 176,721 9,226 185,947... 1,320 1,320 66 1,386... (7,892) (7,892) (7,892)... 1,320 176,721 (7,892) 170,149 9,292 179,441... 66,667 66,667 (186,667) (120,000) #... 51,386 (51,386) 2013 12 31... 375 66,667* 508,836* 300,631* 5,050* 842,323* (72,622)* 1,651,260 67,723 1,718,983 # 2011 5 17 95% 30%2011 5 2013 4 18 70% 95% I-7

30 31(b)31(c) 2014 1 1... 375 66,667 508,836 300,631 5,050 842,323 (72,622) 1,651,260 67,723 1,718,983... 186,786 186,786 9,541 196,327... 1,388 1,388 57 1,445... 958 958 958... 1,388 186,786 958 189,132 9,598 198,730... 51,775 (51,775) 2014 12 31... 375 66,667* 508,836* 352,406* 6,438* 977,334* (71,664)* 1,840,392 77,321 1,917,713 I-8

30 31(b)31(c) 2015 1 1... 375 66,667 508,836 352,406 6,438 977,334 (71,664) 1,840,392 77,321 1,917,713... 203,207 203,207 10,250 213,457... (1,283) (1,283) (48) (1,331)... 27,924 27,924 27,924... (1,283) 203,207 27,924 229,848 10,202 240,050... 32 (158) (508,836) (283,137) 53,309 (738,822) (738,822)... 57,479 (57,479) 2015 12 31... 217 66,667* * 409,885* 5,155* 839,925* 9,569* 1,331,418 87,523 1,418,941 I-9

30 31(b)31(c) 2016 1 1... 217 66,667 409,885 5,155 839,925 9,569 1,331,418 87,523 1,418,941... 142,446 142,446 7,093 149,539... (3,811) (3,811) (201) (4,012)... (9,935) (9,935) (9,935)... (3,811) 142,446 (9,935) 128,700 6,892 135,592... 30 (8) (58,604) (444) (59,056) (59,056)... 34,924 (34,924) 2016 6 30... 209 66,667* * 444,809* 1,344* 888,843* (810)* 1,401,062 94,415 1,495,477 I-10

30 31(b) 31(c) 2015 1 1... 375 66,667 508,836 352,406 6,438 977,334 (71,664) 1,840,392 77,321 1,917,713... 119,302 119,302 6,161 125,463... 2,840 2,840 126 2,966... (5,098) (5,098) (5,098)... 2,840 119,302 (5,098) 117,044 6,287 123,331... 32,798 (32,798) 2015 6 30... 375 66,667 508,836 385,204 9,278 1,063,838 (76,762) 1,957,436 83,608 2,041,044 * 2013 20142015 12 312016 6 301,650,885,000 1,840,017,0001,331,201,0001,400,853,000 I-11

12 31 6 30 2013 2014 2015 2015 2016... 204,029 222,266 246,679 141,002 150,436... 6 305 1,275... 480 928 550 385... 5,7 (360) (480) (480)... 5,7 (24,150) (35,401) (36,856) (16,826) (15,361)... 5,7 (4,375) (3,310) (3,340) (571) (709)... 7 944 86 84 605... (2,267) (4,035) (8,627) (3,373) (6,788)... 7,13 38,113 41,210 39,051 20,427 19,786... 7,14 853 926 955 463 635... 7,16 499 644 738 348 446... 7 553 737 1,934 1,934... 7 40 252 212,935 223,981 241,373 144,038 150,962... (37) (50) (131) 21 80... 3,758 78 347 41 125... 1,414 (1,478) (2,369) (897) (394)... (4,893) 6,838 7,896 (2,438) (13,073) I-12

12 31 6 30 2013 2014 2015 2015 2016... 5,580 14,583 15,321 (227,349) (242,200)... 16,414 36,289 64,317 51,605 1,223... 235,171 280,241 326,754 (34,979) (103,277)... 4,375 3,310 3,340 571 709... (16,668) (28,927) (16,970) (947) (17,187)... 222,878 254,624 313,124 (35,355) (119,755)... (74,365) (57,023) (58,417) (28,237) (32,483)... 224 811 249 364 70... 16 (403) (1,268) (632) (121) (608)... 14 (3,641) (17,216)... 360 480 480... (30,000)... 1,185,630 1,736,320 2,139,890 856,890 1,246,699... (1,227,430) (2,010,440) (1,820,590) (727,670) (913,650)... 22,477 35,634 38,874 16,963 15,604 I-13

12 31 6 30 2013 2014 2015 2015 2016... (52,800)... (17,095)... (4,022) (707)... (93,507) (303,149) 251,931 118,189 (245,737)... (738,822) (59,056)... 4,546 8,639... 114,781... (619,495) (50,417)... 129,371 (48,525) (54,440) 82,834 75,565... 426,008 547,487 499,921 499,921 473,448... (7,892) 959 27,967 (5,068) (7,713)... 23 547,487 499,921 473,448 577,687 541,300 I-14

12 31 6 30 2013 2014 2015 2015 2016... 23 391,757 375,021 352,218 452,787 541,300... 23 155,730 124,900 121,230 124,900 547,487 499,921 473,448 577,687 541,300 I-15

12 31 6 30 2013 2014 2015 2016... 28 1,184 1,184 1,184 1,184... 1,184 1,184 1,184 1,184... 28 238,014 243,772 125,091 127,742... 23 154,689 148,647 3,255 1,797... 392,703 392,419 128,346 129,539... 25 772... 26 36,869... 28 3,831 3,845 6,741 7,421... 3,831 3,845 7,513 44,290... 388,872 388,574 120,833 85,249... 390,056 389,758 122,017 86,433... 26 35,748... 28 88,167 90,406... 123,915 90,406... 388,872 388,574 (1,898) (3,973)... 30 375 375 217 209... 31 388,497 388,199 (2,115) (4,182)... 388,872 388,574 (1,898) (3,973) I-16

II. 1. 20051213 PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands Minsheng Education Company Limited (a)... Minsheng Education Services Company Limited (a)... Minsheng Education Development Company Limited(a)... Minsheng Education Development (Hong Kong) Company Limited(a).. Hong Kong College of Technology and Business Limited(a)... (a)... 2005 12 13 2006 8 1 2007 6 7 2008 2 19 2014 8 21 2006 3 16 50,000 100.00% 50,000 100.00% 50,000 100.00% 10,000 100.00% 1 100.00% 14,500,000 100.00% I-17

1998 10 7 95.00% (a)... 10,000,000 2003 3 19 100.00% (b)... 55,000,000 2003 12 29 100.00% (c)... 5,000,000 2005 4 21 100.00% (d)... 5,000,000 2015 1 21 100.00% (a)... 50,000,000 2015 11 6 100.00% (a)... 50,000,000 2015 1 22 100.00% (a)... 10,000,000 (a)... (a)... 2006 8 30 2003 11 4 9,000,000 100.00% 100.00% 30,000,000 I-18

2003 11 4 100.00% (a)... 300,000 1985 5 15 100.00% (e)... 4,000,000 2015 11 6 100.00% (a)... 10,000,000 2014 9 17 100.00% (a)... 10,000,000 (a) (b) (c) (d) (e) 2013 12 312015 12 31 2014 12 31 20132014 12 31 2015 12 31 201320142015 12 31 201320142015 12 31 I-19

2.1 2016 1 1 (a) (b) (c) I-20

(i) (ii)(iii)(i) (ii)(iii) 2.2 9 1 15 1 16 2 2 1 15 15 1 10 28 3 12 4 7 4 4 9 4 5 1 2 3 4 5 9 2018 1 1 I-21

2.3 20% I-22

1231 I-23

1 2 3 I-24

(a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) I-25

2.4% 6.3% 9.5% 23.8% 9.5% 31.7% 9.5% 31.7% I-26

I-27

(a)(b) I-28

(a) (b) I-29

I-30

I-31

I-32

I-33

(a) 9 6 (b) (c) (d) (e) I-34

I-35

3. 201320142015 12 312016 6 30303,937,000 15 I-36

20 21 2013201420151231 2016 6 30 498,312,000733,257,000 522,096,000178,255,00022 10 4. 8 99% 10% I-37

5. 12 31 6 30 2013 2014 2015 2015 2016... 354,794 372,865 395,140 213,373 225,736... 29,291 29,650 31,177 15,834 17,041 384,085 402,515 426,317 229,207 242,777... 360 480 480... 24,150 35,401 36,856 16,826 15,361... 4,375 3,310 3,340 571 709... 505 294 1,249 936 121 29... 1,943 2,773 6,594 3,368 6,545... 324 1,262 2,033 5 243... (631) (138) 2,653 41 8,170... 1,448 2,350 3,716 2,252 1,941 32,474 45,732 56,921 23,999 33,090 I-38

6. 12 31 6 30 2013 2014 2015 2015 2016... 305 1,275 7. 12 31 6 30 2013 2014 2015 2015 2016... 13 38,113 41,210 39,051 20,427 19,786... 16 499 644 738 348 446 2,267 1,617 1,617 809 1,186... 14 853 926 955 463 635... 135 133 154 45 891 8... 81,531 83,818 93,472 46,894 46,377... 12,485 14,432 14,723 7,656 9,581... 631 138 (2,653) (41) (8,170)... 553 737 1,934 1,934... 40 252... (360) (480) (480) I-39

12 31 6 30 2013 2014 2015 2015 2016... (24,150) (35,401) (36,856) (16,826) (15,361) (4,375) (3,310) (3,340) (571) (709)... 944 86 84 605... 424 6,823 230 6 3 8. 12 31 6 30 2013 2014 2015 2015 2016...... 4,431 2,683 2,730 1,285 1,290... 21 14 4,452 2,697 2,730 1,285 1,290 2013... 1,203 13 1,216... 3,229 8 3,237 Tsang Kwong Yue... Wanlin Liu... 4,431 21 4,452 I-40

2014... 1,004 7 1,011... 1,679 7 1,686 Tsang Kwong Yue... Wanlin Liu... 2,683 14 2,697 2015... 983 983... 1,747 1,747 Tsang Kwong Yue... Wanlin Liu... 2,730 2,730 2015 6 30... 481 481... 804 804 Tsang Kwong Yue... Wanlin Liu... 1,285 1,285 I-41

2016 6 30... 481 481... 809 809 Tsang Kwong Yue... Wanlin Liu... 1,290 1,290 9. 201320142015123120152016630 2 2 2 2 2 83 3 3 3 12 31 6 30 2013 2014 2015 2015 2016... 1,010 998 1,542 908 638... 22 14 15 7 13 1,032 1,012 1,557 915 651 12 31 6 30 2013 2014 2015 2015 2016 1,000,000... 3 3 3 3 3 I-42

10. 16.5% 15% 25% 201320142015 12 312016 6 30 I-43

12 31 6 30 2013 2014 2015 2015 2016... 18,082 25,939 33,222 15,539 897 12 31 6 30 2013 2014 2015 2015 2016... 204,029 222,266 246,679 141,002 150,436... 51,007 55,567 61,670 35,250 37,609... (300) (608) (874) (176) (1,727)... (33,162) (29,463) (27,856) (19,811) (35,683)... 142 236 34 308... 395 207 282 242 390 18,082 25,939 33,222 15,539 897 10%20081120071231 10% 2008 1 1 I-44

20132014201512312016630 20132014201512312016630 186,000210,000241,000286,000 20131231 2014 12 312015 12 312016 6 30 6,831,0006,888,000440,000371,000 11. 201320142015 12 312016 6 30 3,161,0001,715,000 302,0001,462,000 31(d)) 12. 2013201420151231 2015 6 302016 6 302013 20142015123120156302016630 4,651,474,2004,651,474,2004,252,234,282 4,651,474,2002,675,512,335 201320142015 12 312015 6 302016 6 30 (39))2013 12 31 201320142015 12 312015 6 30 2016 6 30 I-45

... 12 31 6 30 2013 2014 2015 2015 2016... 176,721 186,786 203,207 119,302 142,446 12 31 6 30 2013 2014 2015 2015 2016...... 4,651,474,200 4,651,474,200 4,252,234,282 4,651,474,200 2,675,512,335 I-46

13. 2013 12 31 2013 1 1... 405,560 14,676 189,092 33,297 35,518 678,143... (53,398) (7,095) (74,199 ) (22,908) (157,600)... 352,162 7,581 114,893 10,389 35,518 520,543 2013 1 1... 352,162 7,581 114,893 10,389 35,518 520,543... 15,710 615 15,160 5,085 47,660 84,230... (107) (12) (31) (74) (224) 7... (11,631) (1,285) (22,595) (2,602) (38,113)... 77,919 40 (77,959) 2013 12 31... 434,053 6,899 107,467 12,798 5,219 566,436 2013 12 31... 492,574 15,046 204,239 37,901 5,219 754,979... (58,521) (8,147) (96,772) (25,103) (188,543)... 434,053 6,899 107,467 12,798 5,219 566,436 2014 12 31 2014 1 1... 492,574 15,046 204,239 37,901 5,219 754,979... (58,521) (8,147) (96,772) (25,103) (188,543)... 434,053 6,899 107,467 12,798 5,219 566,436 2014 1 1... 434,053 6,899 107,467 12,798 5,219 566,436... 6,527 4,738 20,889 1,655 14,657 48,466... (338) (491) (924) (2) (1,755) 7... (14,276) (1,548) (22,697) (2,689) (41,210)... 15,157 1,082 (16,239) I-47

2014 12 31... 441,123 9,598 105,817 11,762 3,637 571,937 2014 12 31... 513,852 16,584 224,555 39,500 3,637 798,128... (72,729) (6,986) (118,738) (27,738) (226,191)... 441,123 9,598 105,817 11,762 3,637 571,937 2015 1 1... 513,852 16,584 224,555 39,500 3,637 798,128... (72,729) (6,986) (118,738) (27,738) (226,191) 441,123 9,598 105,817 11,762 3,637 571,937 2015 1 1... 441,123 9,598 105,817 11,762 3,637 571,937... 1,137 1,671 15,149 1,889 31,170 51,016... (130) (199) (6) (335) 7... (14,954) (1,327) (19,449) (3,321) (39,051)... 18,185 (18,185) 2015 12 31... 445,361 9,743 101,511 10,330 16,622 583,567 2015 12 31... 532,707 17,162 239,683 41,384 16,622 847,558... (87,346) (7,419) (138,172) (31,054) (263,991)... 445,361 9,743 101,511 10,330 16,622 583,567 I-48

2016 6 30 2016 1 1... 532,707 17,162 239,683 41,384 16,622 847,558... (87,346) (7,419) (138,172) (31,054) (263,991)... 445,361 9,743 101,511 10,330 16,622 583,567 2016 1 1... 445,361 9,743 101,511 10,330 16,622 583,567... 5,916 13,620 1,376 16,454 37,366... (476) (199) (675) 7... (7,921) (791) (9,693) (1,381) (19,786)... 10,689 (10,689) 2016 6 30... 453,569 8,952 105,239 10,325 22,387 600,472 2016 6 30... 548,419 17,024 252,471 41,912 22,387 882,213... (94,850) (8,072) (147,232) (31,587) (281,741)... 453,569 8,952 105,239 10,325 22,387 600,472 20132014 2015 12 312016630 25,509,00025,490,00038,740,00038,439,000 I-49

14. 12 31 6 30 2013 2014 2015 2016... 39,148 38,295 41,010 57,271... 3,641 17,216 7... (853) (926) (955) (635)... 38,295 41,010 57,271 56,636... 21 (853) (926) (1,272) (1,272)... 37,442 40,084 55,999 55,364 15. 12 31 6 30 2013 2014 2015 2016 :... 303,937 303,937 303,937 303,937...... 303,937 303,937 303,937 303,937 I-50

12 31 6 30 2013 2014 2015 2016... 5% 5% 5% 5%... 60% 60% 60% 60%... 2% 2% 2% 2%... 18.3% 17.6% 16.5% 16.9% I-51

16. 2013 12 31 2013 1 1... 1,996... 403 7... (499) 2013 12 31... 1,900 2013 12 31... 3,159... (1,259)... 1,900 2014 12 31 2014 1 1 1,900... 1,268 7... (644) 2014 12 31... 2,524 2014 12 31... 4,427... (1,903)... 2,524 I-52

2015 12 31 2015 1 1... 2,524... 632 7... (738) 2015 12 31... 2,418 2015 12 31... 5,059... (2,641)... 2,418 2016 6 30 2016 1 1... 2,418... 608 7... (446) 2016 6 30... 2,580 2016 6 30... 5,667... (3,087)... 2,580 17. 12 31 6 30 2013 2014 2015 2016... 3,541 3,290 3,147... 17,095 3,541 3,290 20,242 I-53

Beacon International College PTE. LTD.* 25.6% 0% * 12 31 6 30 2013 2014 2015 2016... (480) (928) (385)... (480) (928) (385)... 3,541 3,290 20,242 I-54

18. 12 31 6 30 2013 2014 2015 2016... 6,000 6,000 6,000 6,000 20132014 2015 12 312016 6 30 19. 12 31 6 30 2013 2014 2015 2016... 1,003 1,053 1,184 1,104 20. 12 31 6 30 2013 2014 2015 2016... 9,596 9,518 2,620 2,495... (3,880) (4,617) 5,716 4,901 2,620 2,495 I-55

12 31 6 30 2013 2014 2015 2016... 2,648 1,770 657 251... 2,080 1,471 1,063 838... 941 1,562 741 715... 47 98 159 691 5,716 4,901 2,620 2,495 12 31 6 30 2013 2014 2015 2016... 3,327 3,880 4,617 7... 553 737 1,934... (6,551) 3,880 4,617 12 31 6 30 2013 2014 2015 2016... 4,728 3,241 1,720 1,089... 941 1,562 741 715... 47 98 159 691 5,716 4,901 2,620 2,495 I-56

21. 12 31 6 30 2013 2014 2015 2016... 1,409 1,375 1,800 374... 14 853 926 1,272 1,272... 1,320 1,782 1,756 2,935... 1,029 1,232 2,093 2,497... 30,000 30,000... 2,551 2,318 300 57... 6,608 7,455 2,708 2,945 13,770 15,088 39,929 40,080... (6,376) (6,376) (520) (772) 7,394 8,712 39,409 39,308 * 10%20168 12 31 6 30 2013 2014 2015 2016... 6,336 6,376 6,376 520 7... 40 252... (5,856) 6,376 6,376 520 772 I-57

22. 12 31 6 30 2013 2014 2015 2016... 498,312 733,257 522,096 178,255 5,312,0006,757,0005,426,0001,414,000 3,926,0005,312,0006,757,0005,426,000 20132014 2015 12 312016 6 30 23. 12 31 6 30 2013 2014 2015 2016... 391,757 375,021 352,218 541,300... 224,580 234,370 121,230 6,780 616,337 609,391 473,448 548,080... (68,850) (109,470) (6,780) (68,850) (109,470) (6,780)... 547,487 499,921 473,448 541,300... 432,536 442,924 448,329 521,705... 92,307 96,221 2,360 1,654... 91,494 70,246 22,759 24,721 I-58

12 31 6 30 2013 2014 2015 2016... 154,689 148,647 3,255 1,797... 154,689 148,647 3,255 1,797... 90,302 102,464 8 8... 10,729 112 87 89... 53,658 46,071 3,160 1,700 20132014 2015 12 312016 6 30 224,580,000234,370,000 121,230,0006,780,000 3.00% 5.05% 20132014 2015 12 312016630 432,536,000442,924,000 448,329,000521,705,000 20132014 2015 12 31201663017,603,000 42,785,00091,859,00075,564,000 I-59

24. 12 31 6 30 2013 2014 2015 2016... 198,184 211,715 225,523 232... 18,383 19,435 20,948 4,039 216,567 231,150 246,471 4,271 25. 12 31 6 30 2013 2014 2015 2016... 6,655 10,192 12,039 11,258... 3,297 3,272 2,927 1,756... 30,374 21,817 14,416 19,299... 11,616 13,027 12,209 6,087 (i))... 21,319 21,983 20,304 23,084... 775 1,344 7,094 1,859... 12,633 13,315 16,456 13,912 86,669 84,950 85,445 77,255 I-60

12 31 6 30 2013 2014 2015 2016... 772 (i) 26. 2%2017 3 6 27. 2%2017 6 7 28. 12 31 6 30 2013 2014 2015 2016 1,184 1,184 1,184 1,184 20151231201663088,167,000 90,406,00020132014123120208 0.5% I-61

29. 12 31 6 30 2013 2014 2015 2016... 19,829 33,976 66,230 121,920... 16,414 36,289 64,317 1,223... (2,267) (4,035) (8,627) (6,788)... 33,976 66,230 121,920 116,355... 2,253 3,455 5,195 6,222... 31,723 62,775 116,725 110,133 33,976 66,230 121,920 116,355 30. 12 31 6 30 2013 2014 2015 2016 50,000,000 0.001... 403 403 403 403 2013 12 31 2014 12 31 46,514,742 2015 12 31 26,867,377 2016 6 30 25,894,512... 375 375 217 209 I-62

12 31 6 30 2013 2014 2015 2016... 375 375 375 217... (158) (8)... 375 375 217 209 (i) 2015 12 31 19,647,365115,830,000 738,822,00020151231 738,822,000 2016630 972,8658,906,00059,056,000 2016 6 30 59,056,000 31. (a) I-7I-11 (b) I-63

(d) 2013 1 1... 508,836 (11,687) (64,730) 432,419... (3,161) (3,161)... (39,577) (39,577)... (3,161) (39,577) (42,738) 2013 12 31 2014 1 1... 508,836 (14,848) (104,307) 389,681... (1,715) (1,715)... 1,417 1,417... (1,715) 1,417 (298) 2014 12 31 2015 1 1... 508,836 (16,563) (102,890) 389,383... (302) (302)... 55,909 55,909... (302) 55,909 56,607... (508,836) (8,747) 45,732 (471,851)... 24,746 24,746 2015 12 31 2016 1 1... 24,746 (25,612) (1,249) (2,115)... (1,462) (1,462)... (613) (613)... (1,462) (613) (2,075)... 6 2 8 2016 6 30... 24,746 (27,068) (1,860) (4,182) I-65

32. 2013 12 312014 12 312015 12 31 2016 6 30 33. (a) 12 31 6 30 2013 2014 2015 2016... 359 428 554 194... 238 124 557 294 597 552 1,111 488 I-66

(b) 12 31 6 30 2013 2014 2015 2016... 2,195 170 182 893 34. 33(b) 12 31 6 30 2013 2014 2015 2016... 397 3,751 5,129 480... 2,560 3,152 111 4,094 2,957 6,903 5,240 4,574 I-67

35. (a) Honest Cheer Investments Limited... UCMG Management Limited... Yangguang Healthcare Group Company Limited... Yangguang Healthcare Education Company Limited... Yangguang Healthcare Education (Hong Kong) Company Limited... Yangguang Healthcare Company Limited... Yangguang Healthcare (Hong Kong) Company Limited... (b) 12 31 6 30 2013 2014 2015 2015 2016 Honest Cheer Investments Limited... (i) 114,781 UCMG Management Limited... (ii) 8,639 Yangguang Healthcare Group Company Limited... (iii) 455 Yangguang Healthcare Education Company Limited... (iii) 455 Yangguang Healthcare Education (Hong Kong) Company Limited... (iii) 455 I-68

12 31 6 30 2013 2014 2015 2015 2016 Yangguang Healthcare Company Limited... (iii) 2,726 Yangguang Healthcare (Hong Kong) Company Limited... (iii) 455 119,327 8,639 Honest Cheer Investments Limited... (i) 302 1,149 UCMG Management Limited... (ii) 79 Yangguang Healthcare Group Company Limited... (iii) 5 Yangguang Healthcare Education Company Limited... (iii) 5 Yangguang Healthcare Education (Hong Kong) Company Limited... (iii) 5 Yangguang Healthcare Company Limited... (iii) 3 27 Yangguang Healthcare (Hong Kong) Company Limited... (iii) 5 305 1,275 (i) 2015 Honest Cheer Investments Limited45,455,000 2%2017 3 69,338,000 2%2017 6 (ii) 2016 UCMG Management Limited8,549,000 2%2017 7 (iii) 2015 Yangguang Healthcare Group Company LimitedYangguang Healthcare Education Company LimitedYangguang Healthcare Education (Hong Kong) Company LimitedYangguang Healthcare Company Limited Yangguang Healthcare (Hong Kong) Company Limited 455,000455,000 455,0002,727,000455,0002%2017 6 I-69

(c) 12 31 6 30 2013 2014 2015 2016 Honest Cheer Investments Limited... 118,703 12 31 6 30 2013 2014 2015 2016 Honest Cheer Investments Limited... 115,095 12 31 6 30 2013 2014 2015 2016 Yangguang Healthcare Group Company Limited... 469 Yangguang Healthcare Education Company Limited... 469 Yangguang Healthcare Education (Hong Kong) Company Limited 469 Yangguang Healthcare Company Limited... 2,816 Yangguang Healthcare (Hong Kong) Company Limited... 469 4,692 I-70

12 31 6 30 2013 2014 2015 2016 UCMG Management Limited... 8,628 Yangguang Healthcare Group Company Limited... 455 Yangguang Healthcare Education Company Limited... 455 Yangguang Healthcare Education (Hong Kong) Company Limited... 455 Yangguang Healthcare Company Limited... 2,730 Yangguang Healthcare (Hong Kong) Company Limited 455 4,550 8,628 12 31 6 30 2013 2014 2015 2016... 36,869 12 31 6 30 2013 2014 2015 2016... 35,748 I-71