年報 2011

2 3 5 6 17 36 42 44 45 46 48 49 51 53

2 Canon s Court 22 Victoria Street Hamilton HM12 Bermuda 168-200 26 2608 Appleby Management (Bermuda) Ltd. Canon s Court 22 Victoria Street Hamilton HM12 Bermuda 183 46 Appleby Walkers SPV Limited 3300

3 2,946,048 3,154,796 2,078,408 2,289,941 2,212,324 (2,504,040) (2,293,413) (1,613,726) (2,078,045) (1,821,647) 442,008 861,383 464,682 211,896 390,677 76,129 33,024 19,009 19,398 16,400 180,599 8,107 955 (5,164) 583 (98,077) (77,486) (62,183) (82,879) (71,927) (250,804) (205,989) (179,726) (219,588) (144,921) (60,061) 349,855 619,039 242,737 (136,398) 190,812 (20,893) (41,999) (5,277) 26,071 5,646 4,608 78,025 (68,357) (94,275) 34,344 (66,001) (84,354) 281,498 607,397 256,188 (244,398) 132,898 (69,752) (100,637) (38,772) 26,990 6,033 211,746 506,760 217,416 (217,408) 138,931

4 5,988,812 4,982,093 3,834,060 3,554,990 3,558,441 (3,481,435) (3,038,788) (2,596,573) (2,554,289) (2,274,401) 2,507,377 1,943,305 1,237,487 1,000,701 1,284,040

5

6 2011 2011231.7413.93% 2011 low-e 2011 2011 17143 7,630 86020111(TCO)Low-E 112011 12 31 11 1111 Low-E300 112MW 20113,923372 10.48% 2011

7 2011 15% 2011 201030% 20117.69% 20113,923 372 10.48% 3,60291.8% 6.98% 20112.122.95 2.6943.5% 2011 Low-E TCO 201120102010 45.80% 32.94%201021.52% 25.89%2010 24.18% 30.02%20108.50% 11.14%

8 52 (1) 25% 98.50% (2) 11.48% 88.16% (3) 2.406% 99.76% (4) 49% 100% (5) 17.44% 76.21% (6) 1,66615.47% 90.67%

9 2011 12 12 2012 2012 2012 2012

10 Low-E Sun-E TCO 20122011 32011 2012 2012 5% 2012201120% 2012 2012 2012 2012

11 Low-ETCO 2012 2012 Low-ESun-ETCO

12 31.5 29.57% 7% 22.9 25.09% 8% 8.61 4.4249%27% 15% 811 1.81 1.68 7,749 9,80827% 2.06 2.5122% 9,428 6,836

13 1.01 6,975 32.74 38.0216% 17.09 21.8728% 18.98 30.1359% 11.41 4.6859% 5.4686%11% 3%8.28 10.647.60 84%74% 16%26% 5.30 5.42 28%27%72% 73%27% 28% 0.730.908.26 1.890.58 0.61 2426

14 49% 49% 69,100,00049% 25% 12,400,00053.91% 91.13% 91,400,000 Poweridea Limited11.48% 39,000,000 61.67%82.51% 44,400,000 Bondtime Holdings Limited 16.72%17,100,000 2.406%2,500,000 79.96%93.94% 3,700,000 17.44% 25,800,000 52,000,000 148,000,000 200,000,000 43.11%77.04% 26,300,000

15 15.47%108,000,000 73.34%89.97% 108,700,000 30 6,584 6,933 6(b) 22 24 32 33(d)

16 8% 27% 11% 17% 5%

17 4 44134 15,501,470.580.01 0.015 29(c)(ii) (i) (ii)29(b) 29(e) 29(a) 12 29(c)

18 99 3.13

19 Hony International LimitedHony International40%Hony International32.80% Hony International BIPV 67% 33% 75% 354 14A.33

20 90,000 (1) (2) (3) 14A 3000 740 14A.38

21 49% 49%69,100,000 3114A

22 8 XV(i)352 (ii) (1) 3,750,000(L) 0.24% 30,510,000(L) 1.97% 1,600,000(L) 0.10% 13,600,000(L) 0.88% (1) L XV(i)352 (ii)

23 336 (1) First Fortune Enterprises Limited 272,926,000(L) 17.61% (2) 272,926,000(L) 17.61% Mei Long Developments Limited 104,750,740(L) 6.76% Easylead Management Limited (3) 377,676,740(L) 24.36% Right Lane Limited (3)(4) 412,676,740(L) 26.62% (5) 377,676,740(L) 24.36% (5) 377,676,740(L) 24.36% (5) 377,676,740(L) 24.36% (6) (7) 412,676,740(L) 26.62% Pilkington Italy Limited 390,156,318(L) 25.17% Pilkington Brothers Limited (8) 390,156,318(L) 25.17% Pilkington Group Limited (9) 390,156,318(L) 25.17%

24 (1) NSG UK Enterprises, Limited (10) 390,156,318(L) 25.17% NSG Holdings (Europe) Limited (11) 390,156,318(L) 25.17% Nippon Sheet Glass Co., Ltd. (12) 390,156,318(L) 25.17% Public Mutual Berhad PBAEF PBCAEF PBCAUEF PBCPEF PBEPEF PBF PCSF PFA30F PFEDF PFES PFETIF PINDOSF PRSEC PSCF 108,990,000(L) 7.03% (1) L (2) First Fortune Enterprises LimitedXV (3) Easylead Management Limited 60% Right Lane Limited 40% Mei Long Developments Limited Easylead Management Limited60%Right Lane Limited40% XVEasylead Management Limited Right Lane Limited Mei Long Development Limited (4) Elite World Investments Limited35,000,000Elite World Investments Limited Cheer Elite Holdings LimitedCheer Elite Holdings Limited Right Lane LimitedXV Right Lane LimitedElite World Investments (5) Easylead Management LimitedXV Easylead Management Limited (6) Legend Holdings Limited (7) Right Lane LimitedXVRight Lane Limited (8) Pilkington Italy Limited Pilkington Brothers LimitedXVPilkington Brothers LimitedPilkington Italy Limited (9) Pilkington Brothers Limited Pilkington Group LimitedXVPilkington Group LimitedPilkington Brothers Limited (10) Pilkington Group Limited NSG UK Enterprises, Limited XVNSG UK Enterprises, LimitedPilkington Group Limited

25 (11) NSG UK Enterprises, Limited NSG Holding (Europe) LimitedXVNSG Holding (Europe) LimitedNSG UK Enterprises, Limited (12) Nippon Sheet Glass Co., Ltd.NSG Holding (Europe) Limited Nippon Sheet Glass Co., Ltd. XVNippon Sheet Glass Co., Ltd.Nippon Sheet Glass Co., Ltd. 336 (a) (i) (ii) (iii) (iv)(v) (b) (c) (i) (ii) (iii)

26 (d) 1 (e) 10%36,000,0002.3% (f) (g) (10)

27 3.50 1.75 1,500,000 0.10% 1.75 1,125,000 0.07% 1.75 1,125,000 0.07% 1.75 1,500,000 0.10% 1.75 1,125,000 0.07% 1.75 1,125,000 0.07% 1.75 640,000 0.04% 1.75 480,000 0.03% 1.75 480,000 0.03% 1.75 640,000 0.04% 1.75 480,000 0.03% 1.75 480,000 0.03% 1.75 11,160,000 0.72% 1.75 8,370,000 0.54% 1.75 8,370,000 0.54% 38,600,000 0.10 0.051.75 27(a)

28 (a) (b) (c) (d) (i)(ii) 13,636,000 0.88%17,200,000 27(b)

29 52 34 50 29 52 33 55 49

30 38 MBA 7 42 EMBA 41NSG (Shanghai) Ltd. Nippon Sheet Glass Co., Ltd. 73 Easylead Management Limited 53Pilkington plc PilkingtonPilkington (Asia) LimitedPilkington

31 51 44 50 69 49 21 51 31

32 50 39 18 54 31 39 27

33 5,652,000 0.36% 1,555,799,0581,550,147,058 29(c)(iv) 25% 1,100,000,000 0.1070,000,000700,000,0000.10 180,000,0001,800,000,000 0.10 0.05 180,000,0003,600,000,0000.05

34 First Fortune Enterprises Limited 200,000,000 4.06 200,000,000200,000,000 790,000,000 34 26

35 14 10

36 7/8 7/8 8/8 8/8 1/8 8/8 2/3 0/0 1/4 5/6 6/8 7/8 3/3 4/4

37 2932 3.13

38 102(A)102(B) 99 104 3

39 2/2 0/2 0/1 1/1

40 2/2 2/2 1/1 0/0

41 7,000,000

42 44134 90

43 KPMG 10 8

44 4 2,946,048 3,154,796 (2,504,040) (2,293,413) 4 442,008 861,383 5 76,129 33,024 5 180,599 8,107 (98,077) (77,486) (250,804) (205,989) 349,855 619,039 4,608 78,025 6(a) (68,357) (94,275) 6 281,498 607,397 7 (69,752) (100,637) 211,746 506,760 181,602 304,751 30,144 202,009 211,746 506,760 11(a) 0.123 0.322 11(b) 0.122 5313429(b)

45 211,746 506,760 (17,069) (623) 194,677 506,137 164,533 304,549 30,144 201,588 194,677 506,137 53134

46 12(a) 3,351,981 2,798,556 15 286,664 321,752 16 67,511 58,148 19 15,268 19,645 1,000 1,000 28(b) 79,274 74,410 3,801,698 3,273,511 20 661,996 342,180 21(a) 966,211 538,475 28(a) 13,086 22 545,821 827,927 2,187,114 1,708,582 23(a) 1,786,269 1,561,920 24(a) 789,973 292,560 26(a) 382,851 28(a) 54,289 43,487 3,013,382 1,897,967 (826,268) (189,385) 2,975,430 3,084,126 53134

47 24(b) 274,073 467,526 25 14,144 81,276 26(a) 146,700 541,757 28(b) 33,136 50,262 468,053 1,140,821 2,507,377 1,943,305 29 74,553 66,422 2,172,237 1,385,231 2,246,790 1,451,653 260,587 491,652 2,507,377 1,943,305 53134

48 12(b) 472 972 13 858,567 900,191 14 70,000 334,783 929,039 1,235,946 21(b) 1,243,707 491,590 22 135,651 108,495 1,379,358 600,085 23(b) 61,118 67,891 26(b) 382,851 443,969 67,891 935,389 532,194 1,864,428 1,768,140 26(b) 396,857 1,864,428 1,371,283 29 74,553 66,422 1,789,875 1,304,861 1,864,428 1,371,283 53134

49 29(c) 29(d)(i) 29(d)(iii) 29(d)(iv) 29(d)(v) 43,856 410,482 14,302 40,785 (21,824) (23) 73,699 561,277 676,210 1,237,487 304,751 304,751 202,009 506,760 (202) (202) (421) (623) (202) 304,751 304,549 201,588 506,137 22,566 985,792 1,008,358 1,008,358 11,236 11,236 (425,180) (425,180) (459,436) (884,616) 61,000 61,000 1,054 1,054 27(a) 2,649 2,649 2,649 (10,286) 10,286 22,566 985,792 2,649 (435,466) 10,286 585,827 (386,146) 199,681 66,422 1,396,274 16,951 40,785 (457,290) (225) 388,736 1,451,653 491,652 1,943,305 53134

50 29(c) 29(d)(i) 29(d)(ii) 29(d)(iii) 29(d)(iv) 29(d)(v) 66,422 1,396,274 16,951 40,785 (457,290) (225) 388,736 1,451,653 491,652 1,943,305 181,602 181,602 30,144 211,746 (17,069) (17,069) (17,069) (17,069) 181,602 164,533 30,144 194,677 29(b)(ii) (17,305) (17,305) (17,305) 29(c)(iii) 8,367 652,640 661,007 661,007 29(c)(iv) (236) (236) (236) (13,430) (13,430) (13,430) 27(b) (13,936) (13,936) (13,936) 13,251 13,251 30 13,535 13,535 (274,460) (260,925) 27(a) 969 969 969 (3,877) 3,877 8,131 635,335 (13,936) 969 9,658 (9,553) 630,604 (261,209) 369,395 74,553 2,031,609 (13,936) 17,920 40,785 (447,632) (17,294) 560,785 2,246,790 260,587 2,507,377 53134

51 281,498 607,397 6(c) 245,783 225,145 5 (172,242) (731) 5 (8,191) (2,012) 6(a) 103,302 107,638 (4,608) (78,025) 6(b) 969 2,649 (319,816) (32,867) 5,867 (19,645) (265,795) (17,656) 227,341 8,001 98,716 795,286 28(a) (94,026) (99,437) 4,690 695,849 (1,069,269) (288,313) (27,215) (56,432) 270,731 3,421 (21,278) (85,099) (1,064) 22(a) 13,000 (23,000) 6,530 2,012 (827,501) (448,475) 53134

52 805,534 491,091 (489,791) (479,559) 26(a) 150,000 (5,400) 29(c)(iii) 679,408 378,765 29(c)(iii) (18,401) (10,727) 29(c)(iv) (13,666) 27(b) (13,936) 13,251 11,236 30 (263,662) (172,742) 29(b)(ii) (17,305) (2,238) (50) (116,335) (98,237) 562,859 264,377 (259,952) 511,751 22(a) 804,927 291,037 (9,154) 2,139 22(a) 535,821 804,927 53134

53 1 2 (a) 2(c) (b)

54 2 (b) 3 (c) 24 19 19 24 24 7 33

55 2 (d) 2(o) 2(q) 2(e) 2(l)(i)

56 2 (e) 2(l)(i) (f) (i) (ii) (ii) (i)

57 2 (f) 2(l)(ii) 2(l)(ii) (g) 2(l)(ii) 2(v) 8-45 3-30 3-15

58 2 (h) 2(v) 2(l)(ii) 2(l)(ii) 7 (i) 2(l)(ii) (j)

59 2 (j) (i) (ii) (k) 2(l)(i) 2(l)(i) (l) (i)

60 2 (l) (i) 2(e) 2(l)(ii)2(l)(ii)

61 2 (l) (ii)

62 2 (l) (iii) 34 2(l)(i) 2(l)(ii) (m) (n) (o)

63 2 (p) (i) (ii) Black-Scholes

64 2 (p) (ii) (iii)

65 2 (q) (r)

66 2 (r) (s)

67 2 (t) (i) (ii) (iii) (u)

68 2 (v) (w) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (a) (vi) (a)(i)

69 2 (x) 3 18 27 33 (a) (b) 2(l)(ii)

70 3 (c) 4 (a) 10%33(a) (b)

71 4 (b) (i) 970,463 1,444,903 762,855 678,827 884,534 762,851 328,196 268,215 2,946,048 3,154,796 97,741 351,933 77,817 158,660 194,098 273,061 72,352 77,729 442,008 861,383

72 4 (b) (ii) (i)(ii) 2,198,242 2,453,253 3,706,156 3,178,456 317,739 279,116 78,958 87,661 44,371 42,209 15,731 7,947 14,165 13,453 12,445 6,143 8,349 13,522 256,048 251,492 747,806 701,543 2,946,048 3,154,796 3,706,156 3,178,456

73 5 8,191 2,012 59,397 25,675 8,541 5,337 76,129 33,024 8,357 7,376 (i) 172,242 731 180,599 8,107 (i) 168,200,000 197,300,000(i)(ii) 6 (a) 109,355 92,452 15,304 23,413 124,659 115,865 * (21,357) (8,227) 103,302 107,638 (34,945) (13,363) 68,357 94,275 * 6.28%5.96%

74 6 (b) # 264,699 234,413 31,637 26,363 27(a) 969 2,649 297,305 263,425 18% 20% 5% (c) # 20 2,504,040 2,293,413 7,000 7,000 # 12 15 16 245,783 225,145 21(a)(ii) 3,629 (5,603) # 254 328 5,270 4,690 1,371 1,396 6,187 2,425 # 393,900,000 360,100,000 6(b)

75 7 (a) 28(a) 91,545 112,378 197 3,423 91,742 115,801 28(b) (21,990) (7,332) 3,722 (11,554) (21,990) (15,164) 69,752 100,637 (b) 281,498 607,397 (i) (ii) (iii) 78,303 133,592 2,813 4,394 28(c) 7,000 5,335 (iv) (v) (18,561) (38,275) (vi) (11,554) (vi) 3,722 197 3,423 69,752 100,637

76 7 (b) (i) (ii) (iii) 15% 25%15% 25% (iv) 7(b)(v) (v) 25% 25%25% (vi)

77 8 (i) 711 30 741 94 835 398 530 22 950 40 990 532 776 30 1,338 40 1,378 1 3,762 64 3,827 94 3,921 1 1 1 1 1 1 1 1 1 1 1 1 83 83 83 83 83 83 42 42 42 42 42 42 255 1,641 5,068 146 7,110 268 7,378

78 8 (i) 373 1,799 2,172 257 2,429 637 1,580 26 2,243 257 2,500 362 630 19 1,011 110 1,121 362 790 26 1,178 110 1,288 100 100 100 100 100 100 100 100 100 300 1,734 4,799 71 6,904 734 7,638 (i) 2(p)(ii) 27(a)

79 9 8 797 649 1,278 1,692 70 192 46 48 2,191 2,581 1,000,000 1,000,001 1,500,000 2 1 1,500,001 2,000,000 1 10 40,700,00055,800,000 29(a)

80 11 (a) 181,600,000 304,800,000 1,476,817,000 946,662,000 29(c)(ii) 677,900 416,000 43,157 14,174 29(c)(ii) 677,900 473,331 29(c)(iii) 124,384 29(c)(iv) (3,042) 27(b) 29(c)(vi) (325) 1,476,817 946,662 (b) 181,600,0001,489,450,000 1,476,817 27(a) 12,633 1,489,450

81 12 (a) 1,129,809 1,973,164 20,939 113,398 3,237,310 29,334 39,704 9,430 542,990 621,458 89,022 89,022 85,949 307,067 (393,016) (20,412) (18,853) (1,447) (40,712) (5,261) (29,692) (3,680) (38,633) 1,219,419 2,271,390 25,242 352,394 3,868,445 203,255 703,938 10,170 917,363 38,437 165,225 2,322 205,984 (3,983) (12,174) (903) (17,060) (4,511) (29,619) (2,268) (36,398) 233,198 827,370 9,321 1,069,889 986,221 1,444,020 15,921 352,394 2,798,556

82 12 (a) 1,219,419 2,271,390 25,242 352,394 3,868,445 7,830 15,068 9,691 868,734 901,323 253,612 407,839 (661,451) (150,826) (312,634) (2,268) (465,728) 1,330,035 2,381,663 32,665 559,677 4,304,040 233,198 827,370 9,321 1,069,889 43,264 179,622 3,148 226,034 (79,582) (263,097) (1,185) (343,864) 196,880 743,895 11,284 952,059 1,133,155 1,637,768 21,381 559,677 3,351,981 549,000,000 381,100,000

83 12 (b) 2,173 2,027 4,200 627 627 2,173 2,654 4,827 1,699 1,262 2,961 446 448 894 2,145 1,710 3,855 28 944 972 2,173 2,654 4,827 2,145 1,710 3,855 28 472 500 2,173 2,182 4,355 472 472

84 13 858,567 900,191 3,000,000 100,000,000 82.18% 83% 100% 100% 30(e) 206,800,000 200,000,000 77.04% 81.40% 30(d) 200,000,000 100% 100% 1,000,000 87.99% 90% 2,400,000 10,000 89.21% 90.10% 100% 100% 136,000,000 100% 100% JV Investments Limited 90,313 80,000,000 100% 100% 72.71% 80.95%

85 13 100,000,000 99.01% 100% 100,000 100% 100% 100,000,000 100% 100% 89.97% 90.67% 30(f) 107,700,000 5,000,000 89.97% 100% 91.13% 98.50% 12,000,000 30(a) 89.97% 100% 25,680,000 60.28% 100% 10,000,000 14,920,000 60.28% 67.00% 2,000,000 60.28% 100% 60.28% 100% 12,000,000

86 13 30(c) 128,378,729 93.94% 99.76% 2,000,000 92.09% 100% 2,570,000 80.24% 85.42% 90,000,000 88.26% 88.89% 30(b) 194,860,000 82.51% 88.16% 14 (i) 388,955 334,783 21(b) (318,955) 70,000 334,783 (i) 319,000,000334,800,000 9.625%

87 15 328,808 36,831 8,203 (22,701) 351,141 24,146 7,246 (2,003) 29,389 321,752 351,141 21,180 (53,783) 318,538 29,389 7,834 (5,349) 31,874 286,664 8,100,00032,500,000

88 16 123,739 21,278 145,017 53,676 11,915 65,591 11,915 77,506 67,511 58,148

89 17 26.99% 30.00% 12,000,000 72,910 74,800 (1,890) 33,700 (566) 65,089 66,413 (1,324) 40,440 1,728

90 18 20%49,800,000 14,100,000 14,100,000 15.7%6.8% 19 (i) 18,666 17,475 (ii) 2,330 3,845 20,996 21,320 (5,728) (1,675) 15,268 19,645 (i) (ii)

91 20 204,980 123,474 421,192 191,246 47,223 30,978 673,395 345,698 (11,399) (3,518) 661,996 342,180 2,496,159 2,294,884 7,881 (1,471) 2,504,040 2,293,413

92 21 (a) 292,470 133,263 20,269 62,977 11,065 147 166,021 69,103 489,825 265,490 21(a)(ii) (20,316) (20,346) 469,509 245,144 (aa) 1,812 4,140 (bb) 446 (cc) 4,403 198 (bb) 47,408 48,312 53,623 53,096 21(a)(ii) (3,074) (3,074) 50,549 50,022 453,563 247,060 21(a)(ii) (7,410) (3,751) 446,153 243,309 966,211 538,475

93 21 (a) (aa) 1,500,000 1,500,000 (bb) (cc) 200,000200,000 19(i) (i) 204,786 136,910 116,264 57,650 114,045 40,461 34,414 10,123 469,509 245,144 33(a) (ii) 2(l)(i)

94 21 (a) (ii) 27,171 40,943 3,629 (5,603) (6,557) (1,612) 30,800 27,171 30,800,000 27,200,000 (b) (aa) 24 26 (bb) 578,010 490,137 (cc) 342,116 14 318,955 4,602 1,427 1,243,707 491,590 (aa) (bb) 70,000,000 6.70% (cc) 6.70% 9.625%

95 22 (a) 535,821 804,927 10,000 23,000 545,821 827,927 (10,000) (23,000) 535,821 804,927 96,000,000 59,900,000 (b) 135,651 108,495 (c)

96 23 (a) 597,012 339,670 550 3,895 3,217 3,681 147,450 124,516 748,229 471,762 (i) 6,621 4,829 (ii) 14 (iii) 43,188 35,612 49,809 40,455 872,756 938,530 1,670,794 1,450,747 115,475 111,173 1,786,269 1,561,920 (i) (ii) (iii) 6.12%6.12% 6,500,0006,000,000

97 23 (a) 633,979 367,246 114,250 104,516 748,229 471,762 (b) (i) 42,587 44,694 18,531 23,197 61,118 67,891 (i) 24 (a) 568,614 203,706 21,000 5,000 589,614 208,706 200,359 83,854 789,973 292,560

98 24 (a) 51,250 3,150 110,000 20,000 407,364 180,556 568,614 203,706 21,000 5,000 589,614 208,706 214,300,000141,200,000 (b) 299,800 321,800 27,018 44,568 147,614 185,012 474,432 551,380 (200,359) (83,854) 274,073 467,526

99 24 (b) 200,359 83,854 118,343 214,091 135,730 233,435 20,000 20,000 474,432 551,380 184,800,000 237,000,000 434,100,000 466,000,000 150,000,000 150,000,000130,000,000 150,000,000 (c) 33(b)

100 25 (i) 14,144 20,614 (ii) 60,662 14,144 81,276 (i) (ii) 6.12%6.12% 31(a)(i) 49% 69,100,00049% 30(d) 26 (a) 9.625%(i) 382,851 396,857 4.95%(ii) 146,700 144,900 529,551 541,757 (382,851) 146,700 541,757 (i) 100,000,000 9.625% 19,560,000 133,600,000 39,110,000267,200,000 (ii) 150,000,0004.95%

101 26 (b) 9.625%26(a)(i) 382,851 396,857 (382,851) 396,857 27 (a) (i) (ii) (iii)(iv) (v) 1.00 40%30% 30% (i) 2,140,000 4,280,000 7.25 1,605,000 3,210,000 7.25 1,605,000 3,210,000 7.25 5,860,000 11,720,000 7.25 4,395,000 8,790,000 7.25 4,395,000 8,790,000 7.25 20,000,000 40,000,000

102 27 (a) (ii) HK$3.50 19,300 HK$3.50 19,300 29(c)(ii) 19,300 HK$1.75 38,600 HK$3.50 19,300 HK$1.75 38,600 HK$3.50 13,510 1.75 3.5029(c)(ii)3.42 4.42 (iii) Black-Scholes Black-Scholes

103 27 (a) (iii) * 0.43700.6433 * 1.75 * 1.75 Black-Scholes 48.18% Black-Scholes 3.10 1.75% 1.39% 2.22% * 29(c)(ii) (b) 50%

104 27 (b) (i)(ii) (i) 1.26 13,636,000 13,936 1.26 13,636,000 13,936 13,636,000 17,200,00013,900,000 28 (a) 43,487 27,123 7(a) 91,545 112,378 7(a) 197 3,423 (94,026) (99,437) 41,203 43,487

105 28 (b) (i) 32,685 772 5,785 14,318 8,596 62,156 (58,591) 3,565 7(a) 1,852 (111) 506 8,244 1,763 12,254 2,910 15,164 5,419 5,419 34,537 661 6,291 22,562 10,359 74,410 (50,262) 24,148 7(a) 5,514 2,188 1,258 (85) (4,011) 4,864 17,126 21,990 40,051 2,849 7,549 22,477 6,348 79,274 (33,136) 46,138 (ii)

106 28 (c) 2(r) 89,200,000 88,600,00089,200,000 (d) 950,400,000 656,000,000 75,300,000 29,700,000 29 (a)

107 29 (a) 29(c) 29(d)(i) 29(d)(iii) 29(d)(v) 43,856 410,482 14,302 (69,373) 39,104 438,371 (55,753) (55,753) (22,342) (22,342) (22,342) (55,753) (78,095) 22,566 985,792 1,008,358 27(a) 2,649 2,649 22,566 985,792 2,649 1,011,007 66,422 1,396,274 16,951 (91,715) (16,649) 1,371,283

108 29 (a) 29(c) 29(d)(i) 29(d)(ii) 29(d)(iii) 29(d)(v) 66,422 1,396,274 16,951 (91,715) (16,649) 1,371,283 (40,661) (40,661) (83,263) (83,263) (83,263) (40,661) (123,924) 29(b)(ii) (17,305) (17,305) 29(c)(iii) 8,367 652,640 661,007 29(c)(iv) (236) (236) (13,430) (13,430) 27(b) (13,936) (13,936) 27(a) 969 969 8,131 635,335 (13,936) 969 (13,430) 617,069 74,553 2,031,609 (13,936) 17,920 (174,978) (70,740) 1,864,428

109 29 (b) (i) 0.01 0.01529(c)(ii) 12,567 17,305 (ii) 0.015 29(c)(ii) 17,305 (c) (i) 700,000,000 70,000 700,000,000 70,000 29(c)(ii) 1,100,000,000 110,000 29(c)(ii) 1,800,000,000 3,600,000,000 180,000 700,000,000 70,000

110 29 (c) (i) 677,899,529 66,422 416,000,000 43,856 261,899,529 22,566 29(c)(ii) 677,899,529 29(c)(iii) 200,000,000 8,367 29(c)(iv) (5,652,000) (236) 1,550,147,058 74,553 677,899,529 66,422 (ii) 1,100,000,000 0.1 70,000,000 180,000,000 0.1 0.05 180,000,0003,600,000,000 (iii) First Fortune Enterprises LimitedFirst Fortune4.06200,000,000 First Fortune200,000,000 10,000,0008,400,000 780,000,000 652,600,000

111 29 (c) (iv) 5,652,000 3.10 2.47 16,411 282,600 236,00016,100,00013,400,000 (v) 1.75 15,440,000 15,440,000 1.75 11,580,000 11,580,000 1.75 11,580,000 11,580,000 38,600,000 38,600,000 27(a) (vi) 13,636,00027(b)

112 29 (d) (i) 40 (ii) 2(p)(ii) (iii) 2(p)(ii) (iv) (v) 2(u)

113 29 (e) 2,031,600,000 1,396,300,000 0.010.01529(c)(ii) (f)

114 29 (f) 1,786,269 1,561,920 789,973 292,560 382,851 2,959,093 1,854,480 274,073 467,526 14,144 81,276 146,700 541,757 434,917 1,090,559 3,394,010 2,945,039 12,567 17,305 (545,821) (827,927) 2,860,756 2,134,417 2,507,377 1,943,305 (12,567) (17,305) 2,494,810 1,926,000 115% 111%

115 29 (f) 61,118 67,891 382,851 443,969 67,891 396,857 443,969 464,748 12,567 17,305 (135,651) (108,495) 320,885 373,558 1,864,428 1,371,283 (12,567) (17,305) 1,851,861 1,353,978 17% 28%

116 30 (a) 25% 12,400,00081,100,000 30(f)53.91%91.13% 91,400,000 (b) Poweridea Limited 11.48% 39,000,000 30(f)61.67%82.51% 44,400,000 (c) Bondtime Holdings Limited 16.72%17,100,000 2.406% 2,500,000 30(f) 79.96%93.94% 3,700,000 (d) 49% 49% 49%69,100,000 49% 4,500,000

117 30 (e) 17.44%25,800,000 52,000,000 148,000,000 200,000,000 30(f)43.11% 77.04% 26,300,000 (f) 15.47%108,000,000 73.34%89.97% 108,700,000 31 (a) (i) 56,100,000120 6.12%6.12% 1,500,000 1,800,000 (ii) 30(d) 49%69,100,000

118 31 (a) (iii) 48,575 32 18,471 18,037 1,578 40 1,662 1,662 (iii) 674 5,585 (iii) 1,354 (6,108) (b) (ii) 10,979 11,097 (iii) 309 (iv) (1,560) (v) (26,151) 39,420

119 31 (c) 91,292 342,861 4,220 86,688 19,685 2,056 (iii) (446) 304 (iii) (84) (d) (i) 12,577 4,021 (vii) 350,604 (iii) 190,410 177,381 (iii) 11 49,596 (e) (iii) 33 (vi) (101) (4,986)

120 31 (f) 89 10,836 11,222 248 233 444 1,215 11,528 12,670 6(b) (i) (ii) (iii) (iv) (v) 4.66% 7.73% (vi) (vii) 6.70% 9.625%

121 32 (a) 451,285 74,994 18,242 220,000 469,527 294,994 16,306 451,285 91,300 18,242 220,000 469,527 311,300

122 32 (b) (i) 5,411 4,533 13,148 3,654 11,714 5,040 30,273 13,227 1 18 (ii) 1,663 1,359 1,992 1,749 3,655 3,108 2 5

123 33 (a) 19 21(a) 5.1% 14.5%17.9 %34.8% 19 21 (b)

124 33 (b) 826,300,000 1,786,483 1,786,483 1,786,269 830,085 133,268 148,964 21,228 1,133,545 1,064,046 870 7,500 7,655 16,025 14,144 410,714 156,188 566,902 529,551 3,028,152 296,956 156,619 21,228 3,502,955 3,394,010

125 33 (b) 1,563,388 1,563,388 1,561,920 329,502 238,385 263,705 22,307 853,899 760,086 71,285 7,500 15,155 93,940 81,276 46,238 449,495 156,188 651,921 541,757 2,010,413 695,380 435,048 22,307 3,163,148 2,945,039 61,118 61,118 61,118 403,289 403,289 382,851 464,407 464,407 443,969

126 33 (b) 67,891 67,891 67,891 38,813 442,070 480,883 396,857 106,704 442,070 548,774 464,748

127 33 (c) (i) % % 6.37% 433,959 6.55% 301,730 6.12% 20,607 6.12% 26,552 4.95%-9.625% 529,551 4.95%-9.625% 541,757 984,117 870,039 6.50% 630,087 6.20% 458,356 6.44% 60,662 630,087 519,018 1,614,204 1,389,057 61% 63%

128 33 (c) (i) % % 9.625% 382,851 9.625% 396,857 382,851 396,857 100% 100% (ii) 100 4,950,000 4,230,000 (d) (i) (ii)

129 33 (d) (ii) (167,128) 18,054 105,570 19 320 58,196 150 2 (384,435) (49,550) (349,854) (475,313) 56,170 (349,833) 320 (194,568) 40,212 270 21 96 62,358 150 (384,903) (5,076) (1,356) (60,662) (476,901) (65,318) 21 (1,260)

130 33 (d) (ii) 105,570 270 150 150 (5,076) (5,076) 100,644 (4,656) (iii)

131 33 (d) (iii) 5% (18,367) 5% (18,984) (5%) 18,367 (5%) 18,984 5% 2,809 5% (3,266) (5%) (2,809) (5%) 3,266 5% (13,899) 5% 1 (5%) 13,899 (5%) (1) 15% 37 20% (220) (15%) (37) (20%) 220

132 33 (e) 1,000 * 1,000 * 274,073 272,285 467,526 472,698 14,144 13,286 81,276 92,651 529,551 485, 637 541,757 535,613 70,000 76,864 334,783 302,906 382,851 343,377 396,857 388,388 *

133 33 (e) (i) 7.25% 6.63% 6.98% 6.64%-6.82% 7.25% 6.64% (ii) 34 29(b) 35 4(b) 36 First Fortune Enterprises Limited Easylead Management Limited 37

134 37 1 7 12 1 10 11 12 13 27 28 7 19 20 32 9 9 9 7