RENTIAN TECHNOLOGY HOLDINGS LIMITED * 00885 (I)17% (II) (III) 5121314 1528 61-65181801- 18024849 18322 48 *
........................................................ 1.................................................. 5........................................... 13.................................................... 15......................................... 29........................... 42......................................... 43............................................ 48 i
17% 17% 17% 17% 1
52,372,200 63,890,000 6 2
571 0.001 3
90% % 4
RENTIAN TECHNOLOGY HOLDINGS LIMITED * 00885 Pak William Eui Won P.O. Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands British West Indies 2020012002 (I)17% (II) (III) Smart Express Development Limited253,466,000 83% * 5
17% 52,372,20063,890,000 Pak William Eui Won (i)(ii) (iii) (iv)17%(v)(vi) (vii) (1) (2) 64.01%90% A 17% 6
52,372,20063,890,000 17%17% 17% (i) (ii) 30 7
148,181,800 69.29%13.71%17.00% 83% 75%76.9231% POS(Start) 17% 17% A 22.51%30% A 8
668,480 662,489 46,930 36,361 46,734 33,734 281,000,000 (i) 4.0(ii)(iii) 17% 17% 9
90% A A5%25% 4849 5,207,933,35064.01% 10
183 2248 13.39(4) 1314 1528 11
12
RENTIAN TECHNOLOGY HOLDINGS LIMITED * 00885 17% 1528 * 13
Pak William Eui Won 14
30 1161602 17% Smart Express Development Limited253,466,000 15
17% 52,372,20063,890,000 100% 64.01%90% A A5% 25% Pak William Eui Won 16
I. (i) 4.0(ii)(iii) 17
13,234 525,517 104,837 287,771 13,234 366,690 104,837 91,227 (107,989) 884,993 593,552 352,971 (107,989) 884,797 593,552 351,397 924,863 1,898,721 2,241,590 83% 13,234,000 43.48% 3,870.96% 18
285,331,00099.15% 174.49% II. 17% 30%A 17% 148,181,800 POS(Start) 75%76.9231% 19
150 662,489 668,480 285,331 182,300 207,597 88,788 36,361 46,930 23,603 33,734 46,734 22,029 214,767 258,572 280,856 662,489,000 1%668,480,000 285,331,000 POS 20
(i)27.52% 31.06%31.12% (ii)5.09%6.99% 7.72% 280,856,000 III. 80% (i) (ii)(iii) POS POS (i) International Data CorporationIDC 2,480,000 3,330,0006.07% 21
5,090,000 4,100,00024.15% (ii) IDC 379,000 363,0004.41% IDC 950,0006.3% 1,030,000 + IDC 22
(iii) POS 12,030,000 57.62% 38.03%13,710,000 POS 36.73% 23
IV. (i) (ii) (iii) (iv) V. 52,372,20063,890,000 (i)(ii) 24
(i) 17%(ii) 17% 17% 17% 17% (i) (ii) (iii) (i) (ii) 25
(i) (ii)25%(iii) 281,000,00017%48,000,000(i) (ii) 215,000,000 281,000,000(iii)(iv) 17% 26
VI. 2,241,590,000 280,856,000 525,517,000287,771,000 52,370,00063,890,000 118,560,000 (i)200,000,0006 112,500,00087,500,000 (ii) 282,440,000 27
(i)(ii) (iii) 6 20 28
2672751707-08 (852) 2357 0085 (852) 2951 0799 17% 17% 29
148,181,800 POS (Start) 69.29%13.71%17% 75% 76.9231% 30
314,180 6.9% 15,6988.1% 13%10.6% 3.510.8% 5.5%2.2722,729 2.9%7.4% 2.6% 1,147.82.5% 1.2%53.8% 28.6% 31
32 0 50 100 150 200 250 300 350 400-12.0-8.0-6.0-4.0-2.0 0.0 2.0 4.0 % 259.1 255.0 279.3 354.5-10.4-2.2 2.8-0.3 23,222 2.7%2.7%699.65% 7% 95.6 2.67.2 3%0.2%1.9% 0 1.50 1.00 0.50 2.00 2.50 3.00 3.50 4.00 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 40.5% 2.57 2.98 3.43 3.24 3.01 22.4% 28.5% 12.0% 5.0% (%)
8594.3% 2.5%7.1% 34.6%34.1% 1000 900 101.7 809.5 800 746 700 600 575 500 400 300 29.8% 200 100 8.5% 0 824 859 1.8% 4.3% 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 33
34
(i)(ii) (iii)(iv) (i)(ii) 35
(i) POS (ii)(iii) (iv) (2028.HK) 8.39 4.38 (992.HK) 11.00 5.33 (327.HK) 15.97 11.51 (5410.TT) 9.30 5.21 (3097.TT) 15.46 7.05 Seiko Epson Corporation (6724.JT) 10.28 5.34 10.64 5.33 11.73 6.47 36
William L. Silber Discounts on Restricted Stock: The Impact of Illiquidity on Stock Prices(1991)Lance S. HallTimothy C. Polacek Strategies for Obtaining the Largest Valuation Discounts(1994)B. A. Johnson Quantitative Support for Discounts for Lack of Marketability(1999)FMV Opinions Inc. FMV The FMV Restricted Stock Study(2001) 25% 17% 37
38
39
17% 55,000,000 20012002 MFin ICVS 10 40
A 10.64 5.33 12 B 47,503 62,537 C = A x B 333,000 D 65,000 E 84,691 * C D + E 505,000 353,000 ** 50% 50% 429,000 25% 322,000 17% 55,000 * = + ** 50% 41
45Monash University 15 (Over the Counter Bulletin Board) AGAC GJ8 911616 AZR 240,000 3.13 XV 13.51(2)(h)(v) 42
1. 2. (a) XV (a)xv78 (b)352 (c) (i) (%) 210,000,000 210,000,000 2.58 Toplap International Limited210,000,000 90% 43
XV(a)XV7 8 (b)352 (c) XV23 (b) XV23 10% (%) 5,207,933,350 64.01 Mystery Idea LimitedBetter Joint Venture Limited 5,116,673,35011,260,000Carnival Group International Holdings Limited80,000,000 Carnival Group International Holdings Limited74.74% 44
3. 4. 5. 6. 104,167 45
7. 8. 6 (i) (ii) (iii) 46
9. 12020012002 (a) 1314 (b) 1528 (c) (d) (e) 6. (f) (g) 10. 47
RENTIAN TECHNOLOGY HOLDINGS LIMITED * 00885 61-65181801-1802 (1) 17%A (2) * 48
P.O. Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands British West Indies 2020012002 1. 2. 3. 48 18322 4. 5. (http://www.hkexnews.hk) (http://www.rentiantech.com) Pak William Eui Won 49