prospectus.indd

SCUD GROUP LIMITED *

SCUD GROUP LIMITED * 260,000,000 26,000,000 234,000,000 2.02 1% 0.004% 0.005% 1.37 0.10 1399 32 342C 2.021.37 2.021%0.004% 0.005%2.02 *

1 2... 3... 2......... 4... 5...... (1) (2)

(3) (4) (i) (ii) 1,000,000 2826 1,000,000 (5)

... i... 1... 15... 27... 29... 43... 45... 52... 57... 59... 69... 77... 85... 120... 132... 139... 143... 146... 179... 184... 190... 197... 207

... I-1... II-1... III-1... IV-1... V-1... VI-1... VII-1

SCUD SCUD OEM 174,800,000 18,600,00010.6% SCUD SCUD 500 2,200 1,600 30030,00031 66.4%71.0% 120 OEM OEM UT OEM33.7%29.1%

422,000,000 707,000,00029.4% 34,100,00086,300,00059.1% SCUD 500 ISO9001 SCUD OEM 174,800,000 18,600,00010.6% 30,000 30030,00031

SCUD 1,6002,200 15 SCUD 108,800,000469,300,000107.7

6 GB/T 18287-2000 GB/T 18288-2000GB/T 18289-2000 3C 6,000 SCUD 3C3C

3C Scud Stock

422,036 515,839 706,992 369,766 485,401 (339,407) (408,993) (559,713) (291,080) (356,360) 82,629 106,846 147,279 78,686 126,041 954 3,385 4,419 1,956 5,244 (8,131) (8,617) (11,044) (7,261) (8,285) (19,466) (26,668) (24,400) (11,872) (20,954) (29) (111) (100) (16) (200) (9,985) (2,262) 55,957 74,835 116,154 61,493 89,599 (3,514) (4,856) (4,490) (2,095) (1,790) 52,443 69,979 111,664 59,398 87,809 (4,761) (8,344) (4,494) (8,120) 52,443 65,218 103,320 54,904 79,689 34,088 42,392 86,336 39,372 79,689 18,355 22,826 16,984 15,532 52,443 65,218 103,320 54,904 79,689 14,500 34,409 30,744 7,808 18,528 (1) 5.68 7.07 14.39 6.56 13.28 13.14 (1) 600,000,000

1... 147,000,000 2... 24.2 3... 17.1 (1) (2) 607,835,616 (i)600,000,000 (ii)260,000,000(iii) (3) 860,000,000(i) (ii)

1 1.37 2.02... 1,178,000,000 1,737,000,000 2 (a) 3... 5.7 8.4 (b) 4... 8.1 12.0 5... 0.68 0.88 (0.67) (0.87) (1) (2) (3)(4) (3) 0.2420.2401.372.02 (4) 0.1710.1691.372.02 (5) 860,000,000 1.70 1.372.02 414,000,000 (1) 150,000,000 30,000,000SCUDSCUD

10,000,000 90,000,0006000 15,00014,900 2,000 3,500,000 20,000 19,80050,00049,500 2,000,0004050 1,500,000 25,000,000 3C 3C/ (2) 215,000,000 160,000,000

80,000,00080,000,000 48,000,00025,000,000 10,000,000 8,000,000 5,000,000 7,000,000 (3) 25,000,000 5%6% (4) 24,000,000 64,000,000 499,000,00085,000,000 45,000,000 100,000,000 5,000,000 2,000,000 50,000,000

160,000,000 60,000,000 15,000,000 35,000,000 76,000,000 335,000,00079,000,000 30,000,000 80,000,000 3,000,000 120,000,000 48,000,000 7,000,000 30,000,000 52,000,000

SCUD

H5N1

Neng Liang Neng Liang 22,300,000 52,900,00030,700,000 30%

10,000,000 79,400,0002.5% BVI BVI 67%30%3% 14 69

55,000,000 550,000,000 * BVI 3% 22 32 *

BVI97 1,269.5310,085.15 0.819905 BVI Datamonitor Scud Stock OEM * BVI

26,000,000

234,000,000 135 191600 50.9%

Scud Stock 6 Neng Liang Neng Liang LimitedBVI Aria IICLSA Capital Partners (HK) LimitedCLSAAria II

BVI BVINeng Liang 1% 0.004%0.005% 2.021.37 30 39,000,000 15%

Pday 49,999 394,992

Scud Mould Scud Mould S S * BVI 30% BVI

Scud Mould Scud Stock 51%49% Scud Stock 57%25%3%10%5% 31% BVINeng Liang Scud Stock 571 10,000,00079,000,000

0.10 Neng Liang Neng Liang BVINeng Liang * BVI 67%

1.011.00 7.901.00 7.94401.007.75001.00 0.97601.00 ** *

3C ISO ISO9001 ISO176 ISO9001:1994(E) ISO9001:2000(E)30 3.6

OEM PCB PCM PDA SMT WAP

62.0%60.9%71.5%72.4% SCUD 50 PhemoVoimo SCUD

SCUDSCUD (i) (ii) (iii) (i) 8,100,000 100,000(ii) 500,000 SCUD 31SCUD OEM

25.0 21.123.121.5 OEM 41.125.220.518.5 OEM 20.7%22.7%19.5% 21.0%16.4% 18.5%21.6%28.3% 50,000,00066,000,000 78,500,00084,700,000 3,500,0004,900,0004,500,0001,800,000 23,300,000 115,000 6,500,00040,200,000 39,100,000 31,300,000 60636665 6090 90522823 6090

39.1%32.1%25.4%27.2% 30030,000 31

SCUD SCUD SCUD 500

SCUD

10,000500,000

2.1% 314,000 27,900,0003,100,000 16.1%9.8%16.3%13.0%

14,500,00034,400,000 30,700,00042.5%81.2%0% 38.6%

30%3% 15 3 H5N1

10 50

Neng Liang Neng Liang

Neng Liang Neng Liang Neng Liang

Scud MouldScud Stock 14A 8.12 8.12 8.12 (a)

(b) (c) 13.46 10.07(1)(a)

/

Prospectus Directive (1) 250(2)43,000,000(3) 50,000,000 3 2003/71/ EC investisseur qualifié

French Code Monétaire et FinancierL.411-2 L.411-1 appel public à l é pargne Autorité des Marchés FinanciersRéglement Général211-4investisseur qualifié(i) Autorité des Marchés Financiers(ii) French Code Monétair et FinancierD.411-1D.411-2D.734-1D.744-1D.754-1 D.764-1(iii) French Code Monétair et Financier L.411-1L.411-2L.412-1 L.621-8L.621-8-3 (2003/71/EC) (2003/6/EC) (i)(ii) 289274275

(i) 274(ii)275 (iii) (i) 19 (ii)49(2)(a)(d) S S

44B(1)

39,000,00015% 10.07(1)(a) (i)(ii) iii

24 3 2501 9 5705 33 321E-F

19-23 12C5 5 111701 23

8 50 8 50 99 22 18 131302-05 16 36 71 19 () 1 AIG11 60 28

8 50 99 22 18 131302-05 16 36 71 19 () 1 AIG11 60 28 88 35

16-20 20 Chen & Co. 20012 528 1901 Conyers Dill & Pearman Cricket Square Hutchins Drive Grand Cayman Cayman Islands Morrison & Foerster 15 41 1 10 1

Codan Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 GT Grand Cayman KYI-1111 Cayman Islands 39 18 555505 24 81 2B

Butterfield Fund Services (Cayman) Limited Bufferfield House, 68 Fort Street P.O. Box 705 Georye Town Grand Cayman Cayman Islands 28 26 162 Gulou Jintai Xing Chun 10 8

NiCd NiMHLi-ionLi-Poly (45-80 (110-160 (100-130 Wh/kg) (60-120 Wh/kg) Wh/kg) Wh/kg) 1.25V 1.25V 3.6V 3.6V 1,500 300-500 500-1,000 300-500 1 2-4 2-4 2-4 Isidor BuchmannCadex Electronics Inc.

DVD DVD 1,247.6 1,257.9 1,257.7 1,276.3 1,284.5 1,292.3 1,299.9 1,307.6 7,835 8,191 8,940 10,965 12,033 13,582 15,988 18,232 6,280 6,512 7,108 8,591 9,368 10,510 12,299 13,943 23.9 43.3 84.5 144.8 206.6 268.7 334.8 393.4 (%) 1.9% 3.4% 6.7% 11.2% 16.2% 20.9% 25.5% 30.3%

Datamonitor820 85,000,000 Datamonitor Datamonitor Datamonitor Datamonitor 8.6%12.5% Datamonitor 4.6% 1,040 119,000,000 6.9%

Sony 2005

50,600,000 270,500,00039.8% 2005-2006

400,000,000

(%) 84.5% 67.6% 123.5% 103.4% 202,630 47.7% 14,594 97.8% 5,026 49.1% 13,582 32.2% 14,442 82.9% 25,542 64.4% 26,863 56.9% 13,023 37.1% 23,453 25.5% 64,066 77.2% 2,039 24.9% 110,676 22.2.% 17,855 26.2% 9,062 27.2% 9,157 33.8% 11,323 29.7% 10,469 16.2%

7,984 18.6% 18,151 18.7% 14,013 23.3% 12,662 18.9% 80,121 21.6% 7,123 29.9% 10,211 20.9% 9,434 30.2% 16,897 19.4% 5,094 13.0% 8,988 20.4% 469 17.1% 9,381 25.3% 4,084 15.6% 1,316 24.4% 1,811 30.8% 5,313 27.1% 393,428 30.3% (i) (ii) 58,600,000Datamonitor 85,000,000 145%

3001,000 (ARPU) (MOU)

MP3WAP PDA PDA 3C

2004

1: 8.271: 8.11 0.3% 15

10% / 30

33%10 3%20% 5% 30%60% 13%17% 17%

5,000,00039,500,000 40%25%18%17% 1.003,500

67%30%3% 5,000,00039,500,000 10,000,00079,000,000 10,000,00079,000,000 49,999 67%33,50030%15,0003% 1,50010,000,00010,000,000 5,000,00039,500,000 3C 5,000,000 BVI50,000 395,00050,0001.0050,000 395,0001.0050,000 1,0001,0001.001.00

3,000,00023,700,000 (),SCUD ISO9001 420,000,000 500 500

Neng Liang Neng Liang 10,000,00079,440,000 Neng Liang BVI 50,0001.00 (i) 33,43314,9701,497+ (ii) 67%30%3% Chen & Co. Law Firm

86,000,000860,000,000 Neng Liang 9.76% 42.18%18.89%1.89% Neng Liang Neng LiangNeng Liang Neng Liang Neng Liang Neng Liang Neng Liang Neng Liang Neng Liang Neng Liang $10,000,00079,440,000 2.5

Neng Liang 6 1,269.5310,085.15 Neng Liang9.76% 0.8199051.70 51.8% 12 7.875% Neng Liang Neng Liang 500,000 3,972,000CLSA

BVI Neng Liang Neng Liang BVI BVI Neng Liang 10,000,00079,440,000 5,000,00039,720,000

1 2 3 4 Neng Liang

SCUD SCUD OEM 174,800,000 18,600,00010.6% SCUD SCUD 500 2,200 1,600 30030,00031 66.4%71.0% 120 OEM OEM UT OEM33.7%29.1% 422,000,000 707,000,00029.4% 34,100,00086,300,00059.1%

SCUD 500 ISO9001 SCUD OEM 174,800,000 18,600,00010.6% 30,000 30030,00031 SCUD 1,6002,200

15 SCUD 108,800,000469,300,000107.7 6 GB/T 18287-2000 GB/T 18288-2000GB/T 18289-2000

3C 6,000 SCUD 3C3C 3C

Scud Stock

% % % % % 35,429 8.4% 108,522 21.0% 310,855 43.9% 179,303 48.5% 233,159 48.3 0.0% 6,267 1.2% 28,786 4.1% 10,134 2.7% 26,603 5.5% 21,872 5.2% 28,323 5.5% 28,103 4.0% 17,738 4.8% 15,530 3.2% 44,097 10.4% 75,601 14.7% 78,983 11.2% 41,211 11.1% 41,285 8.6% 7,408 1.8% 23,279 4.5% 22,606 3.2% 3,096 0.8% 25,749 5.4% 108,806 25.8% 241,992 46.9% 469,333 66.4% 251,482 68.0% 342,326 71.0% OEM 226,357 53.6% 205,755 39.9% 194,851 27.6% 102,761 27.8% 116,315 24.1% 0.0% 557 0.1% 19,217 2.7% 1,069 0.3% 15,012 3.1% 63,124 15.0% 20,574 4.0% 12,717 1.8% 6,179 1.7% 9,144 1.9% 23,749 5.6% 47,225 9.2% 11,475 1.6% 8,648 2.3% 12 0.0% 313,230 74.2% 274,111 53.1% 238,259 33.7% 118,657 32.1% 140,483 29.1% (1) (264) (600) (0.1%) (373) (0.1%) (408) (0.1%) 422,036 100.0% 515,839 100.0% 706,992 100.0% 369,766 100.0% 482,401 100.0% (1)

SCUD

SBT-2068 SC-537ASC-537A+ SD-(SD256) SBT-2068 OEM OEM

OEM OEM 7 4 4 0.5 1 UT 2 OEM OEM 57.32% 26.6% 20.84% 23.97% SCUD SCUD

158 91 98 A 91

78 A PHEMO VOIMO 91 48 Ebeit & Device 92

1. 2.

SCUD 3,400,0001,000,000 2,000,0001,700,000 SCUD SCUD 500

500 1 2 500 1 3 1. 500World Brand Laboratory World Brand Laboratory 2. 3.

30030,00031 1

90 300 1 11 15 34 47 2 34 53 91 114 3 18 30 42 50 4 7 11 22 28 5 9 11 21 24 6 7 10 18 24 7 6 11 20 28 92 141 248 315 (1) (2) (3) (4) (5) (6) (7)

% % % % 40,548 37.3 85,152 35.2 159,689 34.0 108,069 31.6 46,560 42..8 84,106 34.8 120,523 25.7 81,387 23.7 10,091 9.2 65,422 27.0 90,216 19.2 78,752 23.0 1,089 1.0 2,585 1.1 66,656 14.2 45,528 13.3 9,007 8.3 1,748 0.7 29,459 6.3 26,666 7.8 198 0.2 1,677 0.7 1,011 0.2 536 0.2 1,313 1.2 1,302 0.5 1,779 0.4 1,388 0.4 108,806 100.0 241,992 100.0 469,333 100.0 342,326 100.0 2,900,00066,000,000

(i)(ii) (iii)(ivscud 90 39 200

(i)(ii) * (i) (ii)(iii)(iv)

OEM OEM OEM313,200,000 274,100,000238,300,000140,500,000 74.2%53.1%33.7%29.1% OEM OEM OEM OEM OEM

OEMUTOEM OEM OEM OEMOEM OEM OEM OEM OEM 80% 0.1% OEM4,100,0003,900,000 6,200,0004,700,000 6090 OEM OEM6090 OEM 6 195,600,00089,100,00013,300,0000 1,800,0001,100,000 100,0000

OEM OEM : (i) (ii) : (i) (ii) 32 3,000,0005,800,0007,200,0007,300,000

OEM75.4%50.0% 35.3%36.4% 49.8%17.8%10.3%12.7% 5% 1. 2.

3. PCMPCMcore pack 4. core pack 5. core pack 6. 7. 8. 1 10 20 22 23 14,000 25,242 30,800 16,100 23 10,092 21,318 32,034 19,224 (%) 72.1 84.5 104.0 119.4 4 4 10 6 3 4 5 26 12,600 7,560 7,560 10,080 10,361 6,029 6,948 6,236 (%) 82.2 79.8 91.9 61.9

(1) (2) 280140 (3) 5,000 (4) (5) / (6) 4,500 9,000 ISO9001QMS ISO9001EMS ISO140011996ISO9001ISO140011996 QMS ISO9001ISO140011996 QMS OEMOEM 13047

(i) 4,000 (ii) SL-X108A700mAH20 17095

4,700,0007,200,0006,700,0005,100,000 Scud Stock 60Scud Stock 52-1 25,0002523 4 Scud Stock Scud Stock Scud Stock 64,000 12,500,000

94.4%93.7%93.8%89.8% 38.5%40.9%45.9%49.6% 30 60 (i)(ii) (iii)

16.1%9.8%16.3%13.0% 83.9%90.2%83.7%87.0% 39.1%32.1%25.4%27.2% 9.4%10.2%6.7%12.5%Scud Mould 5% 63,300,000 86,800,000 OEM

500,00010,000 SCUD -50 PhemoVoimo SCUD

SCUD (i) (ii) (iii) (i) 8,100,000 100,000(ii) 500,000

OEM 10.6%

ISO140012004 59,000166,000 557,00010,000 150,000,000 (i) (ii) (iii) (i)(ii)

2,00010,000 2,000 10,000

67%30%3% 50.9%

Scud Mould Scud Stock51% Scud Mould

Scud Stock 57%25%3% Scud Stock

31.5%

Scud StockScud Mould 14A 1. 14A.31(2) 2. Scud Stock 14A.34 2,700,000 2,673,267 2,700,000 2,673,267 2,700,000 2,673,267 3. Scud Mould 14A.35 16,500,000 16,336,634 17,500,000 17,326,733 22,100,000 21,881,188

1. Scud Stock Scud Stock 14A (i) (ii) 4(iii)(iv) 4

2. Scud Stock Scud Stock39 4110 120 130 140 210 230 320 330 420 22,768.56 110120130140210230320330420 2,526.51240 Scud Stock60 Scud Stock240 Scud Stock240 2,700,0002,673,267 1,288,0001,215,842 2,492,0002,467,327 1,218,973 1,206,9041,346,8631,333,528 (i)scud Stock (ii) 1,228,0001,215,842 2,492,0002,467,327 (iii)

2,700,000 2,673,267 2,700,000 2,673,267 2,700,0002,673,267 2.5% 14A.34 3. Scud Mould Scud Mould Scud Mould Scud Mould 12,362,000 12,239,60420,831,000 20,624,752 14,560,47214,416,309 Scud Mould Scud Mould Scud Mould Scud Mould 3.82% 4.74%2.48% 2.59% Scud Mould8,242,3428,160,735 10,213,52310,112,399Scud Mould (i)scud Mould (ii) Scud Mould Scud Mould(a)(b) (c)

16,500,000 16,336,63417,500,00017,326,73322,100,000 21,881,1882.59%2.59%2.59% 2.5% 14A.35 14A 2,700,000 2,700,000 2,700,000 2,673,267 2,673,267 2,673,267 16,500,000 17,500,000 22,100,000 16,336,634 17,326,733 21,881,188 (i) Scud Mould Scud Mould 2.59% Scud Mould2.59% (ii) (iii)

14A.35(1)14A.35(2)14A.3614A.3714A.38 14A.3914A.40 14A.35(3)(4) 14A.42(3) 14A.47 14A.48 14A14A.3614A.40 (i) (ii) 30 Scud Mould

Scud Stock Scud Stock 60 64,000 Scud MouldScud Mould Scud Mould Scud Mould Scud Mould 84 3

100% 8.10(2)

83 48 41 OEM 45

40 35 37 CLSA Capital Partners (HK) Ltd. 9 58 Thai-Asia Fund LimitedThai Asset Fund Limited)

50 10 60 20 33 60OEM Perfect Source Tech (PST) Co., Ltd 44 30

8 8.12 8.12 8.12 (a) (b)

(c) 13.46 485,000531,000394,000189,000 584,000871,0001,070,000572,000 2,150 28 42 19 21 164 169 1,850 1,646 177 185 71 87 2,309 2150

769,000274,000 526,000646,000 2 20,800,000 24,900,00029,700,00020,300,000

3A.19 3A.23 1. 2. 3. 4.

5,000,000,000 500,000,000 (%) 50,000,000 5,000,000 5.82% 550,000,000 55,000,000 63.95% 234,000,000 23,400,000 27.21% 26,000,000 2,600,000 3.02% 860,000,000 86,000,000 100%

(%) 50,000,000 5,000,000 5.56% 550,000,000 55,000,000 61.18% 234,000,000 23,400,000 26.03% 26,000,000 2,600,000 2.89% 39,000,000 3,900,000 4.34% 899,000,000 89,900,000 100% 8.08 25%

(a) 20% (b) (i) (ii) (iii) 10%

(i) (ii) (iii)

(%) 33,500,000 67% 15,000,000 30% 1,500,000 3% 10% (%) 402,000,000 46.75% 180,000,000 20.93% 10% (%) 402,000,000 42.18% 180,000,000 18.89%

(%) 402,000,000 40.52% 180,000,000 18.15% (a) (b) (a) (i) 10.07(2)(2) (ii)

(i)(ii) 39,000,000 10.07(1)(a)

SCUD 2,200 1,600 30030,00031 OEM OEMUT

20% 20% 10% 20% - 33.33%

422,036 515,839 706,992 369,766 482,401 (339,407) (408,993) (559,713) (291,080) (356,360) 82,629 106,846 147,279 78,686 126,041 954 3,385 4,419 1,956 5,244 (8,131) (8,617) (11,044) (7,261) (8,285) (19,466) (26,668) (24,400) (11,872) (20,954) (29) (111) (100) (16) (200) (9,985) (2,262) 55,957 74,835 116,154 61,493 89,599 (3,514) (4,856) (4,490) (2,095) (1,790) 52,443 69,979 111,664 59,398 87,809 (4,761) (8,344) (4,494) (8,120) 52,443 65,218 103,320 54,904 79,689 34,088 42,392 86,336 39,372 79,689 18,355 22,826 16,894 15,532 52,443 65,218 103,320 54,904 79,689 14,500 34,409 30,744 7,808 18,528 (1) 5.68 7.07 14.39 6.56 13.28 13.14 (1) 600,000,000

(i) (ii)oem OEM OEM % % % % % 35,429 8.4% 108,522 21.0% 310,855 43.9% 179,303 48.5% 233,159 48.3% 0.0% 6,267 1.2% 28,786 4.1% 10,134 2.7% 26,603 5.5% 21,872 5.2% 28,323 5.5% 28,103 4.0% 17,738 4.8% 15,530 3.2% 44,097 10.4% 75,601 14.7% 78,983 11.2% 41,211 11.1% 41,285 8.6% 7,408 1.8% 23,279 4.5% 22,606 3.2% 3,096 0.9% 25,749 5.4% 108,806 25.8% 241,992 46.9% 469,333 66.4% 251,482 68.0% 342,326 71.0% OEM 226,357 53.6% 205,755 39.9% 194,851 27.6% 102,761 27.8% 116,315 24.1% 0.0% 557 0.1% 19,217 2.7% 1,069 0.3% 15,012 3.1% 63,124 15.0% 20,574 4.0% 12,717 1.8% 6,179 1.7% 9,144 1.9% 23,749 5.6% 47,225 9.2% 11,474 1.6% 8,648 2.3% 12 0.0% 313,230 74.2% 274,111 53.2% 238,259 33.7% 118,657 32.1% 140,483 29.1% (1) (264) (0.1%) (600) (0.1%) (373) (0.1%) (408) (0.1%) 422,036 100.0% 515,839 100.0% 706,992 100.0% 369,766 100.0% 428,401 100.0% (1)

1,418,127 5,142,238 13,432,397 7,614,723 10,838,677 0 35,185 220,198 76,257 209,054 1,926,720 3,849,275 4,746,235 3,001,446 2,274,249 2,399,808 4,153,438 5,148,454 2,586,769 2,522,949 1,427,752 745,475 870,571 223,743 1,177,728 7,172,407 13,925,611 24,417,855 13,502,938 17,022,657 OEM 5,513,726 8,175,181 9,508,232 4,673,094 6,279,502 0 4,151 81,478 3,316 75,728 4,192,906 1,574,053 1,506,525 622,927 1,438,487 499,625 1,679,257 440,260 333,960 910 10,206,257 11,432,642 11,536,495 5,633,297 7,794,627 17,378,664 25,358,253 35,954,350 19,136,235 24,817,284 41.3% 68.6%OEM 58.7%31.4% (i) 9226 31531(ii) (iii)

OEM OEM OEMOEM 25.0 21.1 23.1 23.5 21.8 178.1 130.7 132.9 127.3 11.4 7.4 5.9 5.9 6.8 18.4 18.2 15.3 15.9 16.4 5.2 31.2 26.0 13.8 21.9 OEM 41.1 25.2 20.5 22.0 18.5 134.2 235.9 322.3 198.2 15.1 13.1 8.4 9.9 6.4 47.5 28.1 26.1 25.9 13.2

OEM OEM OEM OEM OEM 94.4%93.7%93.8%89.8%

% % % % % 320,596 94.4% 383,334 93.7% 525,040 93.8% 272,895 93.8% 319,814 89.8% 9,411 2.8% 10,356 2.5% 16,223 2.9% 5,632 1.9% 10,800 3.0% 9,400 2.8% 15,303 3.8% 18,450 3.3% 12,553 4.3% 25,746 7.2% 339,407 100.0% 408,993 100.0% 559,713 100.0% 291,080 100.0% 356,360 100.0% 90,966 26.8% 197,240 48.2% 367,815 65.7% 196,324 67.4% 245,309 68.8% OEM 248,441 73.2% 211,753 51.8% 191,898 34.3% 94,756 32.6% 111,051 31.2% 339,407 100.0% 408,993 100.0% 559,713 100.0% 291,080 100.0% 356,360 100.0% 16.4% 18.5% 21.6% 21.9% 28.3% OEM 20.7% 22.7% 19.5% 20.1% 21.0% 16.4% 28.3% OEM OEM19.5%21% 22.7%

% % % % % 123,274 38% 156,596 41% 240,791 46% 127,041 47% 159,147 50% 9,093 3% 8,918 2% 10,885 2% 5,906 2% 8,844 3% 115,851 36% 116,662 30% 155,172 30% 83,369 31% 92,771 29% 44,506 14% 46,598 12% 56,884 11% 30,343 11% 32,053 10% 22,001 7% 25,260 7% 38,803 7% 18,781 7% 16,753 5% 5,871 2% 29,300 8% 22,505 4% 7,455 4% 10,246 3% 320,596 100% 383,334 100% 525,040 100% 272,895 100% 319,814 100% 320,600,000525,000,00063.8% 17,400,00036,000,000 106.9% SMT

15% [2003]72 7.5% 3% 6.8%7.5%9.2% 5,600,000 4,600,000

369,800,000 482,400,00030.5% 36.1%251,500,000342,300,000 OEM18.4%118,700,000140,500,000 68.0%71.0% (i) 315(ii) (iii)oem (i) 1,100,00015,000,000(ii) 102,800,000 116,300,000 8,600,00011,830 291,100,000 356,400,00022.4% 78.7% 73.9% 78.1%71.7%OEM 79.9% 79.0% 78,700,000 126,000,00060.1% 75.7%55,200,000 97,000,000OEM 23.0%23,900,000 29,400,000 21.3% 26.1% 21.9%28.3%

OEM 20.1%21.0%OEM OEM 2,000,000 5,200,000 7,300,000 8,300,00013.7% 11,900,000 21,000,00076.5% 2,100,000 1,800,000 47.8% 8,100,0004,500,00080.7% 7.6%9.3% 54,900,000 79,700,00045.1% 21.3%26.6% 10,000,000

14.8%16.5% 39,400,000 79,700,000102.4% 52.8%60.2% 10,000,000 1,800,000 515,800,000 707,000,00037.1% 93.8%242,000,000469,300,000 OEM13.1%274,100,000 238,300,000 46.9%66.4% (i)141248(ii) (iii) OEM 600,00019,200,000OEM OEM 47,200,00011,500,00075.7% 205,800,000194,900,000

409,000,000 559,700,00036.9% 79.3% 79.2%81.5% 78.4%OEM77.3% 80.6% 106,800,000 147,300,00037.8% 126.8% 44,800,000101,500,000 OEM25.7% 62,400,00046,400,000 20.7% 20.8%18.5% 21.6% OEM22.7%19.5% OEMOEM 3,400,000 4,400,000SMT 8,600,000 11,000,00028.1% 26,700,000 24,400,0008.5%

4,900,000 4,500,000 4,800,0008,300,000 75.3% 6.8%7.5% 65,200,000 103,300,00058.4% 12.6%14.6% 46.9%66.4% 42,400,000 86,300,000103.7% 0.5%37.8% 422,000,000 515,800,00022.2% 122.4% 108,800,000242,000,000OEM12.5% 313,200,000274,100,000 25.8%46.9%OEM74.2% 53.1%OEM (i) (ii)92141 OEM(i)OEM

339,400,000 409,000,00020.5% 80.4%79.3% 83.6%81.5%OEM 79.3%77.3% 82,600,000 106,800,00029.3% 150.9%17,800,000 44,800,000OEM 64,800,000 62,400,000 19.6%20.7% 16.4% 18.5% OEM20.7% 22.7%OEM 1,000,0003,400,000 8,100,000 8,600,0006.0% 19,500,000 26,700,00037.0% 3,200,000

OEM 4.6%5.2% 3,500,000 4,900,00038.2% 4,800,000 0%6.8% 52,400,000 65,200,00024.4% 19.6%20.7% 12.4% 12.6% 25.8%46.9% 34,100,000 42,400,00024.4% 1 23.3% 27.7% 22.3% 32.9% 2 1.56 1.42 1.95 2.27 3 1.51 1.01 1.53 1.82

1. 2. 3. 9,500,0007,700,000 50,000,00066,000,00069,000,00077,100,000 84,728,000 Scud Stock 7,656,000 5.13%4.84%5.12% 6.09% 313,682 27,935,8203,106,189 Neng Liang10,000,00079,400,000

203,300,000 96.9 240.5 75.9 0.4 0.3 61.3 0.2 49.6 525.1 134.4 25.4 0.4 0.8 74.4 86.4 321.8 203.3 58,100,000142,900,000 1.421.95

(23,281) 115 6,537 4,471 40,199 31,719 10,875 (7,052) (10,734) (60,604) 1,046 (27,547) 3,658 6,830 56,207 9,484 (16,557) 3,143 567 35,802 18,341 27,825 11,268 11,268 14,817 27,825 11,268 14,817 11,835 50,372 58,700,00023,300,000 (i) 39,100,000OEM (ii) 31,300,000 100,000(i) 52,400,00070,000,000(ii) 39,100,000 4,700,000 OEM(iii) 51,000,000

6,500,000(i) 70,000,000111,700,000(ii) 51,000,0006,200,000 (iii) (i) 78,400,000 (ii) 1,100,00028,500,000 40,200,0004,500,000 (i) 59,400,00087,800,000(ii) 14,400,00033,000,000 (iii)20,000,000 31,700,000(i) 27,100,000 (ii) 3,000,0001,400,000 10,900,000 5,100,000 27,200,000 4,800,00033,900,000

7,100,000 27,400,000 10,800,0009,700,000 60,600,000 12,500,0009,200,000 SMT 35,600,000 1,000,000 27,500,000 3,700,000 56,200,000 Scud Stock 43,700,0009,700,000

12 365180 628394238 (i) 4,900,000 27,900,000 (ii) 1,100,000 29,100,000 14,000,000 95.4% OEM OEM

1. 2. 356 180 6063665165 6090

060 55,744 67,996 119,225 122,306 61180 31,167 21,686 48,885 54,700 181365 525 6,038 642 7,190 12 481 201 5,588 3,485 23 901 1,060 3 2,448 91,266 95,921 174,340 188,741 (2,955) (5,833) (7,241) (7,340) 88,311 90,088 167,099 181,401 93.5% 15,500,00016,300,00044,300,000 74,300,000 3651803060 90522827

23 (i) (ii) (iii) 060 43,593 35,278 22,033 49,397 61180 23,473 11,976 14,039 6,520 181365 237 1,142 23 200 12 1,011 225 103 51 3 16 68,314 48,621 36,198 56,184 92.3% 8,100,00012,700,00030,900,000 42,000,000(i)(ii) (iii) 17,900,000

245,600,000(i) 11,000,00089,200,000(ii) 82,000,000(iii)74,400,000 276,000,000 173,000,000103,100,000 30,000,000 (i) 21,300,00025,000,000 3,300,000(ii) 52,500,000 (ii) 100%24.2%32.4%22.5%33.4%

1... 147,000,000 2... 24.2 3... 17.1 (1) (2) 607,835,616(i)600,000,000 (ii)260,000,000 (iii) (3) 860,000,000(i) (ii)

22,300,000 52,900,00030,700,000 30%

12,508 (84) 12,424 776 13,200 13,200,000

(1) (2) (4) 1.37 (6) 249.2 338.2 587.4 0.68 0.67 2.02 (6) 249.2 504.0 753.2 0.88 0.87 (1) 250,900,0001,700,000 (2) 1.372.02 (3) (4) 860,000,000860,000,000 (i)600,000,000 (ii)260,000,000 (5) 17 12,508,000

780,000 16,000 (6) 1.011.00 13.1313.19 13.1313.19

SCUD SCUD SCUD SCUD 37,000,00010,000,000 51,000,00077,000,000

1.70 1.372.02 414,000,000 (1) 150,000,000 30,000,000SCUDSCUD 10,000,000 90,000,0006000 15,00014,900 2,000 3,500,000 20,000 19,80050,00049,500 2,000,0004050

1,500,000 25,000,000 3C 3C/ (2) 215,000,000 160,000,000 80,000,00080,000,000 48,000,00025,000,000 10,000,000 8,000,000 5,000,000 7,000,000 (3) 25,000,000 5%6% (4) 24,000,000

64,000,000 499,000,00085,000,000 45,000,000 100,000,000 5,000,000 2,000,000 50,000,000 160,000,000 60,000,000 15,000,000 35,000,000 76,000,000

335,000,00079,000,000 30,000,000 80,000,000 3,000,000 120,000,000 48,000,000 7,000,000 30,000,000 52,000,000

26,000,000

1. (i) (ii) (iii) (iv) (v) BVI (vi) (vii) (viii)

(a) (b) (c) 2. (i) (ii) (iii) (iv)

(a) (b) (a) (i) 10.07(2)(2) (ii) (a) (b)

(c) Neng Liang Neng Liang

39,000,00015% 3% 1.701.372.02 27,100,000

2.021.37 2.021.0%0.004%0.005% 2,0004,080.76 (i) (ii)

(iii) 30 260,000,000 234,000,000 26,000,000 260,000,00030.23% 26,000,000 10% 260,000,000234,000,000 90% S

30 39,000,000 15% 4.34% 1.701.372.02 414,000,000 478,000,000 234,000,000 90%

S 26,000,000 10% 5,000,000 5,000,000

13,000,000 15 5052,000,00020% 78,000,00030% 50100 78,000,00030% 104,000,00040% 100 104,000,00040% 130,000,000 50%

30 39,000,000 15% 30

39,000,000 10.07(1)(a) (a) (b) 39,000,000 (c) (i)(ii) (d)

1. 2. (a) (b) (c) 3. (a) 8 50

99 22 18 131302-05 16 36 71 19 () 1 AIG11 60 28

13 13-14 18 252 25 4 471 94G02-03 G107 95 95 162 192-194 1 68-70 61 (b) (1) 1992 (2) 4. (a)

(b) (1) (1) (1) (1) (1) 24 (c) (d)

5. (a) (b) (c) 2.02 1.0%0.004% 0.005% 2,000 4,080.76 90,000 183,634.36 4,000,000 8,161,527.20 4,000 8,161.52 100,000 204,038.18 4,500,000 9,181,718.10 6,000 12,242.29 200,000 408,076.36 5,000,000 10,201,909.00 8,000 16,323.06 300,000 612,114.54 5,500,000 11,222,099.90 10,000 20,403.82 400,000 816,152.72 6,000,000 12,242,290.80 12,000 24,484.58 500,000 1,020,190.90 6,500,000 13,262,481.70 14,000 28,565.34 600,000 1,224,229.08 7,000,000 14,282,672.60 16,000 32,646.11 700,000 1,428,267.26 7,500,000 15,302,863.50 18,000 36,726.87 800,000 1,632,305.44 8,000,000 16,323,054.40 20,000 40,807.64 900,000 1,836,343.62 8,500,000 17,343,245.30 30,000 61,211.45 1,000,000 2,040,381.80 9,000,000 18,363,436.20 40,000 81,615.27 1,500,000 3,060,572.70 9,500,000 19,383,627.10 50,000 102,019.09 2,000,000 4,080,763.60 10,000,000 20,403,818.00 60,000 122,422.91 2,500,000 5,100,954.50 11,000,000 22,444,199.80 70,000 142,826.73 3,000,000 6,121,145.40 12,000,000 24,484,581.60 80,000 163,230.54 3,500,000 7,141,336.30 13,000,000 26,524,963.40

13,000,000 (d) (e)

(f) (g) (h) 4(a)3(a)

(i) 6. 2.02 7. (a) (b) 2979 7888 https://ip.ccass.com 199 2 (c)

(d) (e) 2,0002,000 (f) (i) (ii) (c) (g) (h) (i)

(a) (b) 8.

1. (a) (b) (c) (d) 2. (a) (b) (c) (d) 40 40

3. (a) (b) (c) (d) (e) 4. (a) (i) (ii)

(b) 50% 13,000,000 (c) (i)(ii) (i) (ii)(iii) 5. (a) S

)

1,000,000

(b) (a) (1) (2) (3) (c) 2.02

(a)

40 6. (a) 40342B

(b) (c) (d) (e)

50% 7. (a) 1,000,000 1,000,000 28 26

(b) (i)(ii)

8. (a)

(b) (c) (d) (e) (f) 1,000,000 (a) 9. 486 (a)

(b) (c)

(d) 10. (a) 2,000

(b)

100% 10,000,000

100% 5,000,000 100% 50,000 100% 1

3.340 E1 E1 700

A. 422,036 515,839 706,992 369,766 482,401 (339,407) (408,993) (559,713) (291,080) (356,360) 82,629 106,846 147,279 78,686 126,041 954 3,385 4,419 1,956 5,244 (8,131) (8,617) (11,044) (7,261) (8,285) (19,466) (26,668) (24,400) (11,872) (20,954) (29) (111) (100) (16) (200) (9,985) (2,262) 55,957 74,835 116,154 61,493 89,599 7 (3,514) (4,856) (4,490) (2,095) (1,790) 52,443 69,979 111,664 59,398 87,809 8 (4,761) (8,344) (4,494) (8,120) 9 52,443 65,218 103,320 54,904 79,689 34,088 42,392 86,336 39,372 79,689 18,355 22,826 16,984 15,532 52,443 65,218 103,320 54,904 79,689 14,500 34,409 30,744 7,808 18,528 12 5.68 7.07 14.39 6.56 13.28 13.14

B. 13 14,904 38,767 57,448 81,996 14 27 691 616 1,706 15 12,257 16 923 1,276 1,384 1,307 14,931 40,381 59,340 98,650 17 6,047 57,010 63,251 86,778 18 88,311 90,088 167,099 181,401 20 15,461 16,268 44,302 74,274 19 406 406 15 251 30 43,671 9,728 874 20 18,179 13,697 2,878 38,483 20 27,825 11,268 14,817 50,372 199,494 198,059 292,753 432,839 214,425 238,440 352,093 531,489 71,266 58,097 142,864 152,252 86,197 98,478 202,204 250,902 21 41,312 41,312 406 406 14,716 22,699 201,798 250,496 56,028 64,011 202,204 250,902 30,169 34,467 86,197 98,478 202,204 250,902 29 90,210 22 68,314 48,621 36,198 56,184 22 8,069 12,730 30,861 42,019 30 251 448 1,626 2,104 1,594 10,787 787 787 23 50,000 66,000 78,480 84,728 1,376 1,937 4,555 128,228 139,962 149,889 190,377 214,425 238,440 352,093 531,489

C. 41,312 1,527 764 (7,163) 19,622 56,062 34,088 18,355 52,443 34,088 18,355 52,443 5,240 2,620 (7,860) (14,500) (14,500) (7,808) (7,808) 41,312 6,767 3,384 4,565 30,169 86,197 42,392 22,826 65,218 42,392 22,826 65,218 7,010 3,505 (10,515) (34,409) (34,409) (18,528) (18,528) 41,312 13,777 6,889 2,033 34,467 98,478 406 406 86,336 16,984 103,320 406 86,336 16,984 103,726

40,141 (40,141) 51,451 (51,451) 10,777 5,378 (16,155) (81,047) 81,047 406 132,498 24,554 12,267 406 32,073 202,204 (247) (247) 79,689 79,689 (247) 79,689 79,442 (30,744) (30,744) 406 132,498 24,554 12,267 159 81,018 250,902 41,312 13,777 6,889 2,033 34,467 98,478 39,372 15,532 54,904 39,372 15,532 54,904 40,141 (40,141) 81,453 13,777 6,889 1,264 49,999 153,382

10%50%

D. 52,443 69,979 111,664 59,398 87,809 (400) (358) (244) (125) (366) 3,514 4,856 4,490 2,095 1,790 4 30 115 57 66 510 408 874 21 9,985 2,548 3,346 8,986 3,500 6,278 278 (30) 5 9 9 622 3,178 1,844 2,074 (155) 58,701 81,036 127,374 67,416 106,580 (1,350) (50,963) (6,241) (22,548) (23,527) (39,141) (4,655) (78,419) (32,952) (14,401) (6,711) (1,107) (28,470) 736 (29,718) (31,347) (19,693) (12,423) (9,901) 19,986 81 4,661 17,342 7,370 (11,321) (19,767) 9,279 19,163 10,121 47,599 (3,514) (4,856) (4,490) (2,095) (1,790) (4,308) (8,136) (3,555) (5,610) (23,281) 115 6,537 4,471 40,199

400 358 244 125 366 3,000 (12,529) (5,056) (27,219) (27,437) (18,116) (9,221) (694) (40) (40) (1,434) 1,307) 1,430 5 40 40 27,116 4,482 10,819 6,621 (35,605) (406) 4,829 33,943 9,728 636 (874) 31,719 10,875 (7,052) (10,734) (60,604) (13,464) (28,434) (6,224) (6,224) (30,744) (7,250) (15,310) (3,776) (3,776) (8,240) 197 1,178 (170) 478 130,880 90,800 111,650 55,000 76,779 (100,880) (74,800) (99,170) (38,000) (70,531) 81,120 (895) 1,046 (27,547) 3,658 6,830 56,207 9,484 (16,557) 3,143 567 35,802 18,341 27,825 11,268 11,268 14,817 406 (247) 27,825 11,268 14,817 11,835 50,372

E. 1. 65% 97% 32%3% 32%3% 32%3% 2. 1 1 7 1 8 8 7 29 2 8 2 3 9 4 10 5 11 2 6 12 7 1 2 3 4 5 6 7 8

3.

20% 20% 10% 20% 33.33%

32 39 (i)37(ii) 18

4. OEM OEM 313,230 273,971 238,057 118,537 140,365 108,806 241,868 468,935 251,229 342,036 422,036 515,839 706,992 369,766 482,401 OEM 64,737 62,100 44,036 21,603 28,840 17,054 41,867 101,325 54,600 96,228 81,791 103,967 145,361 76,203 125,068 (25,834) (29,132) (29,207) (14,710) (25,484) (9,985) (3,514) (4,856) (4,490) (2,095) (1,790) 52,443 69,979 111,664 59,398 87,809 (4,761) (8,344) (4,494) (8,120) 52,443 65,218 103,320 54,904 79,689

OEM 702 3,514 4,636 3,501 4,516 132 1,107 11,894 10,949 1,385 4,222 22,598 11,696 4,094 25,799 5,056 27,219 28,226 18,544 31,700 OEM 202 401 1,413 520 1,213 287 332 1,933 619 1,439 2,059 2,613 5,640 2,361 3,626 2,548 3,346 8,986 3,500 6,278 OEM 52 118 2,005 2,109 31 786 2,760 (597) (35) 68 (216) 300 436 (254) 622 3,178 1,844 2,074 (155) OEM 118 69 443 392 339 431 510 408 874 OEM (30) 5 9 9 (30) 5 9 9 4 30 115 57 66

OEM 1,322 4,439 10,281 13,282 2,027 2,801 12,374 12,060 11,555 31,527 34,793 56,654 14,904 38,767 57,448 81,996 OEM 73,053 72,293 87,033 97,115 15,258 17,795 80,066 84,286 88,311 90,088 167,099 181,401 OEM 1,122 27,836 31,530 26,545 368 2,475 14,675 7,928 4,557 26,699 17,046 52,305 6,047 57,010 63,251 86,778 105,163 52,575 64,295 181,314 214,425 238,440 352,093 531,489 (128,228) (139,962) (149,889) (280,587)

5. 3 6. (a) (b)

42% 44%35% 81% 7. 1,671 3,767 4,362 2,026 1,790 1,843 1,089 128 69 3,514 4,856 4,490 2,095 1,790 8. 5,684 8,697 4,866 8,170 58 5,684 8,697 4,866 8,228 16 (923) (353) (372) (108) 4,761 8,344 4,494 8,120

15% [2003]72 50% 7.5% 52,443 69,979 111,664 59,398 87,809 15% 7,866 10,497 16,750 8,910 13,171 112 352 406 3,061 (446) 58 (7,978) (5,290) (8,758) (4,822) (8,170) 4,761 8,344 4,494 8,120

9. 10 485 531 394 241 189 613 654 637 312 605 19,687 23,675 28,684 11,285 19,466 (1,794) (3,313) (3,068) (1,414) (1,802) 18,991 21,547 26,647 10,424 18,458 1,142 1,150 607 816 2,548 3,346 8,986 3,500 6,278 (78) (233) (1,667) (577) (1,231) 2,470 3,113 7,319 2,923 5,047 4 30 115 57 66 5 9 9 4,702 7,155 6,697 2,319 5,080 21 1,762 1,977 2,502 1,239 1,896 622 3,178 1,844 2,074 (155) 510 408 874 278 2 244 283 320,593 383,674 528,799 279,141 334,265 400 358 244 125 366 30 11 739 30 2,996 999 581 744

10. 481 525 389 239 187 4 6 5 2 2 485 531 394 241 189 97 340 676 337 381 2 2 1 2 99 340 678 338 383 1,000,000

11. 30,744,000 52,937,000 22,308,000 12. 600,000,000 79,689,0009,985,000 682,325,454 600,000,000 13. 7,091 1,027 11,307 19,425 4,315 561 180 5,056 (3,540) (420) (3,960) 7,866 1,588 11,067 20,521 14,578 352 330 11,959 27,219 (13) (13) 22,431 1,940 11,397 11,959 47,727 5,349 125 1,286 15,102 6,364 28,226 11,027 932 (11,959) (50) (50) 38,757 2,065 13,615 15,102 6,364 75,903 1,237 3,955 23,017 1,982 1,509 31,700 7,218 (7,218) 39,994 6,020 43,850 17,084 655 107,603

3,001 342 2,286 5,629 1,093 416 1,039 2,548 (2,397) (163) (2,560) 1,697 758 3,162 5,617 2,035 254 1,057 3,346 (3) (3) 3,729 1,012 4,219 8,960 5,709 251 1,238 1,788 8,986 510 510 (1) (1) 9,437 1,263 5,457 2,298 18,455 3,602 204 952 1,520 6,278 874 874 13,039 1,467 6,409 4,692 25,607 6,169 830 7,905 14,904 18,702 928 7,178 11,959 38,767 29,320 802 8,158 12,804 6,364 57,448 26,955 4,553 37,441 12,392 655 81,996 30

14. 31 694 725 40 765 1,434 (349) 1,850 4 4 30 34 115 149 66 (71) 144 27 691 616 1,706

15. 251 12,257 12,508 50 16. 923 923 923 923 77 276 353 77 1,199 1,276 131 (23) 108 208 1,176 1,384

17. 4,908 27,904 49,252 86,778 1,139 29,106 13,999 6,047 57,010 63,251 86,778 18. 31,735 9,648 27,437 22,124 59,531 86,273 146,903 166,617 (2,955) (5,833) (7,241) (7,340) 88,311 90,088 167,099 181,401 6090 26

60 55,744 67,996 119,225 122,306 61180 31,167 21,686 48,885 54,700 181365 525 6,038 642 7,190 481 201 5,588 3,485 901 1,060 2,448 91,266 95,921 174,340 188,741 (2,955) (5,833) (7,241) (7,340) 88,311 90,088 167,099 181,401 19. 49,9991.00 49,999406,000 20. 18,179 13,697 2,878 38,483 1.71

0.720.72 0.720.72 27,825,00011,268,00014,403,00040,915,000 12,714 13,624 38,919 69,792 2,281 1,208 2,430 2,430 2,430 2,768 535 1,429 1,347 (21) (321) (757) (503) 15,461 16,268 44,302 74,274 21.

22. 7,126 18,537 15,409 25,648 61,188 30,084 20,789 30,536 68,314 48,621 36,198 56,184 3060 60 43,593 35,278 22,033 49,397 61180 23,473 11,976 14,039 6,520 181365 237 1,142 23 200 1,011 225 103 51 16 68,314 48,621 36,198 56,184

5,633 4,530 17,856 1,943 1,796 1,719 4,807 3,174 132 499 3,279 5,413 205 3,797 3,118 8,056 1,485 789 22,479 500 303 700 512 954 8,069 12,730 30,861 42,019 23. 9,480 7,656 50,000 66,000 69,000 77,072 50,000 66,000 78,480 84,728 84,728,000 Scud Stock 7,656,000 75,480,000 9,480,000 66,000,000Scud Stock 40,000,000Scud Stock

5.13% 4.84% 5.12% 6.09% 313,682 27,935,820 3,106,189 739,365 39,356,000 792,750 24. 45 2,457 3,045 3,928 3,685 1,261 663 45 6,142 4,306 4,591 25. 4,196 1,691 695

26. 18,179 13,697 2,878 38,483 25,273 18,341 19,063 17,093 27. 30 168,007 255,283 23,632 10,000 10,000 17,000 178,007 265,283 40,632 30 25,895 10,547 18,776 10,132 25,895 10,547 28,908 28. 18%

29. 10,000,00081,120,000 2.512 2,262,400 39 9,985,000 1,26610,128 1,27010,160 36.24% 7.28% 3.48% 15.1% G 30. (a) Scud Mould Scud Stock

Huang Yuhua (b) Scud Mould 12,362 20,831 13,213 7,491 9,069 Scud Stock 1,299 51 784 5,753 659 659 13,146 26,584 15,222 8,150 9,069 Scud Mould 1,348 751 1,145 124 300 1,472 751 1,445

Scud Stock 1,228 2,492 1,219 1,347 Scud StockScud Mould Scud Stock Scud Stock (c) Scud Mould 1,017 1,264 1,208 2,281 1,208

(d) Scud Stock 1,520 51 Scud Mould 3,944 229 333 620 4,564 229 1,571 333 (e) Scud Stock 20,000 5,642 874 20,000 41,851 5,642 1,485 9,103 4,086 9,103 9,103 4,086 9,173 9,173 9,173 5,180 5,180 5,180 215 2,142 2,142 43,671 9,728 874 45,598 67,449 9,728 1,485

(f) 406 406 1,198 84 234 234 22 1,389 Scud Stock 214 225 Scud Mould 17 251 448 1,626 2,104 (g) 84,728,000 75,480,00066,000,000 40,000,00023 (h) Scud Stock 4,000 84,900 114,900 68,107 109,383 Scud Mould 15,000 30,000 16,000 1,000 3,632 168,007 255,283 23,632

(i) 8,976 3,000 9,697 Scud Mould 22,895 850 9,800 25,895 10,547 18,776 (j) 537 706 745 417 390 41 158 319 159 179 6 6 6 3 3 1 1 1 1 3 585 871 1,071 580 575

F. 527,000 G. (i)12%7.875%(ii) H.

4.29 A. (1) (2) (4) 1.37 249.2 338.2 587.4 0.68 0.67 2.02 249.2 504.0 753.2 0.88 0.87 (1) (2) 1.372.02 (3)

(4) 860,000,000860,000,000 (i)600,000,000 (ii)260,000,000 (5) 17 12,508,000 780,000 16,000 B. 1... 147,000,000 2... 3... 24.2 17.1 (1) (2) 607,835,616 (i)600,000,000 (ii)260,000,000(iii) (3) 860,000,000(i) (ii) (iii)

1.372.02260,000,000 0.10 II-1II-2 4297 429(7) 300

429(1) a) b) c) 429(1)

(A)

(B) (i) A

(ii) 850 Joseph Hsu

1 10

18 555505 Msc., R.P.S.(GP), M.H.K.I.S., M.R.I.C.S.

1. 4246 2. 39 110120130140210230240320330 420 3. 9

4. 18 55 5505

1. 64,24796.37 4,200 6.30 60,04790.07 4246 (1) 64,24796.374,2006.3060,047 90.07 12,528,100 (2) 13,200,000 (3) 006948 5,000,000 (4) (i) (ii) 006948 5,000,000 64,24796.37 6.3090.07 12,528,100

(iii) (5)

2. 39 110120 130140 210230 240320 330420 1 110120130140 9,899.04 2 210230240 7,579.53 3 320330 5,122.02 4 420 2,694.48 25,295.07 25,295.07 272,276 110 120 130 22,768.56 204,731.82 140 210 230 320 330 420 240 2,526.51 20,212.08 25,295.07 224,943.90

3. 9 1,78819,246 92,082

4. 18 55 5505 1041,119 Central Plaza Management Company LtdCheer City Properties LimitedProtasan Limited 66,850

22 1. (a) 27(2) (b) 2. (a) (i)

(ii) (iii) (iv) (v)

(aa) (bb) (cc) (dd)

(ee) 5% (ff) (vi)

(vii) (aa) (bb) (cc) 6

(dd) (ee) (ff) (viii) (ix) (x) 30

(b) (c) (i) (ii) (iii) (iv) (v) (d)

(e) 21 95% 21 15 (f)

(i)(ii) (iii) (iv) (v) 5% (g) 1518 (h)

21 (i) (e) 2114

(i) (ii) 95% (aa) (bb) (cc) (dd) (ee) (ff) 20% (gg) (j)

30 (k) (l)

(m) (i) (ii) (a) (b)

(n) (o) 20% 14

20% (p) 22.50 1.00 (q) (r) 3(f)

(s) (i) (ii) (t) (i) 12(ii)12 (iii)

(u) 3. (a) (b) (a) (b)(c) 37(d)(e) (f)

(c) (d)

(e) 34 34 2(m) (f) (a)(b) (c) (g)

(h) (i)(ii) (iii) (i) (j) 6 (1) (2) (k) (l)

(m) (n)

(o) 75% (p) 90% (q) 4. Conyers Dill & Pearman

A. 1. 18555505 XI 18555505 2. (a) (b) (c) (d) 380,000 3,800,0000.10Codan Trust Company (Cayman) Limited 66303 33,500 15,0001,5001.00 33,433 14,9701,497 67%30%3% (i) 4,996,200,000 380,000 500,000,000 (ii) 4,995,000 33,466,50014,985,0001,498,500 49,950,000

500,000,0005,000,000,000 86,000,000860,000,000 4,140,000,000 20% (i)(ii) (iii) 3. (a) 4,996,200,000380,000500,000,000

(b) 4,995,000 49,950,000 33,466,50014,985,0001,498,500 ; (c) (i) (ii) (iii) (iv) (v) 55,000,000 550,000,000 368,500,000 165,000,000 16,500,000

(d) 20% (e) 10% (f) (d) (e) 10% (g) (d)(e)(f) (1)(2) (3)

4. (a) BVI50,000 395,00050,0001.00 OIL Officers Limited11.00 100% 10,000,00079,000,000 49,999 1.00 67%33,50030%15,0003%1,500 (b) (c) 380,000 3,800,0000.10Codan Trust Company (Cayman) Limited1 66303 BVI 33,50015,000 1,5001.00 (i)33,43314,970 1,497(ii) 67%30%3% 5. 10,000,000

79,000,0005,000,00039,500,000 6 5,000,00039,500,00010,000,000 79,000,0005,000,00039,500,000 30 5,000,00039,500,000 5,000,000 39,500,000 30 90 BVI50,000 395,00050,0001.00 OIL Officers Limited11.00 49,999 1.0015,0001,500 1.00 10,000,000 79,000,0005,000,00039,500,00015%

90 85% 3 5,000,00039,500,000 1,000 1,0001.0011.00 4,290,00033,891,000 3,000,00023,700,000450,000 3,555,00090 2,550,00020,145,000 6. (a) (1)

(2) (3) (4) (b)

(c) 860,000,000 86,000,000(1) (2) (3) (d) 26 B. 1. (a) Scud Stock (b)

(c) Neng Liang Neng Liang10,000,00079,440,000 2.5%1.00 (d) 100% 10,000,00079,000,000 49,999 67%30%3% (e) (f) (g) BVI 33,50015,0001,500 (i) BVI33,43314,9701,497(ii) (h) (i) (j) (k) (l)

2. 1. Patriot(Stylised) 1312659 3 2. Patriot(Stylised) 1335770 5 3. Patriot(Stylised) 1321952 7 4. Patriot(Stylised) 1314411 8 5. Patriot(Stylised) 1353602 9 6. (Stylised) 1084577 9 7. Patriot(Stylised) 1327113 10 8. Patriot(Stylised) 1321719 11 9. Patriot(Stylised) 1302947 14 10. (Stylised) 1342905 16 11. (Stylised) 1343053 18 12. Patriot(Stylised) 1320386 20 13. Patriot(Stylised) 1305628 21 14. Patriot(Stylised) 1310702 24 15. (Stylised) 1373525 25

16. (Stylised) 1336423 29 17. (Stylised) 1326528 30 18. Patriot(Stylised) 1329643 34 19. Patriot(Stylised) 1312484 35 20. SCUD(logo) 1354437 7 21. SCUD(logo) 1372130 8 22. (Stylised) 1316223 9 23. (Stylised) 1060039 9 24. SCUD (word) 1084576 9 25. 1247075 9 26. SCUD(logo) 1342057 10 27. SCUD(logo) 1379633 12 28. SCUD& Device 1170492 16 29. (Stylised) 1082393 18 30. SCUD(logo) 1332865 20 31. SCUD(logo) 1380860 21

32. SCUD(logo) 1308210 24 33. (Stylised) 1186742 25 34. SCUD(logo) 1359062 29 35. 1351540 30 36. SCUD(logo) 1329459 33 37. 1157912 35 38. 3768458 9 39. 1184190 3 40. 1167640 11 41. 1180385 14 42. 1160189 28 43. 1169712 34 44. (Stylised) 1662211 9 45. 3635480 19 46. 1662237 9 47. (Stylised) 3585715 9

48. (Stylised) 3585714 9 49. 3969452 9 50. 3969454 9 51. 3969453 9 1. 4424887 1 2. 4424886 2 3. 4424885 3 4. 4424884 4 5. 4424883 5 6. 4424881 12 7. 4424880 15 8. 4424899 17 9. 4424878 18 10. 4424877 22 11. 4424876 23 12. 4424875 26

13. 4424874 27 14. 4424873 29 15. 4424872 31 16. 4424871 32 17. 4424870 35 18. 4424889 36 19. 4424898 37 20. 4424897 38 21. 4424896 39 22. 4424895 40 23. 4424894 41 24. 4424893 42 25. 4424892 43 26. 4424891 44 27. 4424882 6 28. Ebeit 4424888 9 & Device 29. Ebeit 4118465 9 & Device 30. 5098678 9 31. 5098679 9

1. 200530026189.3 2. 200530026189.6 1. scudhk.com 2. scudcn.com 3.. 4.. 5.. 6. fmt.cn 7.. 8. scud.cn 1. (1) 300690327 1, 7, 8, 9, 10, 11, (2) 12, 14, 16, 17, 18, 21, 28, 35, 37, (3) 38, 39, 40, 42 (4)

2. (1) 300690336 9 (2) (3) 3. (1) 300690354 9 (2) (3) 3. 50 10,000,000179,000,000 20,000,000158,000,000 100% 50 5,000,000239,500,000 10,000,00079,000,000 100%

20 3,000,0003 23,700,000 4,290,00033,891,000 100% 1 5,000,00039,500,000 5,000,000 39,500,000 10,000,000 79,000,0005,000,00039,500,000 5,000,00039,500,000 3090 2 5,000,00039,500,00015% 85% 5,000,00039,500,000 3 3,000,00023,700,000 450,0003,555,000 902,550,00020,145,000

C. 1. XV XV78 352 (a) 4 402,000,000 5,000,000 47.33% 1 180,000,000 4,000,000 21.40% 2 18,000,000 3,500,000 2.5% 3 2,800,000 0.33% 1 2 3 4 860,000,000

XV23 10% 402,000,000 46.75% 180,000,000 20.93% XV23 10% Neng Liang93,001,2469.76% 2. (a)

480,000 212,000 3% (b) 1 120,000 60,000 60,000 (c) (d) 3. 394,000390,000

527,000522,000 4. (1) (2) (3) 5. (a) (b)

1 5,000,000 0.581% 24 4,000,000 0.465% 3 3,500,000 0.407% 2501 2,800,000 0.326% 9 5705 15,300,000 1.779% 1,200,000 0.140% 81 2B

1 1,000,000 0.116% 6801 600,000 0.070% 342 10 400,000 0.047% B2 11003 3,200,000 0.372% 600,000 0.070% 69 515 300,000 0.035% 214 25305 300,000 0.035% 109 5-1002 200,000 0.023% 8-806

1 200,000 0.023% 2403 200,000 0.023% 95 19#401 200,000 0.023% 61-301 200,000 0.023% 12 2#201 200,000 0.023% 50 4605 200,000 0.023% 313301

1 200,000 0.023% 577 B1005 200,000 0.023% 19503 200,000 0.023% 921202 200,000 0.023% 21302 200,000 0.023% 66 3703 100,000 0.012% 89 3204 100,000 0.012% 9#203

1 100,000 0.012% 22611#803 100,000 0.012% 260 12-410 100,000 0.012% 162#803 100,000 0.012% 36 4#306 100,000 0.012% 503 100,000 0.012% 30 1303 100,000 0.012% D1

1 100,000 0.012% 15307 100,000 0.012% 2701 100,000 0.012% 105 50,000 0.006% 4401 50,000 0.006% C4-411 50,000 0.006% 12 9403 50,000 0.006% 087

1 50,000 0.006% 3#202 50,000 0.006% 23201 50,000 0.006% A1201 50,000 0.006% C102 50,000 0.006% 17 2-103 50,000 0.006% 19 5# -108 50,000 0.006% 78

1 50,000 0.006% 226 50,000 0.006% 11404 50,000 0.006% 7104 50,000 0.006% 30 10205 50,000 0.006% 1602 50,000 0.006% 82105 50,000 0.006% 82105

1 50,000 0.006% 21B9D 50,000 0.006% 15 2302 50,000 0.006% 200 14 710 50,000 0.006% 218 601 50,000 0.006% 1 50,000 0.006% B2608 50,000 0.006% 1115 30,000 0.003% 91

1 30,000 0.003% 2715-504 30,000 0.003% 6601 30,000 0.003% C2-409 30,000 0.003% 20 30,000 0.003% 2#304 30,000 0.003% 7102 30,000 0.003% 6703

1 30,000 0.003% 3609 30,000 0.003% 76902 30,000 0.003% 28601 30,000 0.003% 181 2304 30,000 0.0033% 3 30,000 0.003% 302 6,470,000 0.752% 24,970,000 2.903% 1

30% 30% 40% 24,970,000 15,300,00043,200,000 46,470,00066 2.9%2.9% 6.

10 0.10 (d) 32

(a) (b) (d) 28 1.00 (i) (ii) (iii) (c) 12 (a) 0.1% (b) 5,000,000

(d) (1) (2) (3) (e) (1) 10% 10% (2) (i) (ii) (3) (4)12

1% (4) 12 1% (5) 30% (f) (g) (h) (1) (i) (ii) (h)(i)

(2) (h)(i) (i) (i) (ii) (a) (b) (i)(a) 33 17.03(3) (j)

(k) (l) (m) (n) (o)

(p) 17.03 (q) (1) (2) 86,000,00010% (3) (r) (1) (2) (h)(l)(h)(2)(j)(m) (3) (j) (4) (k) (5) (6) (h)(1)(i) (7)

(8) h(1)(ii) (s) (t) (1) (2) (u) D. 1. (i)

(ii) (iii) (iv) (a) (b) (c) (d) (e) 2.

3. 4. 66,000 5. 6. Conyers Dill & Pearman 1 46 9 7. Conyers Dill & Pearman

8. 3A.19 3A.23 (a) (b) (c) (d) (i) (a)(d) (ii) 14A (iii)

9. 44A44B 10. 11. (1) (i) (ii) (iii) (iv) (2) (3) 12 (4) (5) 32L4

A. (i)(ii) (iii) B. 14 162020 (a) (b) (c) (d) (e) (f) (g) Conyers Dill & Pearman (h) (i) (j)

(k) (l) (m) (n)