Li Bao Ge Group Limited 利寶閣集團有限公司 ( 於開曼群島註冊成立之有限公司 ) 股份代號 : 8102 配 售 保薦人 財務顧問 獨家賬簿管理人及聯席牽頭經辦人 聯席牽頭經辦人
重要提示 閣下如對本招股章程任何內容有任何疑問 應徵詢獨立專業意見 Li Bao Ge Group Limited 利寶閣集團有限公司 於開曼群島註冊成立之有限公司 以配售方式 於香港聯合交易所有限公司 創業板上市 配售股份數目 200,000,000股配售股份 可按發售量 調整權作出調整 配售價 每股配售股份不超過0.40港元及 預期每股配售股份將不低於0.30港元 須於申請時繳足 另加1%經紀佣金 0.0027%證監會交易徵費及0.005% 聯交所交易費 多繳款項可予退還 面值 : 每股0.01港元 股份代號 : 8102 : 保薦人 財務顧問 獨家賬簿管理人及聯席牽頭經辦人 聯席牽頭經辦人 香港交易及結算所有限公司 香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責 對其準確性或 完整性亦不發表任何聲明 並明確表示概不就因本招股章程全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任 本招股章程連同本招股章程附錄五 送呈公司註冊處處長及備查文件 一節所述的文件 已遵照香港法例第32章 公司 清盤及 雜項條文 條例 第342C條的規定 送呈香港公司註冊處處長登記 香港證券及期貨事務監察委員會及香港公司註冊處處長對 本招股章程或上述任何其他文件的內容概不負責 預期配售價將按本公司與聯席牽頭經辦人 為彼等本身及代表包銷商 於定價日訂立的訂價協議釐定 定價日預期為二零一六 年六月二十七日下午五時正 或由聯席牽頭經辦人 為彼等本身及代表包銷商 與本公司可能協定的較後日期或時間 或之前 配售價將不超過每股配售股份0.40港元 且預期不低於每股配售股份0.30港元 倘本公司與聯席牽頭經辦人 為彼等本身及代 表包銷商 未能於該日期或時間 或由本公司與聯席牽頭經辦人 為彼等本身及代表包銷商 可能協定的較後日期或時間 協定 配售價 則配售將不會成為無條件及不會進行 聯 席 牽 頭 經 辦 人 為 彼 等 本 身 及 代 表 包 銷 商 經 本 公 司 同 意 可 於 定 價 日 前 隨 時 將 本 招 股 章 程 下 文 所 載 的 指 示 性 配 售 價 範 圍 調 低 在 此 情 況 下 有 關 調 低 指 示 性 配 售 價 的 通 告 將 刊 載 於 本 公 司 網 站www.starofcanton.com.hk及 聯 交 所 網 站 www.hkexnews.hk 配售股份的潛在投資者應注意 如於上市日期上午八時正 香港時間 前任何時間發生本招股章程 包銷 終止理由 一段所述 的任何事件 則包銷商有權以聯席牽頭經辦人 為彼等本身及代表包銷商 向本公司發出的書面通知終止其根據包銷協議須履 行的責任 倘聯席牽頭經辦人 為彼等本身及代表包銷商 根據包銷協議的條款終止彼等根據包銷協議須履行的責任 則配售 將不會進行及將告失效 在作出任何投資決定前 有意投資者應仔細考慮本招股章程所載的全部資料 包括本招股章程 風險因素 一節所載的風險因 素 二零一六年六月二十四日
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50.0% 40.1% 37.3% 25.7% 23.7% 14.1% 5% Ipsos 15,746.8 17,047.5 1.6% 4,044.2 4,378.3 1.6% 9,836.515,716.39.8% 2
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IpsosIpsos IpsosIpsosIpsos Ipsos Ipsos Ipsos IPSOS Ipsos 478,000 Ipsos IpsosIpsosIpsos Ipsos SA Ipsos 85 16,000 Ipsos Ipsos (i)(ii) Ipsos 68
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100.9 128.24.9% 1,5662,4289.2% 11.5% 2,5002,300 15,746.8 17,047.5 1.6% 17,340.1 17,605.4 71
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180.0 173.7 170.0 160.0 150.0 146.0 161.3 163.3 147.5 156.0 166.0 153.9 140.0 130.0 120.0 110.0 100.0 102.5 103.2 101.0 100.8 101.8 124.3 116.9 112.4 109.8 104.2 133.8 124.8 116.2 109.8 122.5 128.8 121.8 132.8 133.0 123.5 132.9 126.7 90.0 80.0 2010 2011 2012 2013 2014 2015 (b) 8,600.0 12,866.7 8.4% 28.0 32.5 2.4% 3.0% (c) 1,117.7 1,469.3 5.6%122.9 182.08.2% 73
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107.7 2011111.9102 105 103.5 9,836.515,716.3 9.8% Shenzhen Dragon Group 5 12 openrice.com.cn2,038 1,438 70.6%600 29.4% 29.4%35.0% 78
(a) 30.0 25.0 20.0 23.0 20.7 25.7 23.4 24.6 25.0 24.5 24.7 24.6 24.9 23.9 22.4 15.0 10.0 5.0 0.0 5.1 5.9 7.0 7.8 7.8 8.1 4.5 5.0 5.2 5.2 5.4 5.7 2010 2011 2012 2013 2014 2015 (b) 2,606.0 4,383.5 11.0% 10% 20% 10% (c) 2.9% 38%10%48% 79
10.8%32.7% 300284 5.3% 70% 599 24314.4% 32.1%14428% 160 19.4%25044.1% 33527.3%224 32.9 49.9 60% 30 69.2% 10% 80
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1.00 4,9991,9993,000 50% 20% 30% 90% 10% 3,000 3,000 50% 20% 30%2,000 2,000 50% 20% 30% 3,0001,818,000 1,112 79.98% 20% 0.02% 97
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Asia Secretaries Limited Cartech Limited 1.00 Asia Secretaries Limited Cartech Limited 4,9992,9992,000 50% 30% 20% 2,000 50% 30% 20% 3,0002,382,000 1,662 79.98% 20% 0.02% 990,000 1.00 10,0001,000,0006,326,418 7,998 1,582 2,0004,0004,000 60% 20% 20% 2,000 489,300 C2,000 99
1,000 250,000 45% 15% 15% 15% 10% 2,000 489,300 C 55% 15% 15% 15% 2,000 1,104,000 D 2,000 45% 15% 15% 15% 10%2,000 1,568,710 D 55% 15% 15% 15% isquare I-Square I-Square 3,0007,000 1.00 30% 70% 100
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(i)(a) (b) (c) (ii) (a) (b) (c) (d) 55% 15% 15% 15% 55% 15% 15% 15% 103
55% 15% 15% 15% Mega Box (1) (2) (3) 55% 15% 15% 15% (4) 30% 70% 20% 80% 100% 100% 100% 100% 100% The One I-Square (5) 100% 104
1. 50% 50% 2. 50% 25% 10% 7.5% 7.5% 3. 37.5% 37.5% 25% 4. 46.67% 40% 6.67% 6.67% 5. I-Square (A) (i) (ii) 5,5001,500 1,5001,500 (iii) (iv) (v) 380,000 38,000,000 0.01 (B) (i) 105
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(iv) 1 (v) 8,000 2,000(i) 521(ii) 1,655 (vi) 5515 1515 1,655 (vii) 3,0007,000 (i) 1,202(ii) 1,655 108
82.77% 12.02% 5.21% (E) (i) 262 262 62.86% 12.38% 12.38% 12.38% (ii) 140 70 14070 84.87% 10.62% 4.51% (F) 8,4871,062451 (i)(ii)8,486 1,062451 109
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25%75% (1) 100% (2) (3) (4) 62.86% 12.38% 12.38% 12.38% 100% 100% (5) (5) 63.65% 7.97% 3.38% 25% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% I-Square (6) The One 100% 100% 111
1. 50% 50% 2. 50% 25% 10% 7.5% 7.5% 3. 37.5% 37.5% 25% 4. 46.67% 40% 6.67% 6.67% 5. 6. I-Square 112
I-Square 29 39 350 470 113
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1 2 3 4 5 1 99 21 757 250 172,316 365 92,599 1.9 196 167,529 365 98,950 1.8 216 168,162 365 103,011 1.8 224 2 18 UG01 865 320 299,619 ( 6) 329 ( 7) 131,783 2.8 145 436,501 365 154,734 3.7 129 412,760 365 143,937 3.5 127 3 I-Square 35-79 I-SQUARE 24 933 300 232,439 365 146,834 2.1 231 226,977 365 155,600 2.1 250 185,592 321 150,650 1.9 261 4 The One 100 The ONE17 598 200 124,229 365 103,665 1.7 305 114,204 365 98,681 1.6 315 111,855 365 94,953 1.5 310 5 1-1 2 1 2,980 522 ( 8) 69 87,480 ( 8) ( 8) 276,571 ( 9) 365 165,748 1.5 219 309,679 365 202,186 1.6 238 6 10 199 2 1,532 320 35,882 63 108,773 1.8 191 7 10 11 11 200 15,591 63 48,858 1.2 197 1. 123
2. 3. 4. 5. 6. 238216,746 7. 8. 9. 184139,422 10. 11. 1,532 124
I-SquareThe One 1.7 2.81.6 3.71.5 3.5 2.8 3.7 1.8 1.9I-Square1.9 2.1The One 1.5 1.7 1.51.6 1.8 1.2 145 305 129 315 127 310 The One 125
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1 2 99 21 2212126617 5212002125 WT00022762-2015 18 UG01 2262262950 5262001710 The One 100 The ONE17 2261807017 5261821692 WT00022554-2015 199 2 2218810011 5218828217 1. 2. 156
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13 14 2 282 15 (i) (ii) 45 2 15(6) 50,000 (i) (ii) 7 (iii) 10 (iv) 169
13 (i) (ii) (iii) (iv) (v) 170
12325(1) 40(2) 100,000 100,000 (i) (ii) (iii) (iv) 171
95F 14 153,000 (i) (ii) (iii) 172
89 I-Square 11 9(1) 200,000 400,000 10,000 (i) (ii) (iii) 15 7 173
(iv) 174
1. 11 158(4) 158(4AA) 645 652 (i) (ii) 1. 1. 158(8) 158(4) 158(4AA) 10,000 300 645(6) 652(3) 25,000 645 652 700 1. (i) (ii) (a) (b) 175
2. 21 129G 430 122429 2. 2. (A) 430 129G(a) 433 50,000(b) 12 10,000 (B) 429 122 12 429(4) 300,00012 2. (iii) 176
177
(i) (ii) (iii) 10,000 30,000 (i) (ii) (iii) (i) (ii) (iii) 178
(i) (ii) (iii) E. 1. CT Partners (i) (ii) (iii) (iv) (v) 179
CT Partners (i) (ii) (iii) 180
(iv) 1. 2. CT Partners CT Partners 3. 4. 5. 181
6. CT Partners CT Partners CT Partners CT Partners CT Partners 17 182
CT Partners CT Partners CT Partners CT Partners CT Partners CT Partners CT Partners (i) CT Partners 183
(ii) CT PartnersCT Partners (iii) CT Partners (iv) CT Partners (i) (a) (b) (c) 184
(d) (e) (f) (ii) (a) HKEx-GL63-13 (b) (c) (d) (e) 185
(iii) (iv) (v) CT Partners (vi) (a) (b) CT PartnersCT Partners 186
(vii) CT Partners (viii) CT PartnersCT Partners (ix) (x) (a) (b)5.01 5.02 (c)11.06 187
63.65% 62.86% 12.38% 12.38% 12.38% 50% 50% 50% 25% 10% 7.5% 7.5% 37.5% 37.5% 25% 100% 188
0.29 1.59 (a) (b) 200 100 (c) (d) (e) 189
(i) (ii) (i) 30 (ii) 80% 1.14 (a) 190
(b) (c) 200 100 200 (d) (e) 191
(a) (b) (c) 200 40 (d) (e) 192
75% (a) (b) (c) 200 40 (d) 193
(e) 194
24.3 17 34 195
(i) (ii) (iii) (iv) (v) (vi) (i) (ii) 196
(iii) (iv) (v) 11.04 11.04 5% 197
30 (a) (b) (c) 198
(i) 30% (ii) (a) (b) (c) 199
(d) (e) (f) (g) 200
61 56 53 31 65 201
68 53 61 13 202
17 50% 62.86% 56 10 10% 203
53 MBA 12.38% 31 Compass Business Solutions Limited Tectura Hong Kong Limited 37.5% 204
65 68 40 1194 1224 27 874 2010 702 8228 6838 1161 1958 1372 205
(i) (ii) 53 20 1315 12401250 863 547 8260 1265 1246 8315 17.50(2) (i) (ii) (iii) C. 206
1. XV (iv)17.50(2) (v) 59 54 44 46 38 59 31 1 2 1 1 207
54 44 15 46 208
20 38 209
635,000 531,000 622,000 2,086,000 2,363,000 2,837,000 2,044,800 240,000 240,000 240,000 180,000 180,000 180,000 210
1,925 2,067 2,326 222 220 269 73 82 92 2,220 2,369 2,687 (i) (ii) D. 211
20 A.2.1 212
6A.19 6A.23 (1) (2) (3) (4) 17.11 213
18.03 214
XV 23 336 10% 1 5 509,200,000 63.65% 2 5 509,200,000 63.65% 2 5 509,200,000 63.65% 2 5 509,200,000 63.65% 2 5 509,200,000 63.65% 3 5 509,200,000 63.65% 3 5 509,200,000 63.65% 3 5 509,200,000 63.65% 3 5 509,200,000 63.65% 3 5 509,200,000 63.65% 3 5 509,200,000 63.65% 4 5 509,200,000 63.65% 215
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6. 7. 8. 9. 10. 11. 12. 13. 46.67% 40% 14. 15. XV2 3 10% 217
2,000,000,000 20,000,000 10,000 100 599,990,000 5,999,900 200,000,000 2,000,000 800,000,000 8,000,000 30,000,000 830,000,000 8,300,000 218
(i) 20% (ii) (a) (b) (c) 219
10% (a) (b) (c) 11.23(7) 25% 220
221
174.6245.9256.9 4.216.43.7 222
174,623 245,905 256,881 (51,513) (73,406) (71,261) 123,110 172,499 185,620 1,258 1,357 1,162 385 (409) (3,139) (41,546) (51,332) (54,265) (8,622) (12,226) (11,221) (70,683) (86,487) (98,136) 3,902 23,402 20,021 (8,419) (996) (921) (862) 2,906 22,481 10,740 (342) (4,581) (4,119) 2,564 17,900 6,621 337 (250) (349) 2,901 17,650 6,272 4,202 16,432 3,652 (1,638) 1,468 2,969 2,564 17,900 6,621 4,391 16,292 3,322 (1,490) 1,358 2,950 2,901 17,650 6,272 223
3.340 100% 25,720,000 224
II36 51.573.4 71.329.5% 29.9% 27.7% 225
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28.729.624.3 1.00.90.9 1% 2% 3% 1% -/+302 -/+298 -/+274 2% -/+604 -/+596 -/+547 3% -/+905 -/+894 -/+821 2 4 229
(a) (b) 230
231
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174.6 245.9 40.8% 60.5 6.0 43.430.2% 56.5(i) (ii) 256.9 245.94.5% 60.573.8 I-Square8.4 9.9 108,983 62.4 187,521 76.3 208,681 81.2 65,640 37.6 58,384 23.7 48,200 18.8 174,623 100.0 245,905 100.0 256,881 100.0 233
37.6%23.7% I-Square 23.7% 18.8% 65.6 58.4 58.4 48.2 I-Square I-Square The One 234
I-Square The One (a)7.0%73% 7.8% (b) 5.2% (i) (ii) (iii) (i) (iii) 70% 51.573.4 71.329.5% 29.9% 27.7% 235
172.5 123.140.1% 70.5% 70.1% 185.6 172.57.6% 70.1% 72.3% (i) (ii)(iii) 889 978 806 4 14 25 12 2 182 179 198 12 82 1 171 92 130 1,258 1,357 1,162 236
(i) (ii)(iii) (108) 34 (2,495) 270 86 (29) 223 (529) (615) 385 (409) (3,139) 2.5 0.8 237
39,428 47,483 50,184 1,428 1,533 1,672 642 2,117 2,538 48 199 (129) 41,546 51,332 54,265 41.5 51.323.6% 51.3 54.35.8% (i) (ii) 8.612.211.2 6.610.29.9 238
10.2 9.9 172 180 306 3,591 4,421 3,572 2,301 3,068 3,910 1,888 2,520 2,833 657 1,033 1,100 1,378 851 711 2,032 2,795 3,085 682 669 655 70 61 624 714 638 2,158 4,943 3,737 7,116 8,797 11,663 1,561 1,737 862 1,706 1,420 2,161 26,870 31,475 37,729 1,849 1,901 4,036 121 19 8,867 11,097 11,762 1,248 1,347 1,671 4,460 6,296 6,333 1,332 1,204 1,059 252 70,683 86,487 98,136 239
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8.833.0% 11.7(i) (ii) 8.4 6.7 538 502 589 428 401 259 30 18 14 996 921 862 1.0 0.9 0.9 241
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0.3 4.3 4.6 19.6 4.6 0.5 4.1 3.3 4.2 290.5%16.4 (i) (ii) 16.4 3.7(i) 8.4 (ii) 4.8 28.1 243
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16.8 12.37.6 3.1(i) 10.9(ii)1.8 (iii) 2.0 29.8 35.92.5 3.6(i) 2.1(ii)0.9 (iii)1.3 17.8 26.52.0 6.7(i) 6.8(ii) 7.7 (iii)1.1 39.5(i) 37.9(ii) 9.0 (iii) 7.6 245
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645 93 1,142 2,595 696 771 2,100 2,000 116,828 111,812 72,471 59,163 (81,043) (57,207) (24,907) (13,093) 57.2 81.023.8 (i) 9.9(ii) 5.6 (iii)10.4 24.9 57.232.3 (i)25.3 (ii)9.2 (i)(ii) 24.9(i) (ii) 7.7 17.2 248
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2.9 3.5 4.3 2.93.5 4.3 0 30 1,769 2,167 2,285 31 60 116 232 285 61 90 32 142 595 90 284 115 1,917 2,825 3,280 0 30 1,769,000 2,167,000 2,285,000 148,000 658,000 995,000 251
0 30 116 232 286 31 60 32 142 594 61 90 105 19 90 179 96 148 658 995 96.8% 10,392 12,277 18,103 1,662 1,467 1,476 827 178 146 1,778 2,755 1,381 2,687 105 78 246 14,764 16,755 24,039 (10,392) (9,823) (15,649) 4,372 6,932 8,390 252
14.816.8 13.5%(i) (ii) 24.0 43.5%(i) (ii) 5,910 6,908 9,016 1,448 1,711 7,358 8,619 9,016 I-Square 253
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5.3 6.5 8.4 0.82.73.8 0.7 3.9 9.1 4.3 4.8 4.82.9 7.7 0.32.33.2 256
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42,801,000 40,767,000 38,466,000 8,503,000 5,553,000 7,161,000 (a) 6,398,000 6,147,000 (b) 22,607,000 21,060,000 (c) 3,629,000 3,710,000 3,791,000 (d) (e) (f) (g) 258
14.613.7 6,068 10,881 10,233 7,998 5,000 14,072 14,066 15,881 24,305 14.11.8 15.9(i)1.2 (ii)5.0 (iii) 15.98.4 24.3(i)15.0 (ii)3.5 (iii) 6 3.76% 3.30% 3.15% 259
28.227.038.5 8.55.67.2 (a) 3,629,000 3,710,000 3,791,000 (b) (c) (d) 17.0 (a)(b) (c) (d) (i) (ii) (iii) (iv) (v) (v) (vi) 16.0 12.516.1 9.4 260
34 25 60 7 7,836 7,722 1 50 53 50 53 5,701 6 Lippo Catering 22 10 262 First Lucky 2 7,961 13,589 310 392 392 4 4 11 60 11 60 261
33,545 25,386 3,587 6,292 4,397 43 360 890 40,197 29,783 4,520 642 617 1,014 2,286 3,457 82 1,656 2,903 3,539 853 750 1 1 751 854 262
1,315 1,274 180 180 1,495 1,454 6,000 6,720 2,500 2,500 8,500 9,220 263
70% 70% 70% 70% 5,960 19,899 44 131 232 (231) (18) (18,098) (13,035) (70) (5,186) 1,556 (3,630) 25,720 29,350 232 264
1,389 1,478 1,163 (1,981) (1,981) (1,348) (202) (232) (214) (428) (401) (286) (65) (63) (104) (1,287) (1,199) (789) 6,581 6,147 22,607 21,060 35 53 145 115 236 226 21 (171) (214) (61) (61) (14,625) (13,725) (17) 967 1,198 6,911 (1,051) (1,208) (939) (84) (10) 5,972 265
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2.4% 6.7% 1.4% 1,504,000 1,415,000 1,504 1,415 1,387 6,491 6,101 5,702 5,567 6,491 7,605 7,117 6,954 27.6 2.23% 3.73%27.622.6 27.6 5.0 269
27.613.4 27.6 9.2 17.0 27.6 5.09.0 12.1 0.8 7.0 (i) (ii)(iii) (iv) (v) 270
23.50.35 8.4 15.18.4 6.7 28,732 2,020 16,604 7,941 790 3,568 1,930 431 356 919 38,959 2,810 21,522 4,000,000 271
30,527 31,901 39,247 45,154 70,121 56,400 106,910 114,617 5,111 56,454 51,854 105,759 88,301 202,611 211,625 105.8 88.3 16.5% 88.3 202.6 1616 II2.1 272
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23.5 6.7 276
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1. 3,000 23,000 15,000 7,000 48,000 2. 1,500 1,500 3. 2,250 750 3,000 278
(1) (2) (3) (1) (2) (3) (4) (5) 279
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0.40 67.1 0.30 48.1 0.35 0.35 283
288 23-24 30 (i) (a) (b) (c) 284
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23.5 18.03 (i)(ii) 6A.19 (iii) 6A.07 289
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I IV II 1.2 II 1.2 II 1.2 I-1
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1 2 47 3,471 3,518 (267) 3,251 4,202 4,202 (1,638) 2,564 189 189 148 337 189 4,202 4,391 (1,490) 2,901 13 (1,680) (1,680) (720) (2,400) 47 189 5,993 6,229 (2,477) 3,752 47 189 5,993 6,229 (2,477) 3,752 16,432 16,432 1,468 17,900 (140) (140) (110) (250) (140) 16,432 16,292 1,358 17,650 13 (1,680) (1,680) (720) (2,400) 47 49 20,745 20,841 (1,839) 19,002 47 49 20,745 20,841 (1,839) 19,002 3,652 3,652 2,969 6,621 (330) (330) (19) (349) (330) 3,652 3,322 2,950 6,272 18 (18) 36 29,350 29,350 1,556 30,906 30 6,720 6,720 6,720 30 864 864 864 13 (20,338) (20,338) (4,952) (25,290) 13 (2,298) (2,285) 2,285 78 34,618 (281) 4,059 38,474 38,474 I-7
1 47,000 78,000 2 (a) 18,000 (b) 29,350,000 (c) 6,720,000864,000 (d) 13,00014,732,000 14,719,0002,285,000 14,732,00017,017,000 17,017,00014,719,0002,298,000 I-8
2,906 22,481 10,740 14 7,045 10,679 10,060 15 1,577 1,547 1,161 10 996 921 862 6 (186) (193) (223) 459 1,076 7 (270) (86) 104 99 97 7 108 (34) 2,495 9 252 7 29 12,280 35,873 26,549 (1,796) (246) (1,103) (1,044) (924) (533) (2,003) (2,065) (7,720) 1,538 1,290 570 10,920 (503) 6,759 19,895 33,425 24,522 (3,053) (3,635) (6,700) 16,842 29,790 17,822 4 14 25 (37,946) (2,810) (19,896) 7,615 531 15,712 399 (9,024) (86) (16,961) (1,203) (203) (203) 982 (5,628) (149) 63 (392) 392 (11) (49) 60 4 36 (232) 27 (804) (39,520) (8,623) (21,653) I-9
(996) (921) (862) (2,400) (2,500) (2,200) 16,960 7,892 15,000 20 (6,601) (6,977) (7,266) (257) (311) (77) 13,958 (10,415) 1,632 (29) 1,247 465 539 103 10 6,002 720 31 (41) 1,520 27,227 (11,203) 8,222 4,549 9,964 4,391 9,167 14,053 23,908 337 (109) (239) 22 14,053 23,908 28,060 I-10
II 1 1.1 Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman KYI-1108, Cayman Islands 1.2 10,000 1 1 1 1 1 100% (a) 100% 100% (a) 100% 100% (a) I-11
i i 1 1 100% 100% (a) 1 100% 100% (a) 1 1 100% 100% (a) 1 1 100% 100% (a) 1 1 100% 100% (a) 1 20,000 100% 100% 100% 100% (b) 20,000 100% 100% 100% 100% (d) 10,000 70% 70% 100% 100% (c) (iv) 10,000 70% 70% 100% 100% (c) 10,000 56% 56% 100% 100% (e) 11,960,600 56% 56% 100% 100% (f) 56% 56% 100% 100% (f) 6,340,000 1 70% 70% (c) 10,000 70% 70% (c) 1 100% 100% (a) (ii) 100 100% 100% 100% (a) (iii) I-12
(i) (ii) (iii) (iv) (a) (b) (c) (d) * * * (e) * (f) (g) * 1.3 3.340 I-13
2 2.1 622 622 622 11 76 87 32 4 24,907,000 3,812,000 14,072,00025 9 1 15 1 11 2 14 2 1 2 16 2 38 16 2 41 27 2 10 28 2 10 2 12 28 2 16 3 I-14
1. 2. 3. 9 9 9 9 (a) (b) 9 39 9 39 9 9 15 15 15 18 11 15 I-15
15 15 15 15 16 1617 415 27 16 17 16 16 (a) 12 (b) 16 17 (a) (b) 16 16 16 2.2 I-16
(a) (i) (ii) 1.2 39 (b) (c) I-17
2.3 2.4 2.5 (a) (b) (c) (i) (ii) (iii) I-18
2.6 35 36 50 5 3 5 14 2.7 2.8 I-19
2.9 (a) 12 2.12 2.13 (b) 2.10 2.11 I-20
2.12 2.13 2.14 2.15 12 2.16 I-21
2.17 (a) (b) (c) 2.18 (a) I-22
(b) (c) (d) (e) (f) 2.19 I-23
2.20 (i) (1)(2) 2.20(ii) (ii) 2.21 2.22 (a) (b) I-24
(c) (d) 2.23 2.24 2.25 (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (vii) (a) (a)(i) I-25
(viii) 3 3.1 (a) (i) (ii) 25 28,691,000 1% 2% 3%302,000 604,000 905,000 29,606,000 1% 2% 3%298,000 596,000 894,000 24,305,000 1% 2% 3%274,000 547,000 821,000 I-26
(b) 22 (c) 7,358 16,611 40,197 1,656 1,495 751 8,500 33,360 329 58 120 2,100 I-27
8,619 14,545 29,783 2,903 1,454 854 9,220 33,297 58 58 62 2,000 9,016 19,309 4,520 3,539 25,909 260 260 478 3.2 7,865 4,701 9,643 11,151 12,682 3,978 6,788 9,849 10,925 5,837 9,147 I-28
25 28,691 29,606 24,305 26 475 164 913 22 14,053 23,908 28,060 15,113 5,862 (2,842) 3,752 19,002 38,474 18,865 24,864 35,632 80.11% 23.58% 3.3 (i) 1,571 1,571 1,246 1,246 I-29
(ii) 4 (a) I-30
(b) (i) (ii) (iii) (c) (d) 5 I-31
10% 168,587 185,407 183,083 6,036 60,498 73,798 174,623 245,905 256,881 39,614 35,343 25,081 29,447 23,643 16,652 69,061 58,986 41,733 6 174,623 245,905 256,881 889 978 806 4 14 25 12 2 182 179 198 12 82 1 171 92 130 1,258 1,357 1,162 175,881 247,262 258,043 I-32
186 193 223 7 (108) 34 (2,495) 270 86 (29) 223 (529) (615) 385 (409) (3,139) 8 39,428 47,483 50,184 1,428 1,533 1,672 642 2,117 2,538 48 199 (129) 41,546 51,332 54,265 (a) 157,000 158,000 230,000 (b) (i) 68 490 62 15 635 I-33
(i) 490 24 17 531 (i) 585 16 21 622 (i) (c) 1,367 1,577 1,741 160 196 253 58 65 71 1,585 1,838 2,065 1,000,000 I-34
9 172 180 306 3,591 4,421 3,572 2,301 3,068 3,910 1,888 2,520 2,833 657 1,033 1,100 1,378 851 711 2,032 2,795 3,085 682 669 655 70 61 624 714 638 2,158 4,943 3,737 7,116 8,797 11,663 1,561 1,737 862 1,706 1,420 2,161 26,870 31,475 37,729 * 1,849 1,901 4,036 121 19 8,867 11,097 11,762 1,248 1,347 1,671 4,460 6,296 6,333 34(b) 1,332 1,204 1,059 252 70,683 86,487 98,136 * 10 538 502 589 428 401 259 30 18 14 996 921 862 I-35
11 2,946 5,223 3,521 3 330 480 (18) (9) (18) 2,931 5,544 3,983 28 (2,593) (963) 134 4 2 (2,589) (963) 136 342 4,581 4,119 16.5% 25% 25% 2,906 22,481 10,740 (408) 3,266 2,217 (124) (52) (235) 938 1,496 2,153 (14) (9) (16) 寛 (50) (120) 342 4,581 4,119 12 1.3 I-36
13 2,400 2,400 2,200 23,090* 2,400 2,400 25,290 * (i)14.3 (ii)8.8 14 5,389 30,249 8,595 738 637 45,608 28,732 7,941 1,930 356 38,959 15 1,700 1,700 (8,919) (3,108) (12,027) 7,089 50,062 13,428 2,668 993 74,240 2,020 790 2,810 (473) (156) (40) (2) (671) 7,089 51,609 14,062 2,628 991 76,379 16,604 3,568 431 919 21,522 (7,261) (2,769) (382) (637) (11,049) 36 (7,089) (549) (7,638) (1,139) (407) (91) (6) (1,643) 59,264 14,454 2,586 1,267 77,571 I-37
384 24,807 7,332 159 32,682 221 5,278 1,354 192 7,045 15 86 86 (8,919) (3,108) (12,027) 691 21,166 5,578 351 27,786 251 7,224 2,957 247 10,679 (8) (4) (12) 942 28,382 8,531 598 38,453 187 6,715 2,900 258 10,060 36 (1,129) (549) (1,678) (7,262) (2,736) (623) (10,621) (241) (133) (2) (376) 27,045 8,562 231 35,838 6,398 28,896 7,850 2,668 642 46,454 6,147 23,227 5,531 2,628 393 37,926 32,219 5,892 2,586 1,036 41,733 6,398,000 6,147,000 25 876 240 1,159 (348) (90) (176) 528 150 983 I-38
15 27,395 14 (1,700) 25,695 36 (25,695) 1,597 1,577 14 (86) 3,088 1,547 4,635 1,161 36 (5,796) 22,607 21,060 25 36,800,000 39,300,000 I-39
16 1,027 1,052 1,078 2,602 2,658 2,713 923 1,125 1,348 4,552 4,835 5,139 25 200,000 1,560,000 128,200 999,9608,100 63,180 128,200 2.252 1,000,000 7,800,000 333,276 2,599,55319,997 155,977 333,276 3.93 750,000 5,850,000 26,055 203,229 I-40
8,100 63,180 5.553 17 10,392 12,277 18,103 4,552 4,835 5,139 1,917 2,825 3,280 2,594 1,723 1,868 7,961 13,589 310 392 4 4 11 60 14,053 23,908 28,060 41,484 59,613 56,760 1,571 1,246 43,055 60,859 56,760 I-41
7,358 8,619 9,016 16,611 14,545 19,309 40,197 29,783 4,520 1,656 2,903 3,539 1,495 1,454 751 854 8,500 9,220 28,691 29,606 24,305 475 164 913 2,100 2,000 107,834 99,148 61,602 18 5,419 5,628 6,611 19 0 30 1,769 2,167 2,285 31 60 116 232 285 61 90 32 142 595 90 284 115 1,917 2,825 3,280 0 30 1,769,000 2,167,000 2,285,000 148,000 658,000 995,000 I-42
0 30 116 232 286 3160 32 142 594 6190 105 19 90 179 96 148 658 995 20 10,392 12,277 18,103 1,662 1,467 1,476 827 178 146 1,778 2,755 1,381 2,687 105 78 246 14,764 16,755 24,039 10,392 9,823 15,649 4,372 6,932 8,390 21 1,571 1,246 1,571 1,246 7 I-43
22 12,725 22,714 27,312 1,328 1,194 748 14,053 23,908 28,060 12,725 22,714 27,312 23 5,910 6,908 9,016 1,448 1,711 7,358 8,619 9,016 0 30 6,385 7,032 6,611 31 60 936 1,282 2,079 61 90 37 156 187 90 149 139 7,358 8,619 9,016 I-44
24 5,271 6,464 8,420 343 744 3,856 432 488 765 9,142 4,783 7,664 1,487 2,286 1,975 298 2,346 3,209 306 506 377 17,279 17,617 26,266 7,575 6,509 4,054 144 178 7,719 6,687 4,054 332 221 242 7,387 6,466 3,812 24,666 24,083 30,078 25 6,968 11,805 10,233 21,723 17,801 14,072 28,691 29,606 24,305 6 3.30% 3.09% 3.15% I-45
42,801,000 40,767,000 38,466,000 8,503,000 5,553,000 7,161,000 (a) (b) (c) (d) (e) (f) (g) 6,398,000 6,147,000 14 22,607,000 21,060,00015 3,629,000 3,710,000 3,791,00016 34 34 34 34 26 329 58 260 178 120 738 507 178 998 (32) (14) (85) 475 164 913 272 50 224 203 114 689 475 164 913 14 I-46
27 2,179 2,952 2,935 (804) 773 800 252 (17) (41) 2,952 2,935 3,142 2,952 2,290 3,049 645 93 28 4,277 5,190 4,888 (48) 4,277 5,190 4,840 1,401 244 43 1,688 11 376 2,171 42 2,589 1,777 2,415 85 4,277 3 (53) (50) 11 1,470 (571) 64 963 3,250 1,791 149 5,190 (74) (96) (170) 36 (44) (44) 11 (43) (5) (88) (136) 3,089 1,690 61 4,840 I-47
29 380,00038,000,000 0.01 1 30 773,000 800,000 240,000 826,000 521 20% 864,000 6,720,000 100% 25,720,00036 1,202 30% 31 39 I-48
32 4,000,000 33 30,527 31,901 39,247 70,121 56,400 106,910 5,111 56,454 105,759 88,301 202,611 87 1,078 445 87 1,523 I-49
34 (a) Lippo Catering Management Limited Lippo Catering First Lucky Investment Limited First Lucky (b) (i) 12,472 16,104 9,389 (ii) 1,332 1,204 1,059 (iii) 900 I-50
(i) (ii) (iii) (c) (i) 25 60 7 7,836 7,722 1 50 53 50 53 5,701 6 Lippo Catering 22 10 262 First Lucky 2 7,961 13,589 310 (ii) 4 4 (iii) 11 60 11 60 I-51
(iv) 392 25 63 60 10,599 8,932 8,785 1,500 53 53 1,500 53 54 5,701 6,023 4 4 4 36 11 11 60 61 392 392 6 Lippo Catering 22 10 262 First Lucky 2 (v) * 33,545 25,386 3,587 * 6,292 4,397 43 360 * 890 40,197 29,783 4,520 * (vi) 642 617 1,014 2,286 3,457 82 1,656 2,903 3,539 I-52
(vii) 853 750 1 1 751 854 (viii) 1,315 1,274 180 180 1,495 1,454 (ix) 6,000 6,720 2,500 2,500 8,500 9,220 (d) 1,863 2,018 2,486 153 261 250 70 84 101 2,086 2,363 2,837 I-53
1,000,000 6 6 7 (e) 35 21,095 30,022 93,746 91,155 (72,651) (61,133) 70,709 62,684 2,347 1,490 68,362 61,194 (4,289) 61 I-54
* 97,468 153,310 118,577 (1,993) 9,223 10,793 651 (2,223) (1,756) (1,342) 7,000 9,037 296 5,532 6,068 (1,638) (1,125) 394 2,593 2,575 337 (250) (43) (1,005) 6,750 8,994 485 5,392 6,044 (1,571) (1,175) 385 81 2,533 2,565 * 6,591 17,192 (3,152) (1,972) 3,439 15,220 (30,744) (7,192) 31,149 (8,067) 3,844 (39) 7,899 11,743 (100) 11,743 11,604 36 100% 25,720,000 I-55
5,960 19,899 44 131 232 (231) (18) (18,098) (13,035) (70) (5,186) 1,556 (3,630) 25,720 29,350 232 1,389 1,478 1,163 (1,981) (1,981) (1,348) (202) (232) (214) (428) (401) (286) (65) (63) (104) (1,287) (1,199) (789) I-56
6,581 6,147 22,607 21,060 35 53 145 115 236 226 21 (171) (214) (61) (61) (14,625) (13,725) (17) 967 1,198 6,911 (1,051) (1,208) (939) (84) (10) 5,972 37 (a) 10,000,0006,000,000 8,950,000 (b) 7,700,000 (c) 10,000 (i)(ii) 8,4861,062451 I-57
(d) (i) 1,962,000,000 380,00020,000,000 (ii) 5,999,900 599,990,0000.01 (iii) III P1567 I-58
A. 7.31 1 2 3 0.30 38,474 45,419 83,893 0.10 0.40 38,474 64,419 102,893 0.13 (1) 38,474,000 (2) 0.300.40 II-1
(3) 800,000,000 (4) 7,700,000 0.300.11 0.400.14 II-2
B. II-1 II-2A A 2 4 7.31 7 7.31(7) II-3
3420 7.31 7 II-4
(a) (b) (c) 7.31(1) P1567 II-5
1. (a) (b) 2. (a) (i) (ii) III-1
(iii) (a) (b) (c) (d) (e) (f) (g)(h) (iv) III-2
30 (v) (vi) III-3
(vii) 20 20 14 14 20 (b) (i) III-4
(aa) (bb) (cc) III-5
(dd) (ee) (ff) (gg) (hh) (ii) III-6
(iii) (iv) (v) III-7
(vi) III-8
(vii) (viii) III-9
(aa) (bb) (cc) (dd) (i) (ii) (ee) III-10
(c) (d) (i) 15 (ii) (a) (b) III-11
(A) (B) (C) (iii) 15 (iv) 21 14 III-12
(i) (ii) 95% (v) (vi) III-13
(e) 21 21 III-14
21 (f) (i) (ii) (iii) (aa) III-15
(bb) 20% III-16
(g) (h) 3(f) (i) (i) (ii) III-17
(j) 3. (a) (b) (i) (ii) (iii) 37 III-18
(iv) (v) (c) (d) 37A(1) III-19
(e) (f) Foss v. Harbottle III-20
(g) (h) (i) (ii)(iii) (Tax Information Authority) (Tax Information Authority Law) (i) (j) 6 (i) III-21
(ii) (aa) (bb) 6(3) 20 (k) (l) (m) (n) III-22
(o) 60 (p) (i)(ii)(iii) (i) (ii) III-23
(q) 75% (r) 90% (s) III-24
4. Appleby III-25
A. 1. 51 2 2702 16 2916 1603 2. (a) 380,00038,000,000 0.01 (b) 1,962,000,000 380,00020,000,000 (c) 8,4861,062451 (d) 800,000,000 1,200,000,000 (e) IV-1
(f) 3. (a) (b) 30 (i) (ii) (iii) 5,999,900 599,990,000 IV-2
(c) 20% (i) (ii) (iii) (d) 10% (i) (ii) (iii) IV-3
(e) (c) (d) 10% 4. 5. 6. (a) (i) IV-4
10% (ii) (iii) (b) 800,000,000 80,000,000 IV-5
(c) (d) (e) 26 26 IV-6
25% B. 1. (a) 43.6 17.9 (b) (a) (c) (a) (d) (a) (e) (a) (f) 11,0003,0003,0003,000 1,656 IV-7
(g) (f) 11,000 (h) (f) 11,000 (i) (f)3,000 (j) (f)3,000 (k) (f)3,000 (l) (f)3,000 (m) (f) 3,000 (n) (f) 3,000 (o) 11,0003,0003,0003,000 1,655 (p) (o)11,000 IV-8
(q) (o)11,000 (r) (o)3,000 (s) (o)3,000 (t) (o)3,000 (u) (o)3,000 (v) (o)3,000 (w) (o)3,000 (x) 1 10,000 (y) (x) 10,000 (z) (x) 10,000 (aa) 1 IV-9
(bb) (aa) (cc) (aa) (dd) 8,0002,000521 1,655 (ee) (dd)8,000 (ff) (dd)8,000 (gg) (dd) 2,000 (hh) (dd) 2,000 (ii) 55 1515151,655 (jj) (ii)55 (kk) (ii)55 IV-10
(ll) (ii)15 (mm) (ii)15 (nn) (ii)15 (oo) (ii)15 (pp) (ii)15 (qq) (ii)15 (rr) 3.4 (ss) 19.7 (tt) 17.9 (uu) 14.3 IV-11
(vv) 6.7 (ww) 0.9 (xx) 3,000 7,0001,655 1,202 (yy) (xx)3,000 (zz) (xx)3,000 (aaa) (xx)7,000 (bbb) (xx)7,000 (ccc) 786 262 (ddd) (ccc)262 (eee) (ccc)262 IV-12
(fff) (ccc)262 (ggg) 210 14070 (hhh) (ggg)140 (iii) (ggg)70 (jjj) 0.3 (kkk) 0.2 (lll) 6.5 (mmm) 43,000 (nnn) 0.8 (ooo) 82,000 IV-13
(ppp) 8,4871,062 451 8,4861,062451 (qqq) (ppp)8,487 (rrr) (ppp)1,062 (sss) (ppp)451 (ttt) (uuu) (vvv) IV-14
2. (a) 43 303448080 43 303448062 43 303542210 43 11867833 43 11867664 43 303448071 (b) starofcanton.com.hk IV-15
3. 15,000,000 100% 20 8,000,000 100% 20 IV-16
C. 1. (a) XV XV7 8 352 5.46 5.67 (i) 1 2 509,200,000 63.65% 2 509,200,000 63.65% 2 509,200,000 63.65% 2 509,200,000 63.65% (ii) 1 62.86% 12.38% 3 1.238% IV-17
1. 50% 62.86% 2. 63.65% 3. 10% 12.38% (b) XV2 3 10% 1 5 2 5 2 5 2 5 509,200,000 63.65% 509,200,000 63.65% 509,200,000 63.65% 509,200,000 63.65% IV-18
3 5 509,200,000 63.65% 3 5 509,200,000 63.65% 3 5 509,200,000 63.65% 3 5 509,200,000 63.65% 3 5 509,200,000 63.65% 4 5 509,200,000 63.65% 4 5 509,200,000 63.65% 4 5 509,200,000 63.65% 6 509,200,000 63.65% 7 509,200,000 63.65% 8 509,200,000 63.65% 9 509,200,000 63.65% 10 509,200,000 63.65% 11 509,200,000 63.65% 12 509,200,000 63.65% 13 63,760,000 7.97% 13 63,760,000 7.97% 13 63,760,000 7.97% 13 63,760,000 7.97% 14 63,760,000 7.97% 15 63,760,000 7.97% 1. 62.86% 12.38% 12.38% 12.38% 2. 50%62.86% IV-19
3. 50% 25% 10% 7.5% 7.5% 4. 37.5% 37.5% 25% 5. 63.65% 6. 7. 8. 9. 10. 11. 12. 13. 46.67% 40% 14. 15. 2. IV-20
3. (a) 1,788,000 (b) 2,593,000 (c) 2,044,800 240,000 240,000 240,000 180,000 180,000 180,000 4. 5. 34 IV-21
6. (a) XV2 3 10% (b) XV XV7 8 352 5.46 5.67 (c) (d) (e) (f) 5% IV-22
(g) (h) D. 23 (a) IV-23
(b) (i) (ii) (iii) (iii) (i) (ii) (iii) (iv) 1.00 IV-24
(v) (aa) (bb) (cc) 10% 80,000,000 80,000,000 (bb) 10% 10% 10% (cc) (dd) 10%10% (dd) 30% 30% (vi) 12 1% IV-25
(vii) (aa) (bb) 12 (i) 0.1% (ii) 5,000,000 IV-26
(viii) (aa) (i) (ii) (bb) (aa) (i) 60 (ii) 30 (ix) (x) (xi) IV-27
(xii) (xiii) (xiv) 12 12 (xvii) (xviii) (xix) (xiv) (xv) (xiv) IV-28
(xvi) (xvii) (xviii) (xix) IV-29
(xx) (aa) (ix) (bb) (xii) (cc) (xiii) (xiv) (xv) (xvii) (xviii) (xix) (dd) (xviii) IV-30
(ee) (ff) (gg) (xix) (xxi) (xxii) (xxiii) (aa) 23.03 (bb) (cc) IV-31
(xxiv) (xxv) (c) 80,000,000 E. 1. (a) 111 35 43 IV-32
(b) (i) (ii) (a)(b) (i) (ii) (iii) (c) (i) (ii) (iii) IV-33
2. 3. 6A.07 4.2 4. 42,000 5. 6. 1 6 Appleby IV-34
CT Partners 7. ApplebyCT Partners 8. 44A 44B 9. Estera Trust (Cayman) Limited 10. 11. (a) IV-35
(b) (c) 12. (a) (i) (aa) (bb) (cc) (dd) (ee) IV-36
(ii) 12 (iii) Appleby CT Partners (aa) (bb) (iv) (v) (vi) (b) 13. 32L 4 5 IV-37
(a) E. 7. (b)b. 1. 14 2916 1603 (a) (b) (c) (d) (e) (f) B. 1. (g) (h) CT Partners (i) (j) E. 7. (k) V-1
(l) Appleby (m) V-2
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