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Transcription:

2008311 WANT WANT CHINA HOLDINGS LIMITED 2,717,882,000397,582,000 2,320,300,000 2,446,094,000125,794,000 2,320,300,000 271,788,000 4.101% 0.004%0.005% 0.02 0151 342C 2008 31420083244.103.00 2008324 8

(1) (2)...................................... 20083141145........................ 200831412.................... 200831412 www.eipo.com.hkeipo (3)...................................... 20083141130 eipo............................. 200831412......................................... 200831412........................................................2008314............................... 2008325.........................................2008325 (4)........................... 2008325........................................2008326 (1) (2) 20083149128 8. (3) 1130 www.eipo.com.hk 1130 12 (4) 20083268 i

............................................................................................................................................ i ii......................................................................... 1......................................................................... 12..................................................................... 17............................................. 29.................................................... 32..................................................................... 36..................................................................... 39......................................................................... 50................................................................... 53......................................................................... 63.................................................. 105.......................................................... 115 ii

..................................................................... 122......................................................................... 123..................................................................... 125...................................................... 161......................................................................... 163.............................................................. 168............................................................ 175........................................................ 180........................................................ I-1.............................................. II-1.......................................................... III-1.......................................................... IV-1............................... V-1.................................................... VI-1..................................... VII-1 iii

AC 2007630 68.6% 40.6%28.5% 20022006 8.2% 2004200520061231 200793085.6% 88.0% 90.8%91.0% 19831992 AC 2007630 68.6% (DHA) 1

2000 20079303190 288 2004200520061231 2007930 68.9% 77.0% 79.5%78.5% HACCP ISO 9000 2007930308 15,000 85% 20042005200612312007930 5.12526.72358.49957.5635 4.38855.91407.71646.8850 7,4421.16641.40531.4073 2

(i)(ii) (iii)(iv) 3

4

20042005 20061231 5

930 1231 2004 2005 2006 2006 2007...................... 518,529 681,856 861,656 602,864 765,477.................... (317,569) (419,301) (534,339) (375,874) (462,984)........................ 200,960 262,555 327,317 226,990 302,493....... (2,221) (530) 899 1,055 5,863.................... 11,054 15,432 28,427 19,805 16,673............. (71,631) (82,960) (111,234) (79,693) (97,238).................... (57,253) (69,890) (96,488) (67,744) (82,282).................... 80,909 124,607 148,921 100,413 145,509.................... 1,961 1,869 1,866 1,247 999.................... (1,459) (4,160) (11,096) (7,574) (10,932)....... 502 (2,291) (9,230) (6,327) (9,933)........... 75 (50) (159) (44) (62)............. 81,486 122,266 139,532 94,042 135,514.................. (9,635) (12,516) (15,884) (10,142) (13,353)............. 71,851 109,750 123,648 83,900 122,161........... 72,625 110,774 126,826 85,791 124,205............... (774) (1,024) (3,178) (1,891) (2,044) 71,851 109,750 123,648 83,900 122,161 (1)....................... 38,665 25,777 25,775........... 1,282,689 1,288,841 1,288,838 1,288,841 1,287,398 (2)... 0.057 0.086 0.098 0.067 0.096 (1) 2004200520061231 2007123130% (2) 6

1231 930 2004 2005 2006 2007..................... 315,104 446,137 521,924 570,104................ 30,592 61,136 74,563 81,704............................. 15,218 19,542 26,347 34,948............................. 1,138 7,848 7,947 7,943............................. 519 407 239 1,425..................... 830 652 652 652....................... 516 582 648 522 363,917 536,304 632,320 697,298................................. 103,026 143,484 170,904 164,396....................... 7,101 53,397 110,253 141,251......................... 43,744 49,392 54,974 53,215....................... 59,603 39,583 55,634 67,836........................... 3,959 1,279 1,087 1,129..................... 144,285 163,434 185,114 304,428 361,718 450,569 577,966 732,255............................. 725,635 986,873 1,210,286 1,429,553..................... 544,308 626,651 751,617 877,190......................... 10,234 8,741 7,049 5,158 554,542 635,392 758,666 882,348................................. 55,000 145,829 56,433 305,917......................... 8,175 7,696 5,559 55,000 154,004 64,129 311,476......................... 35,435 71,603 94,044 69,851.............. 58,643 95,915 101,526 97,755................................. 19,864 27,565 189,385 65,690....................... 2,151 2,394 2,536 2,433 116,093 197,477 387,491 235,729............................. 171,093 351,481 451,620 547,205....................... 725,635 986,873 1,210,286 1,429,553....................... 245,625 253,092 190,475 496,526................... 609,542 789,396 822,795 1,193,824 7

1231 930 2004 2005 2006 2006 2007..................... 512,516 672,348 849,948 594,261 756,346................... (315,520) (414,943) (529,349) (371,457) (457,649)....................... 196,996 257,405 320,599 222,804 298,697....... (2,158) (285) 1,006 1,135 6,362............... 11,053 15,696 29,806 20,696 18,073............. (69,118) (79,454) (105,315) (75,193) (92,173)................... (54,032) (63,093) (85,854) (60,425) (72,234)................... 82,741 130,269 160,242 109,017 158,725................... 1,680 1,607 1,701 1,127 823................... (543) (2,285) (4,965) (3,589) (3,270)....... 1,137 (678) (3,264) (2,462) (2,447)........... 75 (50) (159) (44) (62)............. 83,953 129,541 156,819 106,511 156,216................. (9,533) (12,897) (16,292) (10,489) (15,483)............. 74,420 116,644 140,527 96,022 140,733........... 74,891 116,814 141,192 96,279 141,044............... (471) (170) (665) (257) (311) 74,420 116,644 140,527 96,022 140,733 8

1231 930 2004 2005 2006 2007..................... 283,429 338,958 398,333 425,718................. 21,386 28,207 34,647 41,707.............................. 3,059 2,992 2,829 2,806.............................. 1,138 1,416 1,515 1,511.............................. 519 407 239 1,425..................... 830 652 652 652....................... 516 582 648 522 310,877 373,214 438,863 474,341.................................. 102,775 142,628 169,948 162,638....................... 22,751 23,230......................... 43,334 48,205 54,445 52,718......... 65,283 69,819 146,448 65,265......... 3,959 914 1,052 1,092..................... 117,098 140,268 167,419 276,807 332,449 401,834 562,063 581,750.............................. 643,326 775,048 1,000,926 1,056,091...... 463,952 491,696 593,332 620,172......................... 5,034 4,545 5,312 5,038 468,986 496,241 598,644 625,210.................................. 55,000 105,000 9,173 209,139......................... 34,789 70,464 92,136 66,355............... 62,536 73,384 109,107 109,625.................................. 19,864 27,565 189,385 43,329....................... 2,151 2,394 2,481 2,433 119,340 173,807 393,109 221,742.............................. 174,340 278,807 402,282 430,881....................... 643,326 775,048 1,000,926 1,056,091 9

13.533.55 65%8.803.55 3,0005.8 1.5 1.2 20081231 2009331 17,000239,000 43,000 25%3.383.55 552.77 10%1.353.55 78.943.55 11.793.0016.124.10 10

HKHL 20071231 ()................ 1.75 13.62 20071231 20071231 ()....... 0.0150 0.1169 2,400200712 31200711 13,252,722,750 3.00 4.10 (1).................................... 397.58 543.36 (2)........................ 25.7 35.1 (3)..... 0.0577 0.0618 0.4495 0.4814 1. 13,252,722,750 2. 2,40020071231 3.004.10 3. 2007930250,586,000 13,252,722,7503.004.10 11

AC AC 221961 eipo HKHL Hot-Kid Holdings Limited 19951019 HKHL 12

32 271,788,000 2008310 2,446,094,000 125,794,000 2,320,300,000 2008314 13

200835 20083 26 HKHL 397,582,000 HKHL 2008413 HKHL 407,682,000 15% 200824 2008314 2008324 144A S S 14

144A 144A 2,320,300,000 San Want Holdings Limited San Want Holdings Limited 2007529 H. 571 0.02 200824 1933 15

eipo eipo www.eipo.com.hk eipo www.eipo.com.hk eipo 19951028 99.87% 2007516 HKHL 2007103 16

20042005200612312007930 73.9% 70.5% 71.6%80.8% 3/4 200420052005200647.0%31.7% 20062007 22.4% 17

200420052006 12312007930 427,000,000571,600,000724,900,000642,700,000 83.3% 85.0% 85.3%85.0% 20082551 18

38,391.1320082 5 142175,594.26 2004200520061231 2007930 0.5% 0.7% 0.2%0.3% 0.1% 0.1% 0.7% 19

20061231 200793092.8%93.7% 20

21

2004200520061231 200793085.6% 88.0% 90.8%91.0% 1978 22

1970 23

200811 25% 24

10% 10% 10% 10% (i) 25

(ii)(iii) 50.93% 3.004.10 2007930 7.6533.008.195 4.100.44953.00 0.48144.10 2.55053.003.61864.10 26

(i)20082 21(ii)2008222(iii)200833 (iv)200834 HKHL 27

200420052006 1231 2004200520061231 3,8672,5782,578 28

S S144A 40 144A 29

() () (i) 289274 (ii)275(1)275(2) 275(1A)275(iii) 272B (iv) 275 (a) 4A (b) 275 (i) 274 275(2)200,000 30

275 (ii) (iii) (i)(ii) Butterfield Fund Services (Cayman) Limited 1.0000 7.7842 0.9172 1.0000 31

1088 18 888 54C4 1088 1-49-3 Kitayoma Nagaoka-shi Niigata Japan 2-1-58 Sakurayama Zushi-shi Kanagawa Japan 7257 318 32

30 Woollerton Park #10-32 Regent Block Singapore 10800 E Cactus Road Lot 47, Scottsdale AZ 85295 U.S. 7 3374 107 5124 8 52 8 52 2 68 8 5963 33

8 5963 2 68 3 27 8 52 8 211 8 20 Maples and Calder 1 1504 2017 34

1 31 20 15 22 18 34 3 33 10 1 35

1088 M & C Corporate Services Limited PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands XI 132 918 www.want-want.com FCPA, ACA 31 23B 888 54C4 36

Butterfield Fund Services (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 705 Grand Cayman KY1-1107 Cayman Islands 183 17 1712 1716 1233 25 200120 528 24 200120 7088 518040 110 313 37

1233 28 200120 360 200120 8 243 110 333 14 38

2006 210,87014.7% 2002 15.1% 200220069,39816,084 14.4% 20022006 24,000 16,084 14,103 20,000 12,336 16,000 10,542 9,398 12,000 21,087 18,387 8,000 15,988 12,033 13,582 4,000 0 2002 2003 2004 2005 2006 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2007 39

200220067,70311,759 11.2% 2,476 3,5879.7% 20022006 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 3,587 3,255 2,936 2,622 2,476 11,759 10,493 8,472 9,422 7,703 2002 2003 2004 2005 2006 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2007 2002 20066,0308,697 9.6%1,8342,829 11.4% 200248,1402006 76,41012.2% 20022006 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 4,814 6,030 5,252 6,511 5,950 7,182 1,834 1,943 2,185 6,718 7,943 2,555 7,641 2002 2003 2004 2005 2006 8,697 2,829 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2007 40

200635.8%43.0% 20022006 2,2713,1118.2% 8481,2179.5% 20022006 3,500 3,000 2,500 2,271 2,417 2,709 2,914 3,111 2,000 1,500 1,000 848 886 1,031 1,162 1,217 500 0 2002 2003 2004 2005 2006 2007 41

Euromonitor AC200471 20076307.5%8.4% 2006232,953,000732006 2006 2006...................................... 232,953,000 7,299,349 AC2007630 2007AC 20042005 2006 21.5% 37.2%41.3% 2006 200472007615.0% 42

AC 2005123159.3%2007630 68.6% 20076303.2% 9.1%9.8% % 1231 630 2005 2006 2007 1............................ 59.3 61.9 68.6 2.......................... 2.5 2.7 3.2 3.......................... 1.7 2.4 2.8 4............................ 3.6 3.1 2.7 5............................ 1.3 1.1 1.1............................ 68.4 71.2 78.4 AC2007630 2007AC 2004 AC 200763022.9% 200520061231 200763012.2%22.9% % 1231 630 2005 2006 2007 1............................ 12.2 16.9 22.9 2.......................... 20.7 19.8 19.4 3.......................... 8.4 8.5 8.6 4............................ 5.9 4.5 4.1 5.......................... 3.0 3.1 3.5............................ 50.2 52.8 58.5 AC2007630 2007AC 2004 43

25 20063,3002010 5,00040AC 2004712007630 13.9%18.3% 2006 271822006 2006 2006........................................ 2,708,373,000 18,235,558 AC2007630 2007AC 20042005 200615.9% 74.4% 5.9%3.8% 2.9% 2.3%2.9%1.0%2.3% 2004712007630 69.7% 2004712007630 13.0% 5.0%7.9% 2006 2006 %....................................................... 15.9....................................................... 74.4..................................................... 5.9......................................................... 3.8................................................... 100.0 AC2007630 2007AC 20042005 44

AC 200763040.6% Euromonitor 200591.9% 2007 94.9% % 630 1231 2005 2006 2007 1............................ 48.9 35.3 40.6 2............................ 32.7 40.9 37.8 3............................ 6.9 15.1 12.3 4............................ 2.3 2.4 2.7 5............................ 1.1 1.0 1.5............................ 91.9 94.7 94.9 AC2007630 2007AC 2004 Euromonitor AC 2005120076 7.4%10.5% 2006 79928Euromonitor20062011 5% 2006 2006 2006.......................................... 79,931,142,000 2,780,918 AC2007630 2007AC 20042005 45

200654.0%46.0% 200512006 615.9%4.9% 2006 2006 %......................................................... 54.0......................................................... 46.0 100.0 AC2007630 2007AC 20042005 2006200729.0%28.5% 2007 5% % 2006 2007 1231 630 1...................................... 29.0 28.5 2.................................... 12.0 14.3 3................................... 4.5 4.9 4.................................. 4.3 4.5 5.................................... 4.4 4.3...................................... 54.2 56.6 AC2007630 2007AC 20042005 46

2004123120051231 2005200612312007 930200420052006123120079 30136.3101.6 102.0104.0200420052006123120079 30 150 = 100 140 130 120 110 100 90 2004 2005 2006 2007 200420051231 2006123120079302004 2005200612312007930103.799.6 102.9102.4200420052006123120079 30 = 100 110 108 106 104 102 100 98 96 94 2004 2005 2006 2007 47

200612312004 2005200612312007930 20042005200612312007930 104.9111.6121.199.720042007 = 100 150 140 130 120 110 100 90 80 2004 2005 2006 2007 ACAC AC50% 80%AC6,000 AC AC 113 Euromonitor Euromonitor International Euromonitor Euromonitor Euromonitor 48

49

19951030 2003718 (QS 200411 28 199661 200571 50

2002813 200342 2002 11 19891226 51

(i) (ii) 1981 1980 1993 52

19625 1983 1983 19921994 1996 20032007O1997 19972005QQ 1996 2006 200 53

100% HKHL 100% (1) 41.71% 12.48% 14.20% 5.01% 26.6% (2) (3) (1) 2% 2.6%25 2% 11.6% (2) 110 39 (3) 20 39 54

2007528Hot-Kid Holdings Limited (HKHL) 20077272.35 8.5 (i) (ii)2006 HKHL 20081312,140 HKHL HKHL HKHL 2008131 7,2402,2505,5008.494 8.5% 2.6%6.5% 55

2007514 935,5000.07% 20075112007514 2.05 15% 20075143090180 18% 37%41% ANZ Singapore Limited ANZ Singapore Limited ANZ Singapore Limited ANZ Singapore Limited 2.35 2007827 2.35339,235,541 797,203,521 56

99.75% 80,665,96489,830,986 2007911 HKHL 83.46% 7.83% 8.71% (1) 81.36% 6.22% 7.16% 5.01% 0.25% (1) 57

HKHL 323,458,076 HKHL 760,126,478 15,777,46537,077,043 830,000,000 20071031 20071031 HKHL 66.92% 13.90% 14.15% 5.02% 99.87% 0.13% (1) Norwares Overseas Inc. Norwares Overseas Inc. Norwares Overseas Inc. 2007 1231Norwares Overseas Inc. 33,5200.0026% 58

200712127.21% HKHL 66.93% 6.69% 21.36% 5.02% 99.87% 0.13% 59

2007529San Want Holdings Limited HKHL 66.93% 6.69% 21.36% 5.02% 99.87% 0.13% 100% 20071231 60

20081110.47% HKHL 66.93% 6.22% 21.83% 5.02% 99.87% 0.13% 61

HKHL (1) (2) (4) (3) 47.92% 6.03% 20.67% 4.87% 20.51% (5) 99.87% 0.13% (1) HKHL8.08HKHL (2) 8.08 HKHL (3) 19 2% 8.08 HKHL (4) 8.08 (5) Norwares Overseas Inc. Norwares Overseas Inc. Norwares Overseas Inc. 2007 1231Norwares Overseas Inc. 33,5200.0026% 200688 (2006 62

AC 2007630 68.6% 40.6%28.5% 20022006 8.2% 20079303190 30815,000 20042005200612312007930 85.6% 88.0% 90.8%91.0% 20042005200612312007930 5.12526.72358.49957.5635 4.38855.91407.71646.8850 7,4421.16641.40531.4073 25 15 63

2000 AC 200763068.6% 4% 2002200614.4% 11.0% 8.1%2006 35.8%43.0% 200612312006 13AC2007630 68.6% 4% AC 200763040.6%28.5% 2007930308 15,000 2003 200611% 8.8% 64

3190 25 QQ 30 15 2004 12315.1252200612318.4995 28.8% 200412317,442 200612311.405337.4% 65

20069 55 66

1231 930 2004 2005 2006 2006 2007............................ 217,389 42.4 267,267 39.8 307,511 36.2 191,053 32.1 230,031 30.4...................... 135,544 26.4 198,487 29.5 276,754 32.5 195,303 32.9 275,144 36.4........................ 148,924 29.1 195,962 29.1 257,314 30.3 201,827 34.0 244,666 32.3............................ 10,659 2.1 10,632 1.6 8,369 1.0 6,079 1.0 6,505 0.9............................ 512,516 100.0 672,348 100.0 849,948 100.0 594,261 100.0 756,346 100.0 20042005200612312007930 42.4% 39.8% 36.2%30.4% 1231 930 2004 2005 2006 2006 2007.................... 127,763 58.8 157,746 59.0 181,176 58.8 124,514 65.2 164,962 71.7.................... 64,797 29.8 56,114 21.0 67,505 22.0 50,674 26.5 36,355 15.8 (1)......................... 24,829 11.4 53,407 20.0 58,830 19.1 15,865 8.3 28,714 12.5............................ 217,389 100.0 267,267 100.0 307,511 100.0 191,053 100.0 230,031 100.0 (1) 19831992 AC 200763068.6%2004 2005200612312007930117,679 119,978132,29285,126 67

2000 YappyMitailang 2004 2005200612312007930 58.8% 59.0% 58.8%71.7% 29.8% 21.0% 22.0%15.8% 80 1995 20042005200612312007930 11.4% 20.0% 19.1%12.5% 90% 20042005200612 312007930 26.4% 29.5% 32.5%36.4% 20061231 43% 68

1231 930 2004 2005 2006 2006 2007........................ 127,783 94.3 191,350 96.4 256,706 92.8 180,394 92.4 253,223 91.7................. 7,761 5.7 7,177 3.6 20,048 7.2 14,909 7.6 21,921 8.3............................ 135,544 100.0 198,487 100.0 276,754 100.0 195,303 100.0 275,144 100.0 20042005200612 31200793094.3% 96.4% 92.8% 91.7% (DHA) DHA245 1996 AC 200763040.6% 125 200420052006 123120079305.7% 3.6% 7.2%8.3% O 2007 O 2003 2003 20042005 69

200612312007930 29.1% 29.1% 30.3%32.3% 1231 930 2004 2005 2006 2006 2007............................ 67,750 45.5 76,894 39.2 96,624 37.6 69,370 34.4 88,752 36.3.................... 31,918 21.4 51,174 26.1 78,793 30.6 73,641 36.5 82,519 33.7.......................... 27,196 18.3 36,093 18.4 49,180 19.1 35,855 17.8 43,365 17.7............... 22,060 14.8 31,801 16.2 32,717 12.7 22,961 11.4 30,030 12.3............................ 148,924 100.0 195,962 100.0 257,314 100.0 201,827 100.0 244,666 100.0 20042005200612312007 93045.5% 39.2% 37.6%36.3% AC 2007630 28.5% 1997 20079QQ QQ 2005 20042005200612312007930 21.4% 26.1% 30.6%33.7% 1997 1998 70

19861994 20042005200612312007930 18.3% 18.4% 19.1%17.7% 1994 20042005200612312007930 14.8% 16.2% 12.7%12.3% 20016 2006 2007(International Institute for Quality Selections) (Monde Selection) 1992 2000 71

2007 QQ 20079QQ 2000 72

2007930308 15,000 85% 73

1231 930 2004 2005 2006 2006 2007............................ 85,525 16.7 100,740 15.0 125,044 14.7 87,755 14.7 113,643 15.0.......................... 353,328 68.9 490,664 73.0 646,596 76.1 447,336 75.3 574,859 76.0.......................... 2,392 0.5 3,173 0.5 3,794 0.4 2,816 0.5 2,779 0.4...................... 71,271 13.9 77,771 11.5 74,514 8.8 56,354 9.5 65,065 8.6............................ 512,516 100.0 672,348 100.0 849,948 100.0 594,261 100.0 756,346 100.0 20042005200612312007930 30% 20069 74

(i) 97%(ii) 80% 75

200420052006123110,095 12,17714,068200793015,000 200420052,082200520061,891 2006123120079301,652 60 20042005200612312007930 478375 5335350.9% 0.6% 0.6%0.7% 20042005200612312007930 31262319 76

20042005200612 312007930782,000723,000 100240 20042005200612 312007930 5086256276561.0% 0.9% 0.7% 0.9% 22%231% 2539%588%8 200612312007930 (CCTV) 77

20042005200612312007930 1,9832,1632,7722,201 3.9% 3.2% 3.3%2.9% 20042005 2006123120079302.1736 3.19534.20723.59062004200520061231 2007930 68.9% 77.0% 79.5%78.5%42.4% 47.5% 49.5%47.5% 200612314.2072 200512313.195331.7% 2005196,3112006268,16836.6% 2005149,1102006199,88534.1% 200512313.1953 200412312.173647.0% 2004 134,29646.2%2005196,3112004105,639 41.2%2005149,110 20042005200612312007930 61.6% 61.7% 62.3%60.5% 42.4% 47.5% 49.5%47.5% 2004 78

2005200612312007930 73.9% 70.5% 71.6%80.8% 20042005 2006123120079307667 200420052006123120079300223 1 200420052006123120079 100% 91.8% 88.7%53.2% 20042005 2005200612312007930127 14820041231 79

2008 20042005200612312007 93015171820 20042005 200612312007930140157 142137 200420052006 12312007930 20042005200612312007930 3% 20042005200612312007 930 80

2004 20052006123120079302630 3237 20042005200612312007930 9,3301.3991.9121.69129.6% 33.7% 36.1%36.9% 20042005 200612312007930718388105 154560 20042005200612312007930 40626439 200420062007930 20061231 20042005200612312007930 30% 81

20079303190 2004 1231 (1) (2) (1) (2) (%) (%) 2005........... 49 167,785 111,769 66.8 55 181,528 113,968 63.2..... 15 270,072 136,660 69.8 23 311,441 194,153 85.6....... 98 247,453 106,015 53.0 119 275,366 166,301 63.0........... 3 6,990 4,229 60.5 3 6,990 4,089 58.5........... 165 200 1231 2006 930 (1) (2) (1) (2) (%) (%) 2007........... 59 192,640 125,153 65.5 59 144,480 81,764 56.6..... 49 664,620 279,459 67.5 49 498,465 254,215 70.7....... 174 428,308 207,250 57.1 177 330,868 213,992 64.8........... 3 6,990 3,998 57.2 3 5,543 3,453 62.3........... 285 288 (1) 222212 (2) 20042005200612312007930 20042005200612312007930 200612 31 82

83

84

39 85

(UHT) 212 86

87

3212 88

1.59 89

218 90

3 1015 2004200520061231119125117 20042005 2006 200420052006123120079 30180210330330 WSIM WSIM WSIM 91

SAP AG SAP 2005200612312007930 57656320041231 2005200612312007930 311307324 20042005200612312007930 52999454189,105195,008 295,085205,0539141617 37,72161,13664,36170,722 92

HACCP ISO 9000 HACCP HACCP ISO 9000 ISO 9000ISO ISO 9000 HACCP ISO 9000 Halal (Kosher) HACCP ISO 9000 QQ20079 93

(GB1354-86) (GB 5410-1999) (GB 317-2006) 20042005200612312007930 415552639730 24 20042005200612312007930 94

1983 2004200520061231 2007930339,000 366,000265,000171,000 20042005200612312007930 133137205135 O 2004200520061231 20079307180 9010280% 95

200420052006123123,65926,30932,708 200793035,6746,268 2007930......................................................... 13,162................................................... 8,297.............................................. 4,961................................................... 799......................................................... 261......................................................... 1,926....................................................... 6,268....................................................... 35,674 20042005200612312007930 5,9217,0449,9067,8732004 2005200612312007930 11.6% 10.5% 11.7%10.4% 20042005200612312007930 2,5003,0603,8602,790 5% 200612 312007930 96

2007930 9,000 2007930 20042005200612312007930 2004200520061231 25495047,467200,594 815,011 20079302,13262 2007930245 97

200612312007930 200825982,859,258.33 9816,682.28 200825326 1,083,910.272751,045,519.14 5138,391.13 3.54% 5126 8,008.2 20042005200612312007930 26 2008123120 620091231 300,00026 51319,4022 1 2008731 250212007 200612315,280 1.2%24% 20042005200612312007930 98

0% 0% 0.1%0.8% 0% 0% 0%0.8% 20042005200612312007 930009401,278 512210,980.94 1.01% 20042005200612312007930 22 10 70 4120093 22 HKHL 200825493437,347.34493 32461 319 319319 142175,594.26 325,268.00 5.78% 20061231 38,2282.4% 12% 2004 20052006123120079303 99

0.1% 0.4% 0.5%0.4% 0% 0.2% 0.5% 0.4% 139150,326.26 142 102 20082513 HKHL 34(2)165.015.063(a) 400 (a) (b) 342A(1) (i) 34 100

(ii) (iii) (i) (ii)(iii) (iv) (v)(vi) (vii) 35 200612312007630 3,000 200612312007930 20061231 2007930 2004200520061231 101

20079300.1% 0.4% 0.5%0.4% 0% 0.2% 0.5%0.4% 10 3 3 5 20081231 HKHL 200824HKHL 102

2008630 3 2008630 110 (i)3 (ii)(iii)3 200420052006123120079303 0.08% 0.15% 0.22%0.13%3 0.09% 0.05% 0.03%0.06% HKHL 200824HKHL 103

200612312007930 104

50.93% 66.84% HKHL 66.84% 6.67% 21.35% 5.01% 0.13% 70% 95.2% 100% 100% 100% (1) (2) (3) (4) (1) (2) (3) (4) Scione International Management Consulting Co., Ltd. 105

HKHL 200824 (a) 106

(b) (i) 10% (ii) HKHL 5% HKHL (i)(ii) HKHL 30% HKHL 14A 20061231 2007930941 3269 2007200820091231 7080100 0.1% 14A.33 14A 107

200612312007930 8723432008 2007200820091231 621001002007 2008200912313 15025020072008200912 31362250 350 0.1% 14A.33 14A 20071120 2008 1120091231 20091231 200811 1,0005,00020082009 1231500500 0.1% 14A.3314A 20061231200793089 13822 108

14A.31(7) (i) (ii) (iii) 1%(iv) 14A 2006 200612312007930 1436 2007200820091231 475050 0.1% 14A.3314A 20071120 20081120091231 B. 2. A. (h) 109

20093 0.1% 14A.3314A 2004200520061231 20079301421 2218 2007200820091231 313845 0.1% 14A.33 14A 3 3 20042005200612312007930 59625840 2007200820091231 616467 0.1% 14A.33 14A 20077 110

200793032 2007200820091231 397987 0.1% 14A.33 14A 2004 2005200612312007930 82678873 14A.31(7) (i) (ii) (iii) 1%(iv) 14A 20071120 2 20081120091231 111

200811 1231 2007 2008 2009.... 17.70 17.70 14A 20042005 200612312007930 289260310277 112

20081120091231 1231 2007 2008 2009............................ 3.5 4.0 4.5 20% 14A 930 1231 1231 2004 2005 2006 2007 2007 2008 2009....... 17.70 17.70 14A.34(1) 2.89 2.60 3.10 2.77 3.50 4.00 4.50 14A.34(1).................. 14A.07 0.1%2.5% 14A.4514A.47 113

14A.35(1) 14A.35(2) 14A.3614A.3714A.3814A.3914A.40 37 114

12 51 198741976 30 56 3419777 30 421992 15199741996 199719951996 19921995 26 20013 56 1976 115

3019982001 5 69 4019612005 2006Dairy Techno Inc.1993 20079 53 301983 1985 19944 44 2004 55 19751980 Arthur Young & Co.1982 David Toh & Co19841990Arthur Young & Co. 1990 Coopers and Lybrand Coopers and Lybrand Coopers and Lybrand Pricewaterhouse PricewaterhouseCoopers 20077 PricewaterhouseCoopers 200711 3.13 116

50 2119972003 MSIM MBA 2003 Honeywell International Inc. 2005 600019 2007 6721997 19931994 200711 711965 198318 1983 12 20082 64 1968199224 1992 13 2005 20081 56 30 19785 54 3019851 199519981999 2000 117

54 281995 19958 19791995 39 1219967 38 Belgium Business School13 1994199619961997 19984 2005 5019865 19992006 42 19943 1991 1993 52200111 Concordia University19 2619872001 1983 1987 Jardine, Mathesons & Co. 39 1419931997 TestRite 118

Inc. Co., Ltd. 19971998 19981999 Zero-One Co. Ltd. 1999 200020002004 PreVision Technology Ltd. 20042005 Abit Computer Co. Ltd. 20059 39 20082 16 Gemalto Technologies Asia Limited Gemalto N.V. 3.21C3 B1 119

8.12 8.12 3A.19 20042005200612312007930 1,775,0002,570,0002,803,000 364,000 20042005200612312007930 1,783,0002,528,000 2,864,000353,000 200612312007930 120

200612312007930 20071231 3,741,000 3A.19 3A.23 121

XV23 10% (1) (2) HKHL.................... 6,350,063,100(L) 47.915% (3).................. 6,750,063,100(L) 50.933% (1) L (2) (3) HKHLHKHL6,350,063,100 47.915% 400,000,0003.018% 18 122

30,000,000,0000.02........................ 600,000,000 12,855,140,7500.02........................ 257,102,815 12,855,140,7500.02........................ 257,102,815 397,582,0000.02......................... 7,951,640 13,252,722,7500.02........................ 265,054,455 (a) (b) (c) (a) 20% 123

(b) (a) (b) (c) 10% (a) (b) (c) 124

20042005 200612312007930 2006930 27 31 4.04(1) 200420052006123120062007930 20071231 27312007 1231 342A(1) 200712314.04(1) 2008331 2007 9302007930 125

930 1231 2004 2005 2006 2006 2007...................... 518,529 681,856 861,656 602,864 765,477.................... (317,569) (419,301) (534,339) (375,874) (462,984)........................ 200,960 262,555 327,317 226,990 302,493....... (2,221) (530) 899 1,055 5,863.................... 11,054 15,432 28,427 19,805 16,673............. (71,631) (82,960) (111,234) (79,693) (97,238).................... (57,253) (69,890) (96,488) (67,744) (82,282).................... 80,909 124,607 148,921 100,413 145,509.................... 1,961 1,869 1,866 1,247 999.................... (1,459) (4,160) (11,096) (7,574) (10,932)....... 502 (2,291) (9,230) (6,327) (9,933)........... 75 (50) (159) (44) (62)............. 81,486 122,266 139,532 94,042 135,514.................. (9,635) (12,516) (15,884) (10,142) (13,353)............. 71,851 109,750 123,648 83,900 122,161........... 72,625 110,774 126,826 85,791 124,205............... (774) (1,024) (3,178) (1,891) (2,044) 71,851 109,750 123,648 83,900 122,161 (1)....................... 38,665 25,777 25,775........... 1,282,689 1,288,841 1,288,838 1,288,841 1,287,398 (2)... 0.057 0.086 0.098 0.067 0.096 (1) 2004200520061231 2007123130% (2) 126

1231 930 2004 2005 2006 2007..................... 315,104 446,137 521,924 570,104................ 30,592 61,136 74,563 81,704............................. 15,218 19,542 26,347 34,948............................. 1,138 7,848 7,947 7,943............................. 519 407 239 1,425..................... 830 652 652 652....................... 516 582 648 522 363,917 536,304 632,320 697,298................................. 103,026 143,484 170,904 164,396....................... 7,101 53,397 110,253 141,251......................... 43,744 49,392 54,974 53,215....................... 59,603 39,583 55,634 67,836........................... 3,959 1,279 1,087 1,129..................... 144,285 163,434 185,114 304,428 361,718 450,569 577,966 732,255............................. 725,635 986,873 1,210,286 1,429,553..................... 544,308 626,651 751,617 877,190......................... 10,234 8,741 7,049 5,158 554,542 635,392 758,666 882,348................................. 55,000 145,829 56,433 305,917......................... 8,175 7,696 5,559 55,000 154,004 64,129 311,476......................... 35,435 71,603 94,044 69,851.............. 58,643 95,915 101,526 97,755................................. 19,864 27,565 189,385 65,690....................... 2,151 2,394 2,536 2,433 116,093 197,477 387,491 235,729............................. 171,093 351,481 451,620 547,205....................... 725,635 986,873 1,210,286 1,429,553....................... 245,625 253,092 190,475 496,526................... 609,542 789,396 822,795 1,193,824 127

AC 2007630 68.6% 40.6%28.5% 200612312007930 90.8%91.0% 1231 930 2004 2005 2006 2006 2007..................... 518,529 681,856 861,656 602,864 765,477....................... 200,960 262,555 327,317 226,990 302,493.... 72,625 110,774 126,826 85,791 124,205..................... 38.8% 38.5% 38.0% 37.7% 39.5%... 14.0% 16.2% 14.7% 14.2% 16.2% 128

20079 200612312007930 3.340 20042005 200612312007930 0.13% 20042005 200612312007930 129

1231 930 2004 2005 2006 2006 2007..................... 512,516 672,348 849,948 594,261 756,346................... (315,520) (414,943) (529,349) (371,457) (457,649)....................... 196,996 257,405 320,599 222,804 298,697....... (2,158) (285) 1,006 1,135 6,362............... 11,053 15,696 29,806 20,696 18,073............. (69,118) (79,454) (105,315) (75,193) (92,173)................... (54,032) (63,093) (85,854) (60,425) (72,234)................... 82,741 130,269 160,242 109,017 158,725................... 1,680 1,607 1,701 1,127 823................... (543) (2,285) (4,965) (3,589) (3,270)....... 1,137 (678) (3,264) (2,462) (2,447)........... 75 (50) (159) (44) (62)............. 83,953 129,541 156,819 106,511 156,216................. (9,533) (12,897) (16,292) (10,489) (15,483)............. 74,420 116,644 140,527 96,022 140,733........... 74,891 116,814 141,192 96,279 141,044............... (471) (170) (665) (257) (311) 74,420 116,644 140,527 96,022 140,733 130

1231 930 2004 2005 2006 2007..................... 283,429 338,958 398,333 425,718................. 21,386 28,207 34,647 41,707.............................. 3,059 2,992 2,829 2,806.............................. 1,138 1,416 1,515 1,511.............................. 519 407 239 1,425..................... 830 652 652 652....................... 516 582 648 522 310,877 373,214 438,863 474,341.................................. 102,775 142,628 169,948 162,638....................... 22,751 23,230......................... 43,334 48,205 54,445 52,718......... 65,283 69,819 146,448 65,265......... 3,959 914 1,052 1,092..................... 117,098 140,268 167,419 276,807 332,449 401,834 562,063 581,750.............................. 643,326 775,048 1,000,926 1,056,091...... 463,952 491,696 593,332 620,172......................... 5,034 4,545 5,312 5,038 468,986 496,241 598,644 625,210.................................. 55,000 105,000 9,173 209,139......................... 34,789 70,464 92,136 66,355............... 62,536 73,384 109,107 109,625.................................. 19,864 27,565 189,385 43,329....................... 2,151 2,394 2,481 2,433 119,340 173,807 393,109 221,742.............................. 174,340 278,807 402,282 430,881....................... 643,326 775,048 1,000,926 1,056,091 131

1231 930 2004 2005 2006 2006 2007..................... 6,027 11,801 13,655 10,507 9,187................... (2,063) (6,651) (6,937) (6,321) (5,391)....................... 3,964 5,150 6,718 4,186 3,796............... (63) (245) (107) (80) (499)............... 1 44 3............. (2,513) (3,506) (5,919) (4,500) (5,065)................... (3,221) (6,797) (10,634) (7,319) (10,048)................... (1,832) (5,398) (9,898) (7,710) (11,816)................... 281 262 165 120 176................... (916) (2,139) (7,554) (4,879) (9,062)....... (635) (1,877) (7,389) (4,759) (8,886)........................ (2,467) (7,275) (17,287) (12,469) (20,702)................. (102) 381 408 347 2,130............. (2,569) (6,894) (16,879) (12,122) (18,572)........... (2,266) (6,040) (14,366) (10,488) (16,839)............... (303) (854) (2,513) (1,634) (1,733) (2,569) (6,894) (16,879) (12,122) (18,572) 132

1231 930 2004 2005 2006 2007..................... 31,675 107,179 123,591 144,386................ 9,206 32,929 39,916 39,997............................. 12,159 16,550 23,518 32,142............................. 6,432 6,432 6,432 53,040 163,090 193,457 222,957................................. 251 856 956 1,758....................... 7,101 53,397 87,502 118,021......................... 410 1,187 529 497........ 28,519 12,319 22,701 31,191........ 365 35 37..................... 27,187 23,166 17,695 27,621 63,468 91,290 129,418 179,125............................. 116,508 254,380 322,875 402,082......................... 80,356 134,955 158,285 257,018......................... 5,200 4,196 1,737 120 85,556 139,151 160,022 257,138................................. 40,829 47,260 96,778......................... 8,175 7,696 5,559 49,004 54,956 102,337......................... 646 1,139 1,908 3,496.............. 30,306 65,086 105,934 16,750................................. 22,361....................... 55 30,952 66,225 107,897 42,607............................. 30,952 115,229 162,853 144,944....................... 116,508 254,380 322,875 402,082 133

2004200520062007930 930 1231 2004 2005 2006 2006 2007....................... 117,679 119,978 132,292 86,575 85,126................. 134,296 196,311 268,168 192,454 257,587................... 105,639 149,110 199,885 176,060 214,959 200693086,5752007 93085,126 930 1231 2004 2005 2006 2006 2007....................... 1,847 2,228 2,324 2,207 2,702................. 1,009 1,011 1,032 1,015 1,068................... 1,410 1,314 1,287 1,146 1,138 134

200612312007930 2004200520061231 2007930 42.4% 47.5% 49.5%47.5% 68.9% 77.0% 79.5%78.5% 2007930 50%20042005 20061231 2007930 135

930 1231 2004 2005 2006 2006 2007 %....................... 31.3 35.9 34.7 32.6 37.1................. 42.6 35.3 34.7 34.5 39.2................... 47.5 46.1 45.4 45.8 43.2 (CCTV) 20042005200612312007930 13.5% 11.8% 12.4%12.2% 20042005200612312007930 10.5% 9.4% 10.1%9.6% 136

200811 33% 2006123160 200811 2007930190 200833%25% 20081231 300 D. E. 20042005200612312007930 8691,1422,3231,031 137

3.............................................................................................................................................................................. 2060 215 520 138

(a) (b) (c) (d) (e) (f) 139

1231 930 2004 2005 2006 2006 2007 % % % % %......................... 217,389 42.4 267,267 39.8 307,511 36.2 191,053 32.1 230,031 30.4................... 135,544 26.4 198,487 29.5 276,754 32.5 195,303 32.9 275,144 36.4..................... 148,924 29.1 195,962 29.1 257,314 30.3 201,827 34.0 244,666 32.3......................... 10,659 2.1 10,632 1.6 8,369 1.0 6,078 1.0 6,505 0.9......................... 512,516 100.0 672,348 100.0 849,948 100.0 594,261 100.0 756,346 100.0 20042005200612312007930 42.4% 39.8% 36.2%30.4% 200420052006 1231200793026.4% 29.5% 32.5%36.4% 29.1% 29.1% 30.3%32.3% 200420052006 20042.173920063.0751 18.9% 20041.355420062.7675 42.9% 20041.48922006 2.573131.4% 140

200612312007930 68.9% 77.0% 79.5% 78.5% 930 1231 2004 2005 2006 2006 2007................... 217,361 319,529 420,715 293,249 359,060....................... 27,705 30,522 31,410 24,837 27,387............. 25,022 30,647 38,571 26,218 27,923............... 28,135 36,567 44,756 31,269 33,668.................... 7,351 7,653 9,763 6,064 10,724................. 9,946 (9,975) (15,866) (10,180) (1,113)........................ 315,520 414,943 529,349 371,457 457,649 141

20081133% 33% 2007316200811 20081125% 25% 20042005200612312007930 25%16.5% 0%30% 30 142

1231 930 2006 2004 2005 2006 2007........................... 100.0 100.0 100.0 100.0 100.0............................. 42.4 39.8 36.2 32.1 30.4....................... 26.4 29.5 32.5 32.9 36.4......................... 29.1 29.1 30.3 34.0 32.3............................. 2.1 1.6 1.0 1.0 0.9......................... (61.6) (61.7) (62.3) (62.5) (60.5)............................. 38.4 38.3 37.7 37.5 39.5............. (0.4) (0.0) 0.1 0.2 0.8..................... 2.2 2.3 3.5 3.5 2.4................... (13.5) (11.8) (12.4) (12.7) (12.2)......................... (10.5) (9.4) (10.1) (10.2) (9.6)......................... 16.1 19.4 18.9 18.3 21.0................. 0.0 0.0 0.0 0.0 0.0............. 0.2 (0.1) (0.4) (0.4) (0.3)................... 16.4 19.3 18.5 17.9 20.6....................... (1.9) (1.9) (1.9) (1.8) (2.0)................... 14.5 17.3 16.5 16.2 18.6................. 14.6 17.4 16.6 16.2 18.6..................... (0.1) (0.1) (0.1) (0.0) (0.0) 14.5 17.3 16.5 16.2 18.6 20069302007930 20069305.942627.3%2007 7.5635 20069303.714623.2% 20079304.5765 20069302.932522.4%2007 3.5906 143

20069302.22834.1%2007 2.98702006 93037.5% 200739.5% 200693032.6%200737.1% 200693034.5%200739.2% O45.8% 43.2% 20069302,07012.7%2007 1,807 20069307,51922.6%2007 9,217 20069306,04319.5%2007 7,223 20069302460.6%2007 245 20069301,04947.6%2007 1,5482006930 9.8%20079309.9% 200693026 200731 20069309,628 46.5%20071.4104 200693016.2%200793018.6% 144

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20051.168120.9% 20061.4119200517.4% 200616.6% 2004123120051231 20045.125231.2%20056.7235 20043.155231.5%20054.1494 200412312.173647.0%200512313.1953 20041.97030.7%20052.5740 200438.4% 2005 38.3% 2004123131.3%20051231 35.9% 42.6%35.3% 2004123147.5% 2005123146.1% 20041,10542.0%20051,570 20042005 2005 20046,91215.0%20057,945 146

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3,432 8,118 731 2,5781,541 20061.28782006 1.56822,804 3,884 3,572 2,167 7,663 2,7321,627 20051.51822005 1.29542,2283,640 3,568 1,081 3,9851,272 20047,3362004 8,3951,0593,234 4,031 2004200520062007930 7,8401.48951.46961.6077 20079302,559 2.63922.10012,578 20064,096 1.88791.22792,578 148

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2007 1231 930 2004 2005 2006................................. 19,645 36,645 19,123 20,452............................ 14,951 15,416 37,496 21,891.............................. 20,938 49,305 47,553 17,097.................................. 4,776 3,315 5,876 2,120................................ 62 97 13,265 130........................... 60,372 104,778 123,313 61,690 2007930741 20071.2320082.082007 2008 20072008 12 2007 1231 930 2004 2005 2006..................... 119 125 117 96..................... 102,775 142,628 169,948 162,638 150

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1231 2007 2008 2004 2005 2006 930 131 1............... 19,864 27,565 189,385 65,690 2,773 12...................... 105,000 11,737 11,071 25...................... 55,000 2,475 3,781 251,713 168,000 5......................... 38,354 40,915 43,133 74,864 173,394 245,818 371,607 170,773 20081311.4%5.5% 12 200420052006123120079302008131 2008131 2008131 2008 131 2008131 200521 154

200571 2005 34 2004200520061231200793010% 1231 930 2004 2005 2006 2007 10%............................ (7,949) (6,019) (9,818) (13,853) 10%............................ 7,949 6,019 9,818 13,853 10%............................ (20,451) (10,164) (13,453) (25,742) 10%............................ 20,451 10,164 13,453 25,742 155

22 2004200520061231200793010 1231 930 2004 2005 2006 2007 10%............................ (145) (413) (1,109) (893) 10%............................ 145 413 1,109 893 2008131 156

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2007123130% 12 2007930 160

13.533.55 65%8.803.55 3,0005.8 1.5 1.2 20081231 2009331 17,000239,000 43,000 25%3.383.55 552.77 10%1.353.55 78.943.55 161

13.533.55 HKHL 162

2008310 8 HKHL (a) (i) (ii) 163

(iii) (iv) (v) (vi) (vii) (b) (i) (ii) (iii) (iv) 164

(v) (vi) (vii) (viii) (ix) (a) (b) (c) (d) (a) (b) (c) HKHL (a) 165

(b) (c) (a)(b) (d) (a)(b)(c) (a)(b)(c) 10.07HKHL (a) 10.07(2) (b) 10.07HKHL (a) 155 (b) 166

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(i) (ii) (iii)(i) (ii)(iv) (v)(vi) (ii)(iii)(iv)(v) 200841330 171

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10% 3.553.004.10 13.53 2008325 (i) (ii) (iii) 173

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HKHL 1.927.78421.00 14.94573.00 1,000498,184,000 20.37% 3.76% President (BVI) International Investment Holdings Ltd. 25.38% HKHL Arisaig Arisaig Greater China Fund LimitedAGCF AGCF 2,0007.78421.00 1.55681,000 3.00AGCF 51,894,0002.12% 0.39% AGCF20081318.525 AGCF Arisaig Asia Fund LimitedAAF 79.23%AGCF AAF Smart Peace Smart Peace Development Ltd.Smart PeaceSmart Peace 2,0007.78421.001.5568 1,0003.00 175

Smart Peace 51,894,0002.12% 0.39% Smart Peace 939 Chimera Chimera Financial Investments LLCChimeraChimera 2,0007.78421.001.5568 1,0003.00 Chimera 51,894,000 2.12% 0.39% Chimera Chimera GCC Readh Al Kindi Chimera 53% Chimera Readh Al Kindi Hucianda Holdings Limited Hucianda Holdings Limited Hucianda Hucianda 2,5007.78421.001.9460 1,0003.00 Hucianda 64,868,000 2.65% 0.49% Hucianda 0001 2,0007.78421.00 1.55681,000 176

3.00 51,894,000 2.12% 0.39% 127 Rabobank Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. Hong Kong Branch RabobankRabobank 1,700 7.78421.001.3233 1,0003.00 Rabobank 44,110,000 1.80% 0.33% Rabobank International Rabobank Group AAAAaaRabobank 2007 2007500175 Rabobank Group Rabobank International Robeco GroupSarasin Rabo Investment Management De Lage Landen Rabo Bouwfond N.V. PIDC President International Development Corporation PIDC PIDC 2,0007.78421.001.5568 1,000 3.00PIDC 51,894,0002.12% 0.39% 3,0007.78421.002.3353 1,0003.00 177

77,842,000 3.18% 0.59% PIDC 62.5% 220 Cayman President Holdings Ltd. Cayman President Holdings Ltd. 73.49% PIDC 5,0007.78421.00 3.89211,000 3.00PIDC 129,736,000 5.30% 0.98% Will Rich Investments Limited Will Rich Investments LimitedWill RichWill Rich 2,0007.78421.001.5568 1,0003.00 Will Rich 51,894,000 2.12% 0.39% Will Rich 3988 (i) (ii)(iii) (iv) 178

HKHL 179

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