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二零一零年年報 SINO BIOPHARMACEUTICAL LIMITED SINO BIOPHARMACEUTICAL LIMITED SINO BIOPHARMACEUTICAL LIMITED (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1177) Annual Report 2010 Annual Report 2010 二零一零年年報

2 5 9 10 13 18 27 42 49 51 53 54 55 57 59 61 62 1

: 130 2

GMP PVC GMP GMP http://www.sinobiopharm.com 3

4 1.1 55.588% 55.588% 60% 75% 51% 60% 55.6% 33.6% 60% 55 55 51% 51% 51% 60.898% 60% 60% 60.898% 60.898% 60.898% 55% % % % 5% 100% 75%

4,086,144 3,234,975 2,272,788 1,159,225 728,940 (784,858) (639,636) (473,245) (205,764) (138,788) 3,301,286 2,595,339 1,799,543 953,461 590,152 243,391 61,899 104,431 103,416 97,198 (1,677,386) (1,287,499) (876,591) (503,751) (327,720) (539,866) (416,852) (305,493) (154,708) (121,802) (232,680) (151,568) (112,492) (53,743) (31,254) (5,804) (2,773) (9,135) (2,575) (2,205) (1,426) 929 216 704 1,087,515 799,475 600,263 342,316 205,073 (228,146) (135,028) (118,260) (33,972) (22,106) 859,369 664,447 482,003 308,344 182,967 566,897 396,962 297,615 224,353 141,172 292,472 267,485 184,388 83,991 41,795 859,369 664,447 482,003 308,344 182,967 5,620,836 3,766,321 3,267,380 2,582,099 2,215,110 (1,319,288) (738,377) (615,446) (361,796) (183,611) 4,301,548 3,027,944 2,651,934 2,220,303 2,031,499 (653,863) (553,596) (423,006) (201,055) (122,937) 5

1.2 5,000,000 4,086,144 4,000,000 41% 3,234,975 3,000,000 2,272,788 2,000,000 1,000,000 728,940 1,159,225 0 2006 2007 2008 2009 2010 1.3 900,000 859,369 750,000 600,000 36% 482,003 664,447 450,000 308,344 300,000 182,967 150,000 0 2006 2007 2008 2009 2010 6

1.4 1,200,000 1,094,460 1000,000 800,000 757,694 600,000 400,000 200,000 0 310,265 257,086 53,206 29,274 73,405 17,964 60,798 15,216 59,857 14,734 2006 2007 2008 2009 2010 443,184 264,137 206,381 168,056 125,777 129,295 50,607 602,311 467,738 269,366 634,049 333,856 239,570 191,168 183,677 103,197 288,164 155,008 647,907 454,337 209,180 202,642 1.5 1.6 5,000,000 4,301,548 2,500,000 7% 2,338,495 4,000,000 16% 3,027,944 2,000,000 1,684,162 1,775,751 1,875,005 1,827,313 3,000,000 2,031,499 2,220,303 2,651,934 1,500,000 2,000,000 1,000,000 1,000,000 500,000 0 2006 2007 2008 2009 2010 0 2006 2007 2008 2009 2010 7

1.7 7.1% 44.2% 20.6% 6.9% 21.2% 1.8 800,000 700,000 647,907 600,000 500,000 400,000 300,000 200,000 100,000 155,008 144,804 0 A B C A B C 8

9 Red Herring

CPI 10

CPI 408,614 26.3%56,690 42.8% 11.68 33.2% 233,850 GMP 11

PVC 12

20.6% DDS GMP 109,44644.4% PVC 5,572 2.2% 5,121 3.4% 15,501 50.2% 14,692 55.5% PVC 13

180,576 44.2% 20,918 12.7% 20,26410.3% 45,434 36.1% 64,791 2.2% 8,937 19.4% 14,480 14

28,319 48.5% DDS 28,816 50.7% 3,000 3,68011.7% 15 48 10 10 9 4 1 14 22,972 5.6% 421 184 3 2243 24 15

21 2010 32 20 37 233,850 182,731 2,824 114 12,706 16

562,084 376,632 131,929 73,838 23.5% 19.6% China Alpha II Fund CITIC Securities Alpha Leaders Fund 2.1 200,000,000 27,500,000 27,500,000 398,552,000 249,937,000 3.35 185,000,000 113,777 11,292,000 0.02534,087,336122,051 6,820,000 3.10 2.95 20,620,840 1,852,000 3.05 3.00 5,606,496 2,620,000 3.00 3.00 7,860,000 11,292,000 34,087,336 17

A. 18

19

A.2.1 20

(1) (3) (2) 21

22

23

3/4 1/1 4/4 3/4 4/4 3/4 4/4 4/4 3/4 1/1 3/4 4/4 4/4 1/4 1/1 1/4 4 1 4 24

B. 2,737 20 25

C. http://www.sinobiopharm.com 26

18 53 138 2 2 2 293,473,000 2 27

4,086,144 3,234,975 2,272,788 1,159,225 728,940 (784,858) (639,636) (473,245) (205,764) (138,788) 3,301,286 2,595,339 1,799,543 953,461 590,152 243,391 61,899 104,431 103,416 97,198 (1,677,386) (1,287,499) (876,591) (503,751) (327,720) (539,866) (416,852) (305,493) (154,708) (121,802) (232,680) (151,568) (112,492) (53,743) (31,254) (5,804) (2,773) (9,135) (2,575) (2,205) (1,426) 929 216 704 1,087,515 799,475 600,263 342,316 205,073 (228,146) (135,028) (118,260) (33,972) (22,106) 859,369 664,447 482,003 308,344 182,967 566,897 396,962 297,615 224,353 141,172 292,472 267,485 184,388 83,991 41,795 859,369 664,447 482,003 308,344 182,967 5,620,836 3,766,321 3,267,380 2,582,099 2,215,110 (1,319,288) (738,377) (615,446) (361,796) (183,611) 4,301,548 3,027,944 2,651,934 2,220,303 2,031,499 (653,863) (553,596) (423,006) (201,055) (122,937) 28

14 32 33 11,292,000 0.02534,087,336 122,051 34 99,133,000 95,659,000 1,790,275,000 1,112,281,000 30% 30% 5% 29

87 42 48 38 30

571 XV352 (1) 90,000,000 2,020,417,815 2,110,417,815 42.58% (2) 2,110,417,815 2,110,417,815 42.58% 400,000 400,000 0.01% 34,224,000 34,224,000 0.69% 3,599,999 3,599,999 0.07% (1) Remarkable Industries Limited Validated Profits Limited 2,020,417,815 (2) 31

(a) 120,000,000 24% (b) 120,000,000 24% 32,333 0.35% 32,027 0.35% 229,250 0.18% 26,583 0.53% 151,335 0.31% 22,680 0.3% 7,560 0.1% 229,250 0.18% 26,583 0.53% (a) (b) 151.33% 140% 352 32

336 Validated Profits Limited (1) 1,590,977,815 32.09% Remarkable Industries Limited (1) 429,440,000 8.67% (1) Validated Profits Limited Remarkable Industries Limited 336 33

38 60% 33.5% 20,000,00020,427,00025,000,00025,534,00030,000,000 30,640,000 21,411,00024,575,000 5,000,0005,107,0007,000,000 7,149,000 9,000,0009,192,000 3,887,000 4,461,000 50/50 3,000,0003,326,000 3,300,0003,659,0003,630,0004,025,000 3,000,0003,443,000 7,800,000 8,874,0009,000,00010,239,00012,000,00013,652,000 3,888,000 4,463,000 5,000,000 5,689,000 34

2,500,000 2,900,0003,000,000 3,400,000 3,500,000 4,000,000 40,000,000 45,900,000 60,000,00068,900,000 80,000,000 91,900,000 1,000,000 1,100,0003,000,000 3,400,000 5,000,000 5,700,000 10,000,000 11,500,000 15,000,00017,200,000 2,000,0002,300,0004,000,000 4,600,000 6,000,000 6,900,000 30,000,00034,500,00037,000,000 42,500,00045,000,000 51,700,000 35

9,000,000 10,300,000 10,300,000 11,500,000 11,000,000 12,600,000 6,000,000 6,900,0008,000,000 9,200,000 10,000,000 11,500,000 4,000,0004,600,000 5,000,000 5,700,000 6,000,000 6,900,000 4,000,0004,600,0006,000,0006,900,0008,000,000 9,200,000 4,000,0004,600,0005,000,0005,700,0006,000,000 6,900,000 10,000,00011,500,000 11,000,000 12,600,000 12,000,000 13,800,000 36

Orient Success International Limited ( OSIL ) OSIL 3,000,0003,400,000 5,000,0005,700,0007,000,0008,000,000 50% 3,800,0004,400,000 4,200,0004,800,000 4,600,000 5,300,000 10 150,000172,000180,000,000207,000216,000 248,000 Ace Elite Investments Limited 25% 201,704,000231,657,000 199,383,000 228,992,000 2,320,5002,665,000 Validated Profits Limited Validated Profits (a) Validated Profits Validated Profits 7.5% (b) 2.5% * 37

25% ABH ABH ABH, (i) 30% (ii) 50% (i) (ii) 38

(i) (ii) 20% (iii) (i) (ii) (iii) 39

8,590 3.10(1) 3.10(2) 40

41

59 10 54 48 () 42

AOTS 41 47 61 67 43

47 67 42 SOAS Joseph & ChanClifford Chance 57 44

47 ACCA ACCA IPMA-HR 52 42 EMBA 49 64 47 MBA 44 GMP 45

52 54 55 41 39 49 43 GMP 46 47 69 46

63 41 EMBA 44 63 48 Institut National des Sciences Appliquees ((INSA) de Toulouse Ecole Superieure de Commerce (ESC) de Toulouse 53 57 47

41 Oregon State University ESMOD Ecole International de Mode 33 1999 9 39 44 9 48

1177 www.sinobiopharm.com FCCA, CPA 166 1 43 49

Butterfield Fulcrum Group (Cayman) Limited P.O. Box 705 Butterfield House Fort Street George Town Grand Cayman Cayman Islands 28 26 Codan Trust Company (Cayman) Limited Century Yard Cricket Square Hutchins Drive P.O. Box 2681GT George Town Grand Cayman British West Indies 1 41 09 15 33 Conyers Dill & Pearman, Cayman Century Yard Cricket Square Hutchins Drive P.O. Box 2681GT George Town Grand Cayman British West Indies 1 C2308A 8 2 18 18 1 29 A 50

53 138 51

8 2 18 52

5 4,086,144 3,234,975 (784,858) (639,636) 3,301,286 2,595,339 5 243,391 61,899 (1,677,386) (1,287,499) (539,866) (416,852) (232,680) (151,568) 7 (5,804) (2,773) 20 (1,426) 929 6 1,087,515 799,475 10 (228,146) (135,028) 859,369 664,447 11 566,897 396,962 292,472 267,485 859,369 664,447 13 11.68 8.77 12 53

859,369 664,447 41,080 38,081 (7,160) (8,502) 33,920 29,579 94,252 (9,426) 128,172 20,153 987,541 684,600 11 662,847 415,218 324,694 269,382 987,541 684,600 54

14 1,242,999 895,289 15 140,907 77,675 16 67,308 47,684 17 65,156 55,034 20 29,338 6,918 21 29,820 29,820 31 15,589 14,072 1,591,117 1,126,492 22 369,158 211,368 23 625,908 479,034 24 97,693 64,916 25 491,223 53,898 38(c) 107,242 3,300 26 2,338,495 1,827,313 4,029,719 2,639,829 27 159,515 123,092 28 851,492 526,793 29 28,236 1,136 53,472 33,236 38(c) 2,845 2,747 1,095,560 687,004 2,934,159 1,952,825 4,525,276 3,079,317 55

30 25,747 10,581 29 127,062 31 70,919 40,792 223,728 51,373 4,301,548 3,027,944 32 123,916 113,198 34(a) 3,424,636 2,265,491 12 99,133 95,659 3,647,685 2,474,348 653,863 553,596 4,301,548 3,027,944 56

32 34(a) 12 56,599 281,846 16,622 17,505 20,743 152,716 78,632 1,558,986 45,279 2,228,928 423,006 2,651,934 396,962 396,962 267,485 664,447 17,221 17,221 12,358 29,579 1,035 1,035 (10,461) (9,426) 17,221 1,035 396,962 415,218 269,382 684,600 (138,792) (138,792) (45,279) (45,279) (45,279) 56,599 (56,599) 12 (124,519) (124,519) (124,519) 12 (95,659) 95,659 66,939 (66,939) 113,198 225,247* 16,622* 34,726* 20,743* 219,655* 79,667* 1,668,831* 95,659 2,474,348 553,596 3,027,944 57

32 34(a) 12 113,198 225,247 16,622 34,726 20,743 219,655 79,667 1,668,831 95,659 2,474,348 553,596 3,027,944 566,897 566,897 292,472 859,369 23,651 23,651 10,269 33,920 72,299 72,299 21,953 94,252 23,651 72,299 566,897 662,847 324,694 987,541 35 43,824 43,824 18 (217,825) (217,825) (69,006) (286,831) 22,872 22,872 22,872 1.4% (32) (3,714) 623 (5,857) (8,980) (8,980) (199,245) (199,245) 12 (95,659) (95,659) (95,659) 32 11,000 1,126,765 1,137,765 1,137,765 32 (282) (33,928) (34,210) (34,210) 12 (293,473) (293,473) (293,473) 12 (99,133) 99,133 94,808 (94,808) 123,916 1,318,084* (178,363)* 58,377* 20,743* 310,749* 152,589* 1,742,457* 99,133 3,647,685 653,863 4,301,548 * 3,424,636,000 2,265,491,000 58

1,087,515 799,475 7 5,804 2,773 20 1,426 (929) 5 (18,597) (15,460) 5 (11,182) (8,674) 14 82,244 58,377 6/14 559 (1,008) 15 2,465 1,834 17 3,422 1,884 17 278 598 6 5,730 7,537 5/6 (181,836) (4,862) 5 (793) 1.4% 6 1,084 978,912 840,752 (141,585) (26,124) (113,943) (119,746) (31,976) (28,097) (255,489) (49,036) (104,049) (877) 26,650 48,679 313,856 158,463 15,166 2,699 98 (8,540) 687,640 818,173 (184,969) (131,481) 502,671 686,692 59

502,671 686,692 18,597 15,460 11,182 8,674 (361,706) (340,394) (65,052) 46,174 2,340 17 (12,216) (13,699) 21,056 35 (43,322) (286,831) 20 (23,905) (5,989) 1.4% 1,431 (631,040) (8,055) (1,346,688) (320,607) 1,137,765 (34,210) (5,804) (2,773) (389,132) (169,798) (199,245) (138,792) 139,027 (1,136) (101,086) 647,265 (412,449) (196,752) (46,364) 1,738,980 1,794,727 76,894 (9,383) 1,619,122 1,738,980 26 920,947 408,542 26 698,175 1,330,438 1,619,122 1,738,980 60

14 4,751 5,579 18 686,519 101,519 20 23,278 714,548 107,098 18 546,227 135,449 24 15,110 2,405 25 110,823 53,898 26 852,283 1,171,041 1,524,443 1,362,793 18 200,315 124,019 28 25,352 24,734 225,667 148,753 1,298,776 1,214,040 2,013,324 1,321,138 2,013,324 1,321,138 32 123,916 113,198 34(b) 1,790,275 1,112,281 12 99,133 95,659 2,013,324 1,321,138 61

1. 1 4109 2.1 2.4 (i) (ii) (iii) (i) (ii) (iii) 62

2.1 2.2 1 1 2 3 27 39 17 5 4 5 1 2 39 5 4 3 27 74 5 63

2.2 (a) 3 27 3 27 7 1221 28 31 (b) 7 64

2.3 1 1 7 2 1 1 4 7 7 4 9 6 12 12 5 24 3 32 32 1 14 14 3 2 19 3 27 17 1 34 13 1 2 3 4 5 6 9 39 39 65

2.3 9 39 9 9 39 39 9 24 24 66

2.3 (a) 3 7 32 39 3 (b) (c) 1 27 27 21 28 31 27 67

2.4 (a) (b) (c) (d) 20% 39 20% 68

2.4 20 39 69

2.4 70

2.4 (a) (b) (c) (d) (e) (f) (i)(ii) (iii) (a) (d) (d) (e) 71

2.4 4%-5% 5%-20% 5%-9% 9%-18% 18% 72

2.4 39 73

2.4 39 74

2.4 (a)(b) 75

2.4 (a) (b) 76

2.4 77

2.4 39 78

2.4 79

2.4 80

2.4 (i) (ii) 81

2.4 82

2.4 (a) (b) (c) 83

2.4 84

2.4 85

3. 70,574,000 41,932,000 31 67,308,000 47,684,000 16 2.4 56,450,000 48,671,000 17 86

4. (a) (b) (c) 87

4. 4,085,215 929 4,086,144 4,085,215 929 4,086,144 1,105,474 155,204 (5,709) 1,254,969 21,669 (1,426) (187,697) 1,087,515 (228,146) 859,369 4,719,189 825,100 31,620 5,575,909 29,338 15,589 5,620,836 1,092,372 98,522 4,003 1,194,897 124,391 1,319,288 85,524 23 2,584 88,131 438,622 322 30 438,974 5,730 5,730 88

4. 3,231,327 3,648 3,234,975 3,231,327 3,648 3,234,975 853,535 14,353 (14,920) 852,968 21,436 929 (75,858) 799,475 (135,028) 664,447 3,664,865 38,717 41,749 3,745,331 6,918 14,072 3,766,321 663,296 1,053 664,349 74,028 738,377 59,822 2,273 62,095 352,096 1,997 354,093 7,537 7,537 90%90% 10% 89

5. 4,086,144 3,234,975 18,597 15,460 11,182 8,674 * 17,483 12,130 10,658 12,996 1,008 3,072 5,976 60,992 56,244 563 181,836 4,862 793 182,399 5,655 243,391 61,899 * 90

6. 784,858 639,636 14 82,244 58,377 15 2,465 1,834 * 17 3,422 1,884 * 17 278 598 229,720 144,684 559 (1,008) (563) 6,293 7,537 5 (18,597) (15,460) 5 (11,182) (8,674) 1.4% 1,084 5 (181,836) (4,862) 10,110 8,601 2,757 2,316 8 361,536 240,782 ** 37,016 9,155 398,552 249,937 23 7,353 372 616 1,045 * ** 20% 23% 20% 23% 5% 5% 91

7. 5,804 2,773 8. 161 576 458 14,048 12,668 143 108 9,746 8,755 23,937 21,531 24,513 21,989 (a) 180 150 180 110 216 198 576 458 92

8. (b) 5,980 8,100 12 14,092 1,882 120 53 2,055 492 976 54 1,522 1,001 12 1,013 1,430 550 12 1,992 2,255 2,255 1,008 1,008 14,048 9,746 143 23,937 5,460 8,000 12 13,472 1,715 49 1,764 255 255 23 533 975 12 987 1,300 500 12 1,812 1,955 1,955 1,008 1,008 12,668 8,755 108 21,531 9. 8 93

10. 16.5%16.5% (362) 518 175,660 135,628 31 52,848 (1,118) 228,146 135,028 15% 15% 50%11% 50% 11% 15% 25% 94

10. 1,145,000 (57,485) 1,087,515 286,250 (9,485) 276,765 (101,344) (101,344) (2,492) (8,777) (11,269) 22,047 17,900 39,947 564 564 (13,074) (13,074) 5% 36,557 36,557 191,951 36,195 228,146 883,917 (84,442) 799,475 220,979 (13,932) 207,047 (96,148) (96,148) (6,176) (3,684) (9,860) 3,623 18,131 21,754 18 3 21 (749) (749) (8,943) (8,943) 5% 21,906 21,906 112,604 22,424 135,028 11. 22,320,00078,929,000 34(b) 95

12. 6 4.5 2.8 293,473 124,519 2 2 99,133 95,659 392,606 220,178 13. 566,897,000 396,962,000 4,854,152,0924,527,937,473 96

14. 448,540 7,819 340,664 65,968 80,990 141,627 1,085,608 (7,819) (119,195) (24,753) (38,552) (190,319) 448,540 221,469 41,215 42,438 141,627 895,289 448,540 221,469 41,215 42,438 141,627 895,289 7,784 68,220 21,235 42,477 221,990 361,706 (23,629) (31,756) (13,097) (13,762) (82,244) 35 29,548 22,673 2,223 54,444 1.4% (529) (906) (44) (180) (304) (1,963) 40,521 40,521 (2,196) (38,476) (1,804) (9,428) (51,904) 13,852 24,097 473 (38,422) 10,517 7,933 1,158 2,480 5,062 27,150 524,408 273,254 48,663 66,721 329,953 1,242,999 524,408 7,967 403,843 84,747 105,790 329,953 1,456,708 (7,967) (130,589) (36,084) (39,069) (213,709) 524,408 273,254 48,663 66,721 329,953 1,242,999 7,967 403,843 84,747 105,790 329,953 932,300 524,408 524,408 524,408 7,967 403,843 84,747 105,790 329,953 1,456,708 97

14. 224,619 7,819 236,885 41,728 56,496 180,133 747,680 (7,819) (100,788) (20,983) (33,988) (163,578) 224,619 136,097 20,745 22,508 180,133 584,102 224,619 136,097 20,745 22,508 180,133 584,102 560 31,093 28,588 24,560 255,593 340,394 (16,441) (25,497) (7,604) (8,835) (58,377) 39,089 39,089 (8,567) (508) (802) (9,877) 200,726 88,361 5,012 (294,099) (13) (18) (6) (5) (42) 448,540 221,469 41,215 42,438 141,627 895,289 448,540 7,819 340,664 65,968 80,990 141,627 1,085,608 (7,819) (119,195) (24,753) (38,552) (190,319) 448,540 221,469 41,215 42,438 141,627 895,289 7,819 340,664 65,968 80,990 141,627 637,068 448,540 448,540 448,540 7,819 340,664 65,968 80,990 141,627 1,085,608 98

14. 1,411 9,842 4,460 15,713 (6,613) (3,521) (10,134) 1,411 3,229 939 5,579 1,411 3,229 939 5,579 859 859 (27) (1,336) (394) (1,757) 83 83 4 (36) 19 (13) 1,471 1,857 1,423 4,751 1,471 9,842 5,319 16,632 (7,985) (3,896) (11,881) 1,471 1,857 1,423 4,751 9,842 5,319 15,161 1,471 1,471 1,471 9,842 5,319 16,632 99

14. 1,411 8,134 4,230 13,775 (5,622) (2,986) (8,608) 1,411 2,512 1,244 5,167 1,411 2,512 1,244 5,167 1,707 234 1,941 (26) (987) (534) (1,547) 26 26 (3) (5) (8) 1,411 3,229 939 5,579 1,411 9,842 4,460 15,713 (6,613) (3,521) (10,134) 1,411 3,229 939 5,579 9,842 4,460 14,302 1,411 1,411 1,411 9,842 4,460 15,713 524,408,000 448,540,000 40,521,00039,089,000 23,651,000 17,221,000559,000 1,008,000 403,928,000 367,602,000 100

15. 79,509 81,341 65,052 1.4% (166) (2,465) (1,834) 1,668 2 143,598 79,509 (2,691) (1,834) 140,907 77,675 16. 47,684 35 19,282 342 67,308 47,684 58% 101

16. 17. 12,512 49,476 61,988 3,545 8,671 12,216 1.4% (260) (260) (278) (278) 707 1,509 2,216 16,764 59,118 75,882 6,149 805 6,954 1,632 1,790 3,422 277 73 350 8,058 2,668 10,726 8,706 56,450 65,156 102

17. 12,432 36,455 48,887 80 13,619 13,699 (598) (598) 12,512 49,476 61,988 4,567 500 5,067 1,580 304 1,884 2 1 3 6,149 805 6,954 6,363 48,671 55,034 18. 686,519 101,519 546,227 135,449 (200,315) (124,019) 1,032,431 112,949 1,032,431 112,949 103

18. 1,000,000 75 75 1,000,000 Champion First 2 100 Investments Limited Chia Tai Healthcare 100 100 (Holdings) Limited 100 51 60 203,730,000 60 10,000,000 Magnificent Technology 500,000 60 Limited 5,050,000 55.6 104

18. 5,000,000 60 3 60 30,000,000 970,000 60 2 100 2 100 1 100 1 100 55.6 48,960,000 55.6 2 20,000,000 9,363,500 60.9 6 105

18. 60.9 20,000,000 60.9 500,000 60.9 6 9,281,900 1 100 7,560,000 51 51 1,250,000 51 5,000,000 1 100 1 100 1 100 106

18. 5 1 100 Ace Elite Investments Limited 10 Ace Elite 6 100 55 4 40,000,000 75,000,000 100 1 1 2 3 4 55% 35 5 6 Ace Elite25% 201,704,000 231,657,000 5.31% 42,842,00049,204,000 107

19. 33.6% 35 500,000,000 325,346 221,849 84,849 66,952 (29,937) (18,489) (1,779) (1,790) 378,479 268,522 467,371 332,809 7,372 1,791 474,743 334,600 (293,260) (151,887) (36,314) (28,879) 145,169 153,834 20. 29,338 6,918 23,278 LTT Bio-Pharma Co., Ltd. LTT 11.38% 6.72% LTT4.93% 23,905,000 1,426,000 929,000 108

20. LTT Bio-Pharma 11.38% Co., Ltd.* * 110,755 4,363 10,541 (12,384) 21. 29,820 29,820 29,820 29,820 5% 109

22. 125,143 76,868 91,651 72,170 150,219 62,029 2,145 301 23. 369,158 211,368 639,740 485,839 (13,832) (6,805) 625,908 479,034 60 180 90 558,643 458,955 91 180 60,329 19,397 180 6,936 682 625,908 479,034 110

23. 6,805 6,433 6 7,353 372 (570) 244 13,832 6,805 613,044 458,076 30 12,712 11,489 31 90 140 6,598 91 180 12 2,618 181 365 253 625,908 479,034 111

24. 32,867 26,192 60,330 34,926 13,776 1,176 1,805 1,964 1,334 1,229 2,691 1,834 97,693 64,916 15,110 2,405 25. 110,823 47,960 110,823 47,960 380,400 5,938 5,938 491,223 53,898 110,823 53,898 26. 920,947 408,542 116,849 10,571 698,175 1,330,438 84,277 1,145,706 719,373 88,333 651,157 14,764 2,338,495 1,827,313 852,283 1,171,041 112

26. 778,307,000 626,656,000 27. 90 138,569 102,868 91 180 14,530 11,338 180 6,416 8,886 159,515 123,092 90 28. 15,805 7,186 162,045 152,499 19,832 18,585 410,597 214,597 5,479 3,325 410 518 196,752 103,538 2,660 23,626 11,514 9 8 42,257 36,941 32 156 851,492 526,793 25,352 24,734 113

29. (%) (%) 5.004-5.31 2011 28,236 4.86 2010 1,136 0.3-4.86 2013 127,062 155,298 1,136 28,236 1,136 127,062 155,298 1,136 0.3% 5.31% 4.86% 30. 114

31. 12,644 23,956 32,052 68,652 35 832 832 10 (663) (107) 36,557 43,984 79,771 (30,511) (30,511) 7,160 7,160 11,981 31,841 38,098 43,984 125,904 31 2,885 8 1,026 37,982 41,932 35 484 1,235 1,719 10 (31) 2,642 (8) 564 23,756 26,923 5,527 2,074 62,973 70,574 115

31. 15,589 (70,919) (55,330) 10,513 15,753 15,350 41,616 10 2,131 (299) 21,906 23,738 (5,204) (5,204) 8,502 8,502 12,644 23,956 32,052 68,652 116

31. 1,117 17 1,210 14,732 17,076 10 31 3,705 (9) (184) 21,313 24,856 31 4,822 8 1,026 36,045 41,932 14,072 (40,792) (26,720) 10% 5% 117

32. 8,000,000,000 0.025 (a) 6,000,000,000 0.025 200,000 150,000 4,956,645,473 0.025 4,527,937,473 0.025 123,916 113,198 4,527,937,473 113,198 225,247 338,445 (b) 255,000,000 6,375 528,113 534,488 (c) (11,292,000) (282) (33,928) (34,210) (d) 185,000,000 4,625 598,652 603,277 4,956,645,473 123,916 1,318,084 1,442,000 (a) (b) (c) (d) 150,000,000 6,000,000,000 0.025 2,000,000,0000.025 200,000,000 8,000,000,000 0.025 255,000,000 0.025 535,500,000 11,292,000 0.025 34,087,000 185,000,000 0.025 619,750,000 118

33. 30% 10% 1% (a) 0.1% (b) 5,000,000 301 (i) (ii) (iii) 119

33. 10 0.10 4 0.025 34. (a) 57 58 (1) (2) (3) 120

34. (b) 281,846 60,464 1,125,677 1,467,987 (78,929) (78,929) (56,599) (56,599) 12 (124,519) (124,519) 12 (95,659) (95,659) 225,247 60,464 826,570 1,112,281 225,247 60,464 826,570 1,112,281 83 (22,320) (22,237) 32 1,126,765 1,126,765 32 (33,928) (33,928) 12 (293,473) (293,473) 12 (99,133) (99,133) 1,318,084 60,464 83 411,644 1,790,275 121

35. 55%61,916,000 72,844,000 54,444 887 16,851 35,144 344 273 29,522 (9,815) (13,987) (16,277) 97,386 53,562 43,824 97,386 53,562 16 19,282 72,844 72,844 122

35. 35,144,000 343,000 38,373,000 343,000 3,229,000 (72,844) 29,522 (43,322) 16,119,000289,000 36. 6,784 7,772 3,960 3,976 11,090 4,854 6,400 30,718 30,213 48,592 42,839 10,360 3,976 123

37. 36 167,208 230,432 722,400 722,400 889,608 952,832 570 37,035 722,400,000 124

38. (a) (i) 4,463 5,894 (ii) 668 668 (ii) 3,443 3,404 (i) (ii) (b) (i) 14A 24,575,000 18,095,000 125

38. (b) (ii) 14A 4,461,000 5,311,000 (iii) 31 A 31 14A 3,443,000 3,404,000 38(a) (iv) (v) 4,463,000 5,894,000 38(a) 126

38. (b) (vi) Ace Elite 25% 25% 201,704,000231,657,000 (vii) 2,500,000 2,900,0003,000,0003,400,000 3,500,000 4,000,000 (viii) 40,000,00045,900,00060,000,00068,900,000 80,000,000 91,900,000 (ix) (x) 1,000,000 1,100,0003,000,0003,400,000 5,000,000 5,700,000 10,000,000 11,500,000 127

38. (b) (xi) 15,000,000 17,200,000 (xii) 2,000,0002,300,0004,000,000 4,600,000 6,000,000 6,900,000 (xiii) 30,000,00034,500,000 37,000,000 42,500,000 45,000,000 51,700,000 (xiv) 9,000,00010,300,00010,300,000 11,500,000 11,000,000 12,600,000 (xv) 6,000,0006,900,0008,000,000 9,200,000 10,000,000 11,500,000 (xvi) 4,000,0004,600,000 5,000,000 5,700,000 6,000,0006,900,000 128

38. (b) (xvii) 4,000,0004,600,000 6,000,0006,900,0008,000,000 9,200,000 (xviii) 4,000,0004,600,000 5,000,0005,700,0006,000,000 6,900,000 (xix) 10,000,00011,500,00011,000,00012,600,00012,000,000 13,800,000 (xx) Orient Success International Limited ( OSIL ) OSIL 3,000,0003,400,000 5,000,000 5,700,000 7,000,0008,000,000 (xxi) 3,800,0004,400,0004,200,000 4,800,000 4,600,000 5,300,000 129

38. (b) (xxii) 10 150,000172,000180,000,000 207,000 216,000 248,000 (xxiii) Validated Profits Limited Validated Profits (a) Validated Profits Validated Profits 7.5% (b) 2.5% (c) (i) 2,845,000 2,747,0003,710,000 3,300,000 103,532,000 103,532,000 130

39. 491,223 491,223 29,820 29,820 625,908 625,908 60,330 60,330 107,242 107,242 2,338,495 2,338,495 491,223 3,131,975 29,820 3,653,018 53,898 53,898 29,820 29,820 479,034 479,034 34,926 34,926 3,300 3,300 1,827,313 1,827,313 53,898 2,344,573 29,820 2,428,291 131

39. 110,823 110,823 13,776 13,776 546,227 546,227 852,283 852,283 110,823 1,412,286 1,523,109 53,898 53,898 1,176 1,176 135,449 135,449 1,171,041 1,171,041 53,898 1,307,666 1,361,564 132

39. 159,515 123,092 410,597 214,597 5,469 3,325 155,298 1,136 2,845 2,747 200,315 124,019 40. 728,255 341,572 205,784 127,344 491,223 53,898 491,223 53,898 29,820 29,820 29,820 29,820 625,908 479,034 625,908 479,034 60,330 34,926 60,330 34,926 107,242 3,300 107,242 3,300 2,338,495 1,827,313 2,338,495 1,827,313 3,653,018 2,428,291 3,653,018 2,428,291 159,515 123,092 159,515 123,092 410,597 214,597 410,597 214,597 155,298 1,136 155,298 1,136 2,845 2,747 2,845 2,747 728,255 341,572 728,255 341,572 133

40. 110,823 53,898 110,823 53,898 13,776 1,176 13,776 1,176 546,227 135,449 546,227 135,449 852,283 1,171,041 852,283 1,171,041 1,523,109 1,361,564 1,523,109 1,361,564 5,469 3,325 5,469 3,325 200,315 124,019 200,315 124,019 205,784 127,344 205,784 127,344 134

41. 50 (776) (776) (50) 776 776 50 (6) (5) (50) 6 5 135

41. % 5 151,427 (5) (151,427) 5 85,329 (5) (85,329) 136

41. 28,236 127,062 155,298 20,946 138,569 159,515 237,777 103,835 68,985 410,597 2,845 2,845 261,568 242,404 97,221 127,062 728,255 1,136 1,136 92,531 20,957 9,604 123,092 53,556 101,900 59,141 214,597 2,747 2,747 148,834 122,857 69,881 341,572 5,479 5,479 3,325 3,325 200,315 200,315 124,019 124,019 205,794 205,794 127,344 127,344 137

41. 25 1% 110,823 1,108/(1,108) 1,108/(1,108) 3,544 35/(35) 35/(35) 376,856 3,769/(3,769) 3,769/(3,769) 47,960 480/(480) 480/(480) 761 9/(9) 9/(9) 42. 138