2 3 4 7 14 18 20 29 30 31 32 33 34 72 1
, FCPA, FCCA, ACIS ACS, FCPA, FCCA, ACIS ACS 4th Floor P.O. Box 2804 George Town Grand Cayman Cayman Islands 18 28 2805 Butterfield Fund Services (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 705 Grand Cayman KY 1-1107 Cayman Islands 183 17 1712-1716 1889 www.wuyi-pharma.com 2
3 250 200 150 100 50 0 1,600 1,200 1,400 1,000 400 600 800 200 0 12 10 8 16 14 18 6 4 2 0 600 500 700 400 300 200 100 0 350 300 319 209 2008 334 272 2007 140 79 2004 117 199 2005 268 119 2006 630 2008 316 2004 417 2005 541 2006 661 2007 1,566 1,488 2008 1,461 1,337 2007 282 164 2004 353 231 2005 527 194 2006 12.2 2008 7.5 2004 11.2 2005 11.0 2006 16.3 2007 18.8% 12.9% 27.5% 73.6% 22.9% 53.5%
630,300,000208,900,000 4.6%23.2% 46,300,000 30% 3.3 20 59 7.8%9.6% 9 4
5 20.0% 7 2009-2011 3 8,500
6
630,300,000 660,700,000 4.6%208,900,000 272,100,000 23.2% 50.6% 1. i) 9 42,300,000 28.3%20.5% 7
ii) 2ml 22,500,000 20.0% iii) 82,300,000 23.3 74,800,000 8
2. 80.8% 11.5% 5.6% 7 13,100,000 2.1% 1.1% 3. 20 59 1. 2009 2011 8,500 9
i 90% 120 ii iii 2. 3. 10
11 4. 5. 60,000 3 1. 630,300,000 660,700,000 4.6%2008 2008 77,000,000 12.2% 14.3% 347,300,000 55.1% 18.2% 424,500,00064.3% 269,900,000 42.8% 14.3%
236,200,000 35.7% 13,100,000 2.1% 82,300,00013.1% 107,300,000 16.2% 287,500,00045.6% 359,900,000 54.5% 2. 4.6% 318,900,000334,200,000 50.6% 50.6% 2008 70.0% 50% 5,600,000 42.7% 3. 23.2%208,900,000 272,100,0002008 28,200,000 11.9% 308.1%50,200,000 12,300,000 37,000,000 44.3% 37,300,000 ( 67,000,000 22,200,000 13,500,000 300,000 12
4. 1,086,400,000 1,102,500,000 30,000,000 35,000,000 2.0% 2.6% 5. 8. 42,700,0006,600,000 14,00018,000 9. 10. 174,300,000 19,500,000 11. 11,600,00059,000,000 12. 683,000,000 5 6. 7. 468 387 230,000,000 114,700,000 62,000,000 40% 37,000,000 113,100,000 13
14 A.2.1 18 19 14
5/5 5/5 5/5 3/5* * 5/5 5/5 3.10 1(2) 3.13 3.13 3/5 5/5 5/5 14 A.2.1 15
16 www.wuyipharma.com www.wuyipharma.com
17 www.wuyi-pharma.com 700,000 29 (www.wuyi-pharma.com) (www.hkex.com.hk)
52 Wuyi BVI Thousand Space Holdings Limited XV Thousand Space Holdings Limited 59 Wuyi BVI Bright Elite Management Limited XV Bright Elite Management Limited 39 Wuyi BVILoyal More Group Limited XV Loyal More Group Limited 51 Wuyi BVI Good East Management Limited XV Good East Management Limited 39. 18
40 42 47 44 50 43 33 35 University of Wollongong 19
20 34 30 3.33.8 49,500,000 58,000,000 16 26 32 87(1) 87 87
3.13 18 19 (i) (ii) (iii) 31 25 27 21
571XV 352 1 12,000,000 (L) 0.70% 248,704,000 (L) 14.55% 2 42,438,267 (L) 2.48% 3 280,352,000 (L) 16.40% 4 117,488,000 (L) 6.87% 5 76,231,500 (L) 4.46% 6 88,442,000 (L) 5.17% 7 3. 136,151,000 Orient Day Management Limited Orient Day Management Limited 23.38% 45.45% 31.17% 4. Bright Elite Management Limited Bright Elite Management Limited 5. Loyal More Group Limited Loyal More Group Limited 66.67% 33.33% Loyal More Group Limited 6. New Asia Partners Investment Holdings Limited NAP NAP Paradigm Capital Limited Paradigm Capital Limited 100% NAP 7. Good East Management Limited Good East Management Limited 64.52% 35.48% Good East Management Limited 1. L 2. Thousand Space Holdings Limited Thousand Space Holdings Limited 22
336 5% 1 Bright Elite 280,352,000 (L) 16.40% Management Limited 280,352,000 (L) 16.40% 2 Thousand Space 248,704,000 (L) 14.55% Holdings Limited 12,000,000 (L) 0.70% 248,704,000 (L) 14.55% 3 42,438,267 (L) 2.48% 4 260,704,000 (L) 15.25% 4 42,438,267 (L) 2.48% 4 Orient Day 136,151,000 (L) 7.96% Management Limited 1 136,151,000 (L) 7.96% 4 Loyal More 117,488,000 (L) 6.87% Group Limited 117,488,000 (L) 6.87% 5 117,488,000 (L) 6.87% 5 Good East 88,442,000 (L) 5.17% Management Limited 88,442,000 (L) 5.17% 6 88,442,000 (L) 5.17% 6 117,952,000 (L) 6.90% 7 Orchid Asia 117,952,000 (L) 6.90% Group 7 Management, Limited Orchid Asia 117,952,000 (L) 6.90% Group, Limited 7 YM Investment 121,600,000 (L) 7.11% Limited 8 133,612,500 (L) 7.81% 133,612,500 (L) 7.81% Manage Corp 133,612,500 (L) 7.81% Limited Pope Investments 102,400,000 (L) 5.99% LLC Pope Asset 155,527,500 (L) 9.10% Management, 9 LLC Wells William P 102,400,000 (L) 5.99% 9 Credit Suisse 133,545,000 (L) 7.81% (Hong Kong) 10 66,772,500 (S) 3.90% Limited Credit Suisse 133,545,000 (L) 7.81% (International) 10 11 66,772,500 (S) 3.90% Holding AG Credit Suisse 133,545,000 (L) 7.81% 10 11 66,772,500 (S) 3.90% 23
(1) (L) (S) (2) Bright Elite Management Limited Bright Elite Management Limited (3) Thousand Space Holdings Limited Thousand Space Holdings Limited (4) 23.38% 45.45% 31.17% Orient Day Management Limited Orient Day Management Limited (5) 66.67% 33.33% Loyal More Group Limited Loyal More Group Limited (9) Pope Asset Management LLC Pope Investments LLC Pope Asset Management LLC Wells William P. (10) Credit Suisse (Hong Kong) Limited Credit Suisse (Hong Kong) Limited Credit Suisse (International) Holding AG94.75% Credit Suisse (International) Holding AG Credit Suisse Credit Suisse (Hong Kong) Limited Credit Suisse (International) Holding AG Credit Suisse Credit Suisse (Hong Kong) Limited (11) Credit Suisse (Hong Kong) Limited Credit Suisse (Hong Kong) Limited Credit Suisse (International) Holding AG 94.75% Credit Suisse (International) Holding AGCredit Suisse XV Credit Suisse (Hong Kong) Limited Credit Suisse (International) Holding AG Credit Suisse 66,772,500 (6) Good East Management Limited Good East Management Limited 64.52% 35.48% Good East Management Limited (7) Orchid Asia Group Management Limited Orchid Asia Group Management LimitedOrchid Asia Group Limited (8) 3,648,000 YM Investment Limited Orchid Asia Co-Investment Limited 117,952,000Orchid Asia Group Management Limited Orchid Asia Group Management LimitedYM Investment Limited Orchid Asia Group Limited 24
25 68 A 23 01 03 Orient Day Management Limited 17,004.75 204,057 0.1% 2.5% 1,000,000 14A.33 14A.31(2)
14A.4514A.48 14A.35 17,500,000 17,000,000 20,000,000 14A.42(3) 13,200,000 14A 60 6 (i) (ii) (iii) 10,000,000 11,400,000 26
(i) (ii) (iii) 14A.3714A.3814A.45 14A.47 (i) (ii) (i) (ii) (iii) 32 27 9 10 (iii) % % 4.5 4.3 21.6 20.0 15.4 14.4 45.5 44.1 27
28 5% 14 17 25 1,200,000 14 3.21
30 71 P00712 29
6 630,326 660,661 (311,381) (326,453) 318,945 334,208 6 7,937 19,850 (50,176) (12,265) (37,277) (66,972) 7 (2,377) (2,535) 8 237,052 272,286 12 (28,166) (170) 208,886 272,116 208,886 272,116 13 49,493 58,010 14 12.2 16.3 30
16 306,965 145,869 17 11,180 11,410 18 21,224 23,610 55,275 7,275 394,644 188,164 19 18,754 23,810 20 66,488 146,339 21 1,086,361 1,102,450 1,171,603 1,272,599 22 41,369 83,528 23 30,000 35,000 25 2,639 868 74,008 119,396 1,097,595 1,153,203 1,492,239 1,341,367 24 11 15 25 3,889 3,889 3,900 3,904 1,488,339 1,337,463 26 17,098 17,098 26 1,471,241 1,320,365 1,488,339 1,337,463 30 71 31
12,800 201,986 (124,106) 53,000 (140,400) 1,156 41,306 23,752 124,764 194,258 4,298 769,293 773,591 (41,746) (41,746) 140,400 140,400 61,467 (61,467) 4,298 727,547 140,400 61,467 (61,467) 872,245 272,116 272,116 (1,156) (1,156) (1,156) 272,116 270,960 17,098 929,533 (124,106) 53,000 102,773 23,752 335,413 1,337,463 208,886 208,886 208,886 208,886 46,336 (46,336) (58,010) (58,010) 46,336 (104,346) (58,010) 17,098 929,533 (124,106) 53,000 149,109 23,752 439,953 1,488,339 32
237,052 272,286 (7,937) (19,850) 2,377 2,535 13,242 6,210 2,386 597 230 254 24 247,374 262,032 5,032 (2,237) 79,851 (10,107) (42,159) 953 290,098 250,641 (26,395) 263,703 250,641 7,937 19,850 (174,338) (19,437) (48,000) (7,275) (214,401) (6,862) (2,377) (2,535) (58,010) 773,591 (41,746) (62,400) 52,000 59,900 (57,000) (67,900) (4) (4) (65,391) 658,906 (16,089) 902,685 1,102,450 199,765 1,086,361 1,102,450 1,086,361 1,102,450 33
1. 2. 39 7 11 12 14 2 19 5 1 1 23 1 27 2 321 1 39 2 127 1 1 2 2 1 3 2 8 1 13 3 15 1 16 4 17 2 18 6 34
2. 1 2 3 4 5 5 6 3 27 3 27 1 3. 4 35
3. a) b) i) ii) c) 36
3. d) 30 10% 20% 20% 10% 20% e) f) 37
3. f) g) 38
3. h) 39
3. h) 30 60 40
3. h) 41
3. i) 34 42
3. j) k) i) ii) iii) 43
3. k) iii) iv) 44
3. l) m) i) ii) iii) 45
3. n) o) i) ii) iii) iv) v) (i) vi) 46
3. p) 4. a) b) 47
4. c) d) 5. 66,488 146,339 1,086,361 1,102,450 1,152,849 1,248,789 66,574 107,786 15 19 66,589 107,805 48
5. i) 1 578 10 95,499 516 380 (791) (1,718) (16) (20) 1 287 10 94,141 ii) 5%5% 5% 5% 5% 12 4,403 49
5. 100 10,864,000 11,025,000 100 50
5. 1,086,361,000 1,102,450,000 6 6 12 1 5 % 23,800 23,800 23,800 12,774 12,774 12,774 5.6 3 3 11 17 15 7.47 1,121 30,187 31,308 30,000 37,698 30,190 11 67,899 66,589 6 6 12 1 5 % 63,120 63,120 63,120 9,666 9,666 9,666 5.6 3 3 17 23 19 7 23,546 13,914 37,460 35,000 96,335 13,917 17 110,269 107,805 51
6. 630,326 660,661 7,937 19,850 7,937 19,850 638,263 680,511 7. 2,376 2,533 1 2 2,377 2,535 52
8. 9 4,412 4,874 3,249 2,256 22,837 19,015 30,498 26,145 (906) (780) 29,592 25,365 13,238 6,205 4 5 13,242 6,210 (592) (376) 12,650 5,834 2,386 597 625 1,658 316 13,492 230 254 927 958 1,812 1,476 311,381 326,453 53
9. 161 1,393 201 44 1,638 1,736 185 39 1,960 836 201 43 1,080 834 185 37 1,056 278 157 35 470 278 101 21 400 319 319 556 556 209 209 208 208 209 209 208 208 209 209 208 208 139 139 139 139 139 139 139 139 3,731 559 122 4,412 4,306 471 97 4,874 54
10. 3 4 2 1 5 5 9 949 621 43 12 992 633 1,000,000 2 1 11. 51,931,000 44,569,000 55
12. (29,034) (868) 868 (28,166) (868) (763) 1,461 (28,166) (170) a) 63 33% 25% 50% 25% 33% 50%12.5% 25% 33% 50% 12.5% 25% 56
12. b) c) d) 237,052 272,286 (61,568) (89,854) (15,356) (26,964) 13,462 14,780 34,428 100,250 868 1,461 157 (28,166) (170) 13. a) 3.3 3.8 56,422 64,971 49,493 58,010 57
13. a) 3.32.9 b) 3.8 64,971 58,010 14. a) 208,886,000 272,116,000 1,709,772,500 1,672,539,521 1,709,773 1,280,000 392,540 1,709,773 1,672,540 58
14. b) 15. 16. 30,746 6,342 2,438 71,708 35,900 147,134 1,031 4,358 14,071 19,460 35,900 (35,900) 66,646 7,373 6,796 85,779 166,594 36,836 77,502 60,000 174,338 66,646 44,209 6,796 163,281 60,000 340,932 2,799 445 647 10,624 14,515 989 279 185 4,757 6,210 3,788 724 832 15,381 20,725 1,848 766 2,983 7,645 13,242 5,636 1,490 3,815 23,026 33,967 61,010 42,719 2,981 140,255 60,000 306,965 62,858 6,649 5,964 70,398 145,869 14,000 18,000 59
17. 11,410 11,664 (230) (254) 11,180 11,410 18. 16,230 7,977 24,207 357 240 597 357 240 597 1,426 960 2,386 1,783 1,200 2,983 14,447 6,777 21,224 15,873 7,737 23,610 60
19. 5,478 11,537 935 425 12,222 11,848 119 18,754 23,810 311,357 326,453 24 311,381 326,453 20. 66,025 145,879 463 460 66,488 146,339 30605 0 30 35,248 74,104 3160 30,777 71,775 66,025 145,879 61
21. 0.1% 3.05%1.75% 5.8% 22. * 1,666 2,546 22,134 60,574 23,800 63,120 911 798 5,150 3,015 6,147 24 4 4 3,698 2,721 36,578 72,790 4,791 10,738 41,369 83,528 * 0 30 11,767 35,357 3160 12,033 27,763 23,800 63,120 62
23. 7.47%7.029% 7.29% 24. 1 6 6 5 4 1 2 6 6 5 5 2 5 5 11 5 10 17 23 15 19 (2) (4) 15 19 1 22 (4) (4) 1 11 15 5.6%5.6% 63
25. a) 29,034 868 (26,395) 2,639 868 b) 4,587 763 12a (1,461) 3,889 3,889 64
26. b(i) b(ii) b(iii) b(iv) b(v) b(vi) 12,800 201,986 (124,106) 53,000 (140,400) 1,156 41,306 23,752 124,764 194,258 4,298 769,293 773,591 (41,746) (41,746) 140,400 140,400 61,467 (61,467) 4,298 727,547 140,400 61,467 (61,467) 872,245 272,116 272,116 (1,156) (1,156) (1,156) 272,116 270,960 17,098 929,533 (124,106) 53,000 102,773 23,752 335,413 1,337,463 17,098 929,533 (124,106) 53,000 102,773 23,752 335,413 1,337,463 208,886 208,886 208,886 208,886 46,336 (46,336) (58,010) (58,010) 46,336 (104,346) (58,010) 17,098 929,533 (124,106) 53,000 149,109 23,752 439,953 1,488,339 65
26. a) 0.01 3,200,000,000 32,000 1,280,000,000 12,800 429,772,500 4,298 1,709,772,500 17,098 17,098 17,098 b) i) ii) a) Wuyi BVI (b) Wuyi BVI (c) 66
26. b) iii) iv) Wuyi BVI v) vi) (i) (ii) (iii) c) (i) (ii) 863,897,000 973,838,000 929,533,000 929,533,00065,636,000 44,305,000 67
26. d) 23 41,369 83,528 30,000 35,000 71,369 118,528 11 15 71,380 118,543 1,488,339 1,337,463 4.80% 8.86% 27. 10 68
27. 164,300,00010% 30% 1% 0.1%5,000,000 1 (i)(ii) (iii) 28. 23,000 29. 584 936 13 580 597 1,516 17 69
30. 8,100 8,100 2,922 50,922 600 11,622 59,022 31. 5% 1,000 32. 13,174 16,997 1,666 2,546 * 204 204 612 408 * 9 70
33. 34. Wuyi BVI 10,000 100% * 1 100% * 50 290,780,000 100% 19,810,000 100% 30,000,000 100% * 71
316,165 417,349 541,320 660,661 630,326 (176,414) (218,479) (272,827) (326,453) (311,381) 139,751 198,870 268,493 334,208 318,945 478 470 2,233 19,850 7,937 (10,961) (13,363) (11,679) (12,265) (50,176) (9,131) (8,394) (38,432) (66,972) (37,277) (63,890) (2,431) (2,917) (2,704) (2,535) (2,377) 117,706 174,666 154,021 272,286 237,052 (38,949) (57,463) (34,630) (170) (28,166) 78,757 117,203 119,391 272,116 208,886 78,909 117,288 119,774 272,116 208,886 (152) (85) (383) 78,757 117,203 119,391 272,116 208,886 39,264 59,146 84,120 58,010 7.5 11.2 11.0 16.3 12.2 282,219 353,420 527,216 1,460,763 1,566,247 (118,035) (122,076) (332,958) (123,300) (77,908) 164,184 231,344 194,258 1,337,463 1,488,339 1. 72