ChatDOC/OCRFlux-bench-single huggingface dataset:
special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle maybe restricted in its ability to contribute additional capital into its PRC subsidiary. Furthermore, failure to comply with the SAFE registration requirements described above could result in liability under PRC law for evasion of foreign exchange controls.

On February 13, 2015, SAFE released the Notice on Further Simplifying the Improving Policies for the Foreign Exchange Administration of Direct Investment (國家外匯管理局關於進一步簡化和改進直接投資外匯管理政策的通知) (the “SAFE Circular 13”), which became effective from June 1, 2015. According to SAFE Circular 13, local banks shall examine and handle foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment registration under SAFE Circular 37. However, there exists uncertainties with respect to its interpretation and implementation by governmental authorities and banks.

As advised by our PRC Legal Adviser, each of Dr. Wang and Dr. Hu is not required to make registration for their respective investments in our Company under SAFE Circular 37 or SAFE Circular 13, and each of Ms. Wang and Ms. Hu has completed the registration for their respective investments in our Company under SAFE Circular 37 on March 29, 2018.

Our PRC Legal Adviser have confirmed that all relevant material registrations, approvals and permits required under PRC laws and regulations in relation to the establishment, increases of registered capital, equity transfers in respect of the PRC subsidiaries of our Group as described above have been completed and obtained.

# OUR STRUCTURE IMMEDIATELY PRIOR TO THE GLOBAL OFFERING

The following diagram illustrates the corporate and shareholding structure of our Group immediately prior to the completion of the Global Offering:
“Over-allotment Option”	the option expected to be granted by our Company to the
International Underwriters, exercisable by the Joint
Representatives on behalf of the International
Underwriters pursuant to the International Underwriting
Agreement, pursuant to which our Company may be
required to allot and issue up to an aggregate of
103,500,000 additional Shares at the Offer Price,
representing 15% of the total number of Offer Shares
initially available under the Global Offering, to, among
other things, cover over-allocation in the International
Offering, if any
“PRC Company Law”	Company Law of the PRC (中華人民共和國公司法)
“PRC government”	the government of the PRC, including all governmental
sub-divisions such as provincial, municipal and other
reigonal or local government entities
“PRC Legal Advisers”	Commerce & Finance Law Offices, legal advisers to our
Company as to PRC laws
“Price Determination Date”	the date, expected to be on or about Thursday, 12
November 2020 and no later than Sunday, 15 November
2020 unless otherwise announced, on which the Offer
Price is to be determined for the purposes of the Global
Offering
“Property Law”	Property Law of the PRC (中華人民共和國物權法)
“Qindgao Sunac”	QindSgao unac A Tour Town ProipertSy ervces Co.,
Ltd. (青島融創阿朶小鎮物業服務有限公司), a company
established in the PRC with limited liability on 17 July
2018 and an indirect subsidiary of our Company, which
was owned as to 70% by Sunac Property Services and
30% by Qindao LonhiPSga roperty ervices Co., Ltdg.
(青島隆海物業服務有限公司), an Independent Third
Party save for its equity interest in Qindgao Sunac, as at
the Latest Practicable Date
“Qindgao Sunac Livable
Community”	QindSgao unac Livable CommunitPSy ropertiy ervces
Co., Ltd, (青島融創歸心物業服務有限公司), a company
established in the PRC with limited liability on 14
September 2020 and an indirect wholly-owned subsidiary
of our Company
“qualified institutional buyer”	qualified institutional buyer within the meaning of Rule
144A
“Qualifiyng Sunac
Shareholder(s)”	holder(s) of the Sunac Shares, whose names appear on the
reister ofg members of Sunac China on the Record Date,
other than the Excluded Sunac Shareholders
“Record Date”	Thursday, 5 November 2020, being the record date for
determining the entitlement of the Qualifiyng Sunac
Shareholders to the Distribution
“Regulation S”	Regulation S under the U.S. Securities Act
“Renminbi” or “RMB”	Renminbi yuan, the lawful currency of the PRC
“Reorganisation”	the reorganisation arrangements undergone by us in
preparation for the Listing, details of which are set forth
in the section headed “History, Reorganisation and
Corporate Structure – Reorganisation”
“R ule144A”	Rule 144A under the U.S. Securities Act
“SAT”	the State Administration of Taxation of the PRC
“SFC”	the Securities and Futures Commission of Hong Kong
“SFO”	the Securities and Futures Ordinance (Chapter 571 of the
Laws of Hong Kong), as amended, sulppemented or
otherwise modified from time to time
“Share(s)”	ordinary share(s) of HK$0.01 each in the share caital of
pour Company
“Shareholder(s)”	holder(s) of Shares
“Shenzhen Sunac”	Shenzhen Sunac Property Services Group Co., Ltd. (深圳
融創物業服務集團有限公司), a company established in
the PRC with limited liability on 12 December 2019 and
an indirect wholly-owned subsidiary of our Company
• Step 3: Determine the transaction price

• Step 4: Allocate the transaction price to the performance obligationsi n the contract

• Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

The Group recognises revenue when (or as) a performance obligationi s satisfied, i.e. when “control” of the services underlying the particular performance obligationi s transferred to customers.

If control of the services transfers over time, revenuei s recognised over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenuei s recognised at a point in time when the customer obtains control of the services. The Group recognises revenue when the specific criteria have been met for the following activities:

Tuition and boarding fees received from students are generally paidi n advance prior to the beginning of each academic year, and are initially recorded as contract liabilities. Tuition and boarding fees are recognised proportionately over the periods of the applicable programme. The portion of tuition and boarding payments received from students but not earnedi s recorded as a contract liability andi s reflected as a current liability as such amounts represent revenue that the Group expects to earn within one year. The academic year of the Group’s schoolsi s generally from September to August of the following year.

Tuition fees from the provision of other education services to students are collectedi n advance on a lump sum basis. Revenuei s recognised proportionately over the periods of the applicable programme.

The Group does not expect to have any contracts where the period between the transfer of the promised services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.

# Other income

Rental incomei s recognised on a time proportion basis over thel ease terms.

Interest income from a financial asset is recognised on an accrual basis using the effectivei nterest method by applying the rate that exactly discounts the estimated future cash receipts over the expectedl ife of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset.

# Employee benefits

# Pension scheme

The employees of the Group’s subsidiaries which operatei n Mainland China are required to participate in a central pension scheme operated by thel ocal municipal government. The subsidiaries operatingi n Mainland China are required to contribute certain percentage of their payroll costs to the central pension scheme. The contributions are charged to profit or loss as they become payablei n accordance with the rules of the central pension scheme.

# Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, i.e., assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets. The capitalisation of such borrowing costs ceases when the
# 7、合并所有者权益变动表

本期金额

单位：元

项目	2021 年度
归属于母公司所有者权益	少数股
东权益	所有者
权益合
计
股本	其他权益工具	资本公
积	减：库
存股	其他综
合收益	专项储
备	盈余公
积	一般风
险准备	未分配
利润	其他	小计
优先
股	永续
债	其他
一、上年期末余额	346,00
0,000.
00	561,025
,368.32	30,118,8
59.35	430,767
,050.68	1,367,91
1,278.35	1,367,9
11,278.
35
加：会计政策变
更
前期差错
更正
同一控制
下企业合并
其他
二、本年期初余额	346,00
0,000.	561,025
,368.32	30,118,8
59.35	430,767
,050.68	1,367,91
1,278.35	1,367,9
11,278.
00	35
三、本期增减变动金
额（减少以“－”号
填列）	3,297,3
33.26	44,658,
932.79	47,956,2
66.05	3,997,1
94.58	51,953,
460.63
（一）综合收益总额	51,416,
266.05	51,416,2
66.05	-2,805.4
2	51,413,
460.63
（二）所有者投入和
减少资本	4,000,0
00.00	4,000,0
00.00
1．所有者投入的普
通股	4,000,0
00.00	4,000,0
00.00
2．其他权益工具持
有者投入资本
3．股份支付计入所
有者权益的金额
4．其他
（三）利润分配	3,297,3
33.26	-6,757,3
33.26	-3,460,0
00.00	-3,460,0
00.00
“Guandgong Institute”	China EneriGgy Enigneerng rouGp uandEligong ectrc
Power Design Institute Co., Ltd. (中國能源建設集團廣東
省電力設計研究院有限公司), a limited liability company
established in the PRC on November 8, 2001 and a
wholly-owned subsidiary of our Company
“Guandgong Power Enigneering”	China EneriGgy Enigneerng rouGp uandEligong ectrc
Power Eniigneerng Co., Ltd. (中國能源建設集團廣東電
力工程局有限公司), a limited liability company
established in the PRC on August 26, 1989 and a
wholly-owned subsidiary of our Company
“Guandhgong Termal Power”	China EneriGgy Enigneerng rouGp uandThl
gong ermaPower EnigneerinCg o., Ltd. (中國能源建設集團廣東火
電工程有限公司), a limited liability company established
in the PRC on May 12, 1986 and a wholly-owned
subsidiary of our Company
“Guangxi Water & Power Group”	Guangxi Water Conservanc &ly Eectric Power
Construction Group Co., Ltd. (廣西水利電力建設集團有
限公司), a limited liability company established in the
PRC on November 3, 1995 and a wholly-owned
subsidiary of our Company
“H Share(s)”	overseas listed foreign shares in the share caiptal of our
Company with a nominal value of RMB1.00 each, which
are to be subscribed for and traded in HK dollars and
listed on the Hong Kong Stock Exchange
“H Share Reigstrar”	Computershare Hong Kong Investor Services Limited
“Heilongjiang Institute”	China EneriGgy Eniigneerng rouHlp eionigjanElg ectrc
Power Design Institute Co. Ltd. (中國能源建設集團黑龍
江省電力設計院有限公司), a limited liability company
established in the PRC on April 24, 1993 and a wholly-
owned subsidiary of our Company
“Heilongjiang Thermal Power 1
Company”	China EneriG
gy Enigneerng rouHlp eionigjanNg o.1Thermal Power EniCgneerinLg o., td. (中國能源建設集
團黑龍江省火電第一工程有限公司), a limited liability
company established in the PRC on April 16, 1996 and a
wholly-owned subsidiary of our Company
“Heilongjiang Thermal Power 3
Company”	China EneriG3gy Enigneerng rouHlp eionigjanNg o.
Thermal Power EnigneerinCLg o., td. (中國能源建設集
團黑龍江省火電第三工程有限公司), a limited liability
company established in the PRC on January 1, 1962 and
a wholly-owned subsidiary of our Company
“HK$” or “HK dollars”	Hong Kong dollars and cents, respectively, the lawful
currency of Hong Kong
“HKIAC”	Hong Kong International Arbitration Center
“HKSCC”	Hong Kong Securities Clearing Company Limited, a
wholly owned subsidiary of Hong Kong Exchanges and
Clearing Limited
“HKSCC Nominees”	HKSCC Nominees Limited, a wholly owned subsidiary
of HKSCC
“Hong Kong” or “HK”	Hong Kong Special Administrative ReifCgon o the PR
“Hong Kong Listing Rules” or
“Listing Rules”	the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited (as amended
from time to time)
“Hong Kong Offer Shares”	the 440,000,000 H Shares initially offered by our
Company for subscription at the Offer Price pursuant to
the Hong Kong Public Offering (subject to reallocation as
described in “Structure of the Global Offering”)
“Hong Kong Public Offering”	the offer of the Hong Kong Offer Shares for subscription
by the public in Hong Kong (subject to adjustment as
described in “Structure of the Global Offering”) at the
Offer Price lus brokperage, SFC transaction levy and
Hong Kong Stock Exchange trading fee, on and subject to
the terms and conditions described in this prospectus and
on the Alipcation Forms as fpurther described in
“Structure of the Global Offering – Hong Kong Public
Offering”
“Hong Kong Stock Exchange” or
“Stock Exchange”	The Stock Exchange of Hong Kong Limited, a wholly
owned subsidiary of Hong Kong Exchanges and Clearing
Limited
Share

# Rishi Sunak

That is an excellent point. My right hon. Friend the Secretary of State for Environment, Food and Rural Affairs is engaged in urgent talks with supermarkets to ensure the security of our food supply and to improve accessibility, particularly for those who may now be at home.

Share

# Jess Phillips (Birmingham, Yardley) (Lab)

I simply want to ask the Chancellor whether he could live on £94.25 per week. It is a simple question: has he ever lived on that, and could he live on that, because that is what most of my constituents are currently having to live on?

Share

# Rishi Sunak

We believe in a strong safety net during a short period so that people can get through this, which is why we have strengthened that safety net with £1 billion of extra investment to increase generosity and accessibility.

# Share

# Sir Iain Duncan Smith (Chingford and Woodford Green) (Con)

I commend my right hon. Friend the Chancellor for his bold measures today, which will encourage many small businesses to believe that the Government are on their side. There is more to do, I know. Can I also encourage him, though, in his statement to come, on further employment measures to bear it in mind that the most important thing we can do is to do everything we can to keep people in employment? That will help to deliver growth.

One area I want to raise with my right hon. Friend, which has not really been touched on, although I think the shadow Chancellor raised it, is the voluntary sector. The Centre for Social Justice has done some quick work on this and come to the conclusion that the
smallest elements of the voluntary sector, which have no reserves, are going to lose about£400 million during this next few months, and they are going to be the ones that are called upon most for support in the community for those who suffer. Can I please ask him to look at this very carefully and see what we can do to give them that cash aid?

Share

# Rishi Sunak

My right hon. Friend knows better than most the value of making sure that people have the security of a good job, and I commend him for all his work in that regard. I agree with him wholeheartedly. My right hon. Friend the Communities Secretary is talking already to the voluntary sector and we stand ready to provide the support that may be required.

Share

# Edward Miliband (Doncaster North) (Lab)

I recognise, as I am sure the whole House does, the Chancellor’s wish to get any employment support scheme right, but he will recognise, as the shadow Chancellor said from the Front Bench, that people are facing redundancy right now. May I suggest two things that he can say tonight to help ward off those redundancies? The first is that he accepts the principle that Government should cover a substantial proportion of people’s wages, because it is in their interests and those of the economy and their businesses. The second is that he undertakes to come back not next week but by Friday of this week with a clear plan developed with unions and businesses.

Share

# Rishi Sunak

I say to the right hon. Gentleman that it is more important that we get this right than rush to things that will not work, but he can rest assured that we agree wholeheartedly with the ambitions of what he says, but delivering them and getting it right are vital and that is what we are working on doing.
“close associate(s)”
「緊密聯繫人」	has the meaning ascribed to it under the GEM Listing Rules
具有GEM上市規則所賦予的涵義
“Companies Ordinance”
「公司條例」	the Companies Ordinance (Cap. 622 of the Laws of Hong Kong), as
amended, supplemented or modified from time to time
經不時修訂、補充或修改的香港法例第622章公司條例
“Company”, “our Company”, “we” or “us”
「本公司」或「我們」	Sunlight (1977) Holdings Limited (日光 (1977) 控股有限公司), an exempted
company incorporated in the Cayman Islands on 21.9.2017 with limited
liability
日光(1977)控股有限公司，於2017年9月21日在開曼群島註冊成立的獲豁免有
限公司
“Controlling Shareholder(s)”
「控股股東」	has the meaning ascribed to it under the GEM Listing Rules and unless the
context requires otherwise, refers to Mr. LS Chua, Ms. Chua, Mr. LC Chua
and YJH Group. Mr. LS Chua, Ms. Chua, Mr. LC Chua and YJH Group are a
group of controlling shareholders
具有GEM上市規則所賦予的涵義，除非文義另有所指，指蔡良聲先生、蔡女
士、蔡良书先生及YJH集团。蔡良声先生、蔡女士、蔡良书先生及YJH集团为
一組控股股東
“core connected person(s)”
「核心關連人士」	has the meaning ascribed to it under the GEM Listing Rules
具有GEM上市規則所賦予的涵義
“COVID-19”
「COVID-19」	the Coronavirus Disease 2019 (COVID-19), a respiratory illness caused by a
novel coronavirus that was first identified during an outbreak in Wuhan, Hubei
Province, the PRC
2019冠狀病毒病(COVID-19)，一種由新型冠狀病毒引起的呼吸系統疾病，於中
國湖北省武漢市疫情中首度被發現
“Deed of Non-competition”
「不競爭契據」	the deed of non-competition dated 21.3.2018 and executed by our
Controlling Shareholders in favour of our Company (for ourselves and as
trustee for our subsidiaries)
控股股東以本公司為受益人（為本公司及作為其附屬公司的受託人）所簽立日期
為2018年3月21日的不競爭契據
“Director(s)”
「董事」	the director(s) of our Company
本公司董事
“ERP”
「ERP」	enterprise resource planning
企業資源計劃
“FY2019”
「2019財政年度」	financial year ended 30.9.2019
截至2019年9月30日止財政年度
“FY2020”
「2020財政年度」	financial year ending 30.9.2020
截至2020年9月30日止財政年度
“GDP”
「本地生產總值」	gross domestic product
本地生產總值
“GEM”
「GEM」	GEM operated by the Stock Exchange
由聯交所運作的GEM
“GEM Listing Rules”
「GEM上市規則」	the Rules Governing the Listing of Securities on GEM, as amended,
supplemented or modified from time to time
經不時修訂、補充或修改的GEM證券上市規則
“GFA”
「建築面積」	gross floor area
建築面積
“Group”, “our Group”, “we”, “our” or “us”
「本集團」或「我們」	our Company and our subsidiaries or, where the context so requires, with
respect to the period before which our Company became the holding
company of our current subsidiaries, our Compan’ys current subsidiaries or
the businesses operated by such subsidiaries or their predecessors (as the
case may be)
本公司及其附屬公司，或倘文義另有所指，就本公司成為其現有附屬公司的控
股公司之前期間，則指本公司現有附屬公司或該等附屬公司或其前身公司（視
情況而定）進行的業務
“HKD” or “HK$”
「港元」	Hong Kong dollars and cents, the lawful currency of Hong Kong
香港法定貨幣港元及港仙
“Hong Kong” or “HK”
「香港」	the Hong Kong Special Administrative Region of the PRC
中國香港特別行政區
“IFRSs”
「國際財務報告準則」	International Financial Reporting Standards issued by the International
Accounting Standards Board
國際會計準則委員會頒佈的國際財務報告準則
“independent third party(ies)”
「獨立第三方」	party(ies) which are not connected person(s) of our Company
並非本公司關連人士的人士
“JTC”
「JTC」	JTC Corporation (formerly known as Jurong Town Corporation), a statutory
board under the Ministry of Trade and Industry of Singapore
JTC Corporation（前稱Jurong Town Corporation），新加坡貿易工業部下屬法定
部門
“jumbo roll tissue” or “JRT”
「大卷裝衛生紙」	toilet tissue that is commonly used in public toilet cubicles of commercial
buildings
商業大廈公廁常用廁紙
“Listing”
「上市」	the listing of the Shares on GEM
股份於GEM上市
Fidelity Series Emerging Markets Opportunities Fund – Health Care Sub, Fidelity Investment Trust: Fidelity Total Emerging Markets Fund – Healthcare Subportfolio, Fidelity Central Investment Portfolios LLC: Fidelity Emerging Markets Equity Central Fund – Health Care Sub, Fidelity Emerging Markets Equity Multi-Asset Base Fund – Health Care, FIAM Emerging Markets Opportunities Commingled Pool– Health Care Sub, Fidelity Emerging Markets Opportunities Institutional Trust –Health Care, Fidelity Investment Trust: Fidelity International Discovery Fund, Fidelity Investment Trust: Fidelity Worldwide Fund – Non-US Equity Sub, Fidelity International Discovery Commingled Pool, Fidelity Investment Trust: Fidelity International Discovery K6 Fund, BlackRock Health Sciences Master Unit Trust, BlackRock Global Funds – World Healthscience Fund, BlackRock Health Sciences Trust II, High Cedar Direct Fund, L.P., City-Scape Pte. Ltd., SUM-II Holdings Limited, CRF Investment Holdings Company Limited, CDG Group Fund L.P., Supercluster Universe Limited, Mr. John Francis Chin and Mr. Mark J. Alles in relation to certain shareholder rights granted by our Company;

(d) the cornerstone investment agreement dated November 5, 2020 entered into between our Company, Fidelity Management & Research (Hong Kong) Limited, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Far East) Limited, J.P. Morgan Securities (Asia Pacific) Limited and J.P. Morgan Securities plc, details of which are included in the section headed “Cornerstone Investors” in this prospectus;

(e) the cornerstone investment agreement dated November 5, 2020 entered into between our Company, GIC Private Limited, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Far East) Limited, J.P. Morgan Securities (Asia Pacific) Limited and J.P. Morgan Securities plc, details of which are included in the section headed “Cornerstone Investors” in this prospectus;

(f) the cornerstone investment agreement dated November 5, 2020 entered into between our Company, BlackRock Global Funds – World Healthscience Fund, BlackRock Health Sciences Trust II, BlackRock Health Sciences Master Unit Trust, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Far East) Limited, J.P. Morgan Securities (Asia Pacific) Limited and J.P. Morgan Securities plc, details of which are included in the section headed “Cornerstone Investors” in this prospectus;

(g) the cornerstone investment agreement dated November 5, 2020 entered into between our Company, Boyu Capital Opportunities Master Fund, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Far East) Limited, J.P. Morgan Securities (Asia Pacific) Limited and J.P. Morgan Securities plc, details of which are included in the section headed “Cornerstone Investors” in this prospectus;
# 1. CORPORATE AND GROUP INFORMATION

The Company was incorporated as an exempted company with limited liability in the Cayman Islands. The registered office of the Company is located at P.O. Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands. The Company is an investment holding company and its subsidiaries are engaged in the manufacture and distribution of dairy products mainly in the People’s Republic of China (the “PRC”).

# Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as follows:

1. 公司及集團資料

本公司為在開曼群島註冊成立的獲豁免有限公司。本公司的註冊辦事處位於P.O.Box 309, Ugland House, Grand Cayman KY1-1104，Cayman Islands。本公司為一間投資控股公司，而其子公司主要於中華人民共和國（「中國」）從事乳製品生產及經銷業務。

有關子公司的資料

本公司主要子公司詳情如下：

Name
名稱	Place of
incorporation/
registration and
business
註冊成立╱
註冊及業務地點	Issued/registered
share capital
已發行╱
註冊股本	Percentage of
equity interest attributable
to the Company
本公司應佔
股權百分比	Principal activities
主要業務
Direct
直接	Indirect
間接
China Dairy Holdings (i)	Cayman Islands
開曼群島	US$214
214美元	100%	–	Investment holding
投資控股
China Dairy (Mauritius) Limited (i)	Mauritius
毛裡裘斯	US$100
100美元	–	100%	Investment holding
投資控股
Start Great Holdings Limited (i)	British Virgin Islands
英屬處女群島	US$16,066,969
16,066,969美元	100%	–	Investment holding
投資控股
Colour Vantage Limited (i)	British Virgin Islands
英屬處女群島	US$1
1美元	100%	–	Investment holding
投資控股
Golden Stage Holdings Limited
(“Golden Stage”) (i)	British Virgin Islands
英屬處女群島	US$1
1美元	100%	–	Investment holding
投資控股
China Mengniu International Co., Ltd. (i)
（中國蒙牛國際有限公司）(i)	British Virgin Islands
英屬處女群島	HK$8,448,802,973
8,448,802,973港元	99.95%	–	Investment holding
投資控股
Plant Base Limited (i)
（植朴磨坊有限公司）(i)	Hong Kong
香港	HK$1
1港元	–	100%	Investment holding
投資控股
Easy Reach Investment Co., Ltd. (i)
（盈達實業投資有限公司）(i)	Hong Kong
香港	HK$1,000,000
1,000,000港元	100%	–	Investment holding
投資控股
Tianjin New Value Supply Chain Co., Ltd. (i)(iv)
（天津通瑞供應鏈有限公司）(i)(iv)	PRC
中國	RMB20,000,000
人民幣20,000,000元	–	100%	Sale of dairy products
出售乳製品