Sino Great Wall Co., Ltd. 2017 Annual Report Sino Great Wall Co., Ltd.
2017 Annual Report
April 2018
Sino Great Wall Co., Ltd. 2017 Annual Report I. Important Notice, Table of Contents and Definitions
The Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of the Company hereby warrant that at the year , there are no misstatement, misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Mr.Chen Lue , The Company leader, Mr.Tang Xianyong, Chief financial officer and the Mr.Tang Xianyong, the person in charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this annual report.
All the directors attended the board meeting for reviewing the Annual Report.
The company shall comply with disclosure requirements in Shenzhen Stock Exchange Industry Information Disclosure Guidelines No. 7-the Listed Company Engagement in Civil Engineering Construction Business. As the potential relevant risk and related solution are described in details in the report by the company, please refer to the relevant content in “Outlook on the Company future development” in Section IV Operation condition discussions and analysis.
The profit distribution proposal reviewed and approved by the boarding meeting was summarized as follows: 1,698,245,011 for the base, the Company would distribute cash dividend to all the shareholders at the rate of RMB 0.40 for every 10 shares (with tax inclusive) , 0 bonusshares（includingtax）, and not converting capital reserve into share capital.
Sino Great Wall Co., Ltd. 2017 Annual Report Table of Contents
I. Important Notice, Table of Contents and Definitions ......................................................... 2 II. Basic Information of the Company and Financial index ................................................... 6 III. Business Profile ............................................................................................................ 15 IV.Management’s Discussion and Analysis ...................................................................... 24 V. Important Events ........................................................................................................... 65 VI. Change of share capital and shareholding of Principal Shareholders ........................ 112 VII. Situation of the Preferred Shares .............................................................................. 125 VIII. Information about Directors, Supervisors and Senior Executives ............................. 126 IX. Administrative structure .............................................................................................. 154 X. Corporate Bond ........................................................................................................... 164 XII. Documents Available for Inspection .......................................................................... 165
Sino Great Wall Co., Ltd. 2017 Annual Report
Sino Great Wall Co., Ltd. 2017 Annual Report Definition
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|-|-|-|
|Terms to be defined|Refers to|Definition|
|Company Law|Refers to|Company Law of the People’s Republic of China|
|Securities Law|Refers to|Securities Law of the People’s Republic of China|
|“CSRC”|Refers to|China Securities Regulatory Commission|
|Company, The Company, Sino Great Wall|Refers to|Sino Great Wall Co., Ltd.|
|Sino International|Refers to|Sino Great Wall International Engineering Co., Ltd.|
|BDO|Refers to|BDO China Shu Lun Pan Certified Public Accountants LLP|
|SSE|Refers to|Shenzhen Stock Exchange|
|Reporting period|Refers to|January 1,2017 to December 31,2017|
|Wuhan Commercial Worker Hospital|Refers to|Wuhan Commercial Worker Hospital Co., Ltd.|
|Union Holdings|Refers to|Union Holdings Co., Ltd.|
|Rich Crown Investment|Refers to|Rich Crown Investment Co., Ltd.|
|Baden-Baden Hospital|Refers to|Acura Kliniken Baden-Baden GmbH|

Sino Great Wall Co., Ltd. 2017 Annual Report II. Basic Information of the Company and Financial index
I．Company Information
|||||
|-|-|-|-|
|Stock abbreviation:|Sino Great Wall Sino-B|Stock code：|000018 200018|
|Change of stock||||
||Nil|||
|Abbreviation（If any）||||
|Stock exchange for listing|Shenzhen Stock Exchange|||
|Name in Chinese|神州长城股份有限公司|||
|Chinese Abbreviation|神州长城 神州B|||
|English name (If any)|Sino Great Wall Co., Ltd.|||
|English Abbreviation (If||||
||Sino Great Wall Sino-B|||
|any)||||
|Legal Representative|Chen Lue|||
|Registered address|26 Kuipeng Road, Kuiyong Town, Longgang District, Shenzhen|||
|Postal code of the||||
||518119|||
|Registered Address||||
||Sino Great Wall Building, No.3 Jinxiu Street,Economic Technology Development Zone ,|||
|Office Address||||
||Beijing|||
|Postal code of the office||||
||100176|||
|address||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
|Internet Web Site|www.sgwde.com|
|E-mail|000018sz@sina.com|

II. Contact person and contact manner
||||
|-|-|-|
||Board secretary|Securities affairs Representative|
|Name|Yang Chunling|Ma Qin|
||Sino Great Wall Building, No.3 Jinxiu|Sino Great Wall Building, No.3 Jinxiu|
|Contact address|Street,Economic Technology|Street,Economic Technology|
||Development Zone , Beijing|Development Zone , Beijing|
|Tel|010-89045855|010-89045855|
|Fax|010-89045856|010-89045856|
|E-mail|1208806865@qq.com|000018sz@sina.com|

III. Information disclosure and placed
|||
|-|-|
|Newspapers selected by the Company for||
||Securities Times and Hongkong Commercial Daily.|
|information disclosure||
|Internet website designated by CSRC for||
||http: // www.cninfo. com. cn|
|publishing the Annual report of the Company||
|The place where the Annual report is prepared|Secutities Department , Sino Great Wall Building, No.3 Jinxiu|
|and placed|Street,Economic Technology Development Zone , Beijing|

Sino Great Wall Co., Ltd. 2017 Annual Report IV.Changes in Registration
|||
|-|-|
|Organization Code|91440300618801483A|
|Changes in principal business activities since listing (ifany)||
||Nil|
|Changes is the controlling shareholder in the past (is any)|Nil|

V. Other Relevant Information
CPAs engaged
|||
|-|-|
|Name of the CPAs|BDO China Shu Lun Pan Certified Public Accountants LLP|
||10/F of the No.7 Building, No16 Yard, Mid of West 4th Ring Road, Haidian District,|
|Office address：||
||Beijing|
|Names of the Certified Public||
||Liao Jiahe, Feng Xue|
|Accountants as the signatories||

The sponsor performing persist ant supervision duties engaged by the Company in the reporting period.√Applicable□Not applicable
|||||
|-|-|-|-|
||||Period of supervision and|
|Sponsor name|Office address|Representatives||
||||guide|
||6/F,A Unit, Fengming|||
|Huatai United Securities Co.,|||September 27,2015 to|
||International Building, No.22,|Wu Wenmin,Fang Yuhui||
|Ltd.|||December 31,2018|
||Fengsheng Hutong, Xicheng|||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|District, Beijing|

The Financial advisor performing persist ant supervision duties engaged by the Company in the
reporting period
√ Applicable□Not applicable
|||||
|-|-|-|-|
||||Period of supervision and|
|Advisor Name|Office address|Representatives||
||||guide|
||6/F,A Unit, Fengming|||
|Huatai United Securities Co.,|International Building, No.22,||September 27, 2015 to|
|||Wu Wenmin,Fang Yuhui||
|Ltd.|Fengsheng Hutong, Xicheng||December 31,2018|
||District, Beijing|||

VI.Summary of Accounting data and Financial index
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□Yes√No
||||||
|-|-|-|-|-|
||||Changed over last||
||2017|2016||2015|
||||year（％）||
|Operating Gross income（Yuan）|6,497,124,980.52|4,664,999,117.17|39.27%|4,010,358,999.58|
|Net profit attributable to the|380,090,990.82|473,661,862.67|||
|shareholders of the listed|||-19.75%|346,648,651.48|
|company（Yuan）|||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
|Net profit after deducting of|||||
|non-recurring gain/loss|||||
||377,087,197.69|470,274,602.37|-19.82%|347,196,614.68|
|attributable to the shareholders|||||
|of listed company（Yuan ）|||||
|Cash flow generated by|-1,781,868,618.65|-1,687,875,813.94|||
||||0.00%|-292,051,257.08|
|business operation, net（Yuan）|||||
|Basic earning per|0.220|0.28|||
||||-21.43%|0.40|
|share(Yuan/Share)|||||
|Diluted gains per|0.220|0.28|||
|share(Yuan/Share)(Yuan/Share|||-21.43%|0.40|
|)|||||
|Net asset earning ratio（%）|19.35%|31.18%|-11.83%|34.52%|
|||End of|Changed over last||
||End of 2017|||End of 2015|
|||2016|year（％）||
|Gross assets|11,667,845,186.30|7,986,178,961.63|46.10%|4,017,462,824.63|
|Net assets attributable to|2,151,482,467.52|1,777,948,117.49|||
|shareholders of the listed|||21.01%|1,282,256,738.74|
|company|||||

Sino Great Wall Co., Ltd. 2017 Annual Report VII.The differences between domestic and international accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets.
□Applicable√ Not applicable
Nil
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.
□ Applicable√Not applicable
Nil
VIII.Main Financial Index by Quarters
In RMB
||||||
|-|-|-|-|-|
||First quarter|Second quarter|Third quarter|Fourth quarter|
|Operating income|1,059,865,573.83|1,965,216,782.97|1,660,125,169.52|1,811,917,454.20|
|Net profit attributable to the|||||
|shareholders of the listed|99,029,586.64|169,576,863.39|141,854,355.89|-30,369,815.10|
|company|||||
|Net profit after deducting of|||||
||99,029,586.64|165,873,249.52|141,971,594.58|-29,499,781.40|
|non-recurring gain/loss|||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
|attributable to the shareholders|||||
|of listed company|||||
|Net Cash flow generated by|||||
||-447,147,216.26|-88,850,363.93|-249,446,741.97|-1,001,355,399.29|
|business operation|||||

Whether significant variances exist between the above financial index or the index with its sum and the financial index of the quarterly report as well as semi-annual report index disclosed by the Company.□ Yes√No
IX. Items and amount of non-current gains and losses
√Applicable□Not applicable
In RMB
||||||
|-|-|-|-|-|
|Items|Amount (2017)|Amount (2016)|Amount (2015)|Notes|
|Non-current asset disposal|-150,250.00||||
|gain/loss(including the write-off part for|||||
|||-564,833.40|-81,112.15||
|which assets impairment provision is|||||
|made)|||||
|Govemment subsidy recognized in|2,211,128.89||||
|current gain and loss(excluding those|||||
|||108,121.33|342,246.00||
|closely related to the Company’s|||||
|business and granted under the state’s|||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||
|-|-|-|-|
|policies)||||
|Profit due to the situation where||||
|investmentcosts for the company to||||
|obtain subsidiaries, associates and joint||||
|||1,783,284.99||
|ventures are lower than the enjoyable||||
|fair Value of identifiable net assets of||||
|investees when making investments||||
|Profit/loss on fair value changes of||||
|transactional financial assets and||||
|liabilities & investment profit on disposal||||
|of transactional financial assets and||||
|||443,065.98||
|liabilities as well as financial assets||||
|available for sale , except for effectively||||
|hedging business related to normal||||
|business operations fo the Company||||
|Other non-operating income and|1,444,308.74|||
|expenditure except for the||5,296,814.65|-905,796.34|
|aforementioned items||||
|Less: Amount of influence of income tax|501,394.50|3,668,000.60|-96,699.29|
|Influenced amount of minor||||
|||11,192.65||
|shareholders’ equity (after tax)||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
|Total|3,003,793.13|3,387,260.30|-547,963.20|--|

For theCompany’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason.□Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1- Non–recurring gain/loss in the report period.
Sino Great Wall Co., Ltd. 2017 Annual Report III. Business Profile
Ⅰ.Main Business the Company is Engaged in During the Report Period
Whether the company needs to comply with the disclosure requirements of the particular industry Yes
Civil Engineering Construction
The company shall comply with disclosure requirements in Shenzhen Stock Exchange Industry Information Disclosure Guidelines No. 7-the Listed Company Engagement in Civil Engineering Construction Business.
Company business overview
(I) Company main business scope and business model
Within the report period, the core business of Sino Great Wall is the engineering construction and medical treatment and health industry investment and management. The engineering construction mainly includes the international EPC and domestic PPP business. The medical treatment and health industry investment and management mainly comprises the hospitals and medical treatment operation management through engagement in the industry through several ways including acquisition of existing hospitals, construction of new hospitals as well as building and investing the hospital PPP project, etc. At present, the company business covers the house building, roads and bridges, power and chemical industry as well as medical treatment and health, etc. among many countries and regions in Southeast Asia, the Middle East, South Asia and Africa, etc.
The company mainly engages in the foreign engineering construction through EPC, namely
Sino Great Wall Co., Ltd. 2017 Annual Report contracting the whole process or several phases among the construction project design, purchase, construction and trail operation, etc. through integrating the high-quality resources at home and abroad. For the domestic engineering construction, the company mainly adopts PPP mode, namely the project operation mode through cooperation of the governmental and social capital. Under such mode, the government will select the social capital with the investment and operation management capacity through the competitive ways and both parties shall enter into the contract subject to the equality-based consultation principle, under which, the social capital shall provide public services and the government shall pay the consideration against the social capital based on the public service achievement assessment result.
The Company business includes the project development, financing, design, procurement and construction, etc. and it will also participate in investment in and provision of operation services for high-quality projects with good development prospect.
(II) Engineering construction industry macro-situation, competition pattern and position in industry
Foreign engineering: with the comprehensive advance of the “One Belt and One Road” initiative, theCompany’s contracted engineering projects industry for other countries is in the good growth momentum wholly with continuous expansion of the industry scale. Based on statistics of Ministry of Commerce, China achieved the turnover 168.59 billion dollars for contracted engineering projects for other countries with the year-on-year growth of5.8% and signed new contracts totaling 265.28 billion dollars with the year-on-year growth of8.7%, among which, 61 countries alongside “One Belt and One Road” signed new contracts totaling 144.3 billion dollars with the year-on-year growth of14.5% and achieved the turnover 85.53 billion dollars with the year-on-year growth of12.6%, which accounts for50.7% of the turnover completed by the contracted foreign projects at the same period.
Sino Great Wall Co., Ltd. 2017 Annual Report Based on statistics of Ministry of Commerce, in 2017, Company won the 40th place among the Top 100 Enterprises for Contracting Foreign Projects based on Contract Amount issued by Ministry of Commerce, which is lifted by 7 places, and also won 75th in such ranking list based on the turnover, which is the first time listed in the Top 100 list.
For domestic projects, in November 2017, National Development and Reform Commission issued Instructions for Encouraging the Private Capital to Participate in PPP Project, put forward creating sound environment for the private capital participation in PPP and implemented polices per class for supporting participation of the private capital into PPP. As the state strengthened the support in PPP project, PPP project scale kept expansion. As displayed by the data issued by Ministry of Finance, by the end of December 2017, the PPP in the whole country PPP comprehensive information platform recording management library and reservation list reached 14,424 in total and the total investment amount of 18.2 trillion yuan with the year-on-year growth of28.1% and34.8%, namely by increase of 3,164 and 4.7 trillion yuan. PPP mode stimulates the investment enthusiasm of the private capital and the competition between PPP projects increases continuously.
(III)Company’s qualification
At present, the Company possesses the construction certificates such as Constructional Engineering Construction General Constructing Grade I, Construction Decoration Engineering Design and Construction Specialized Contracting Grade I, Electromechanical Equipment Installation Project Specialized Contracting Grade I, Construction Curtain Wall Project Specialized Contracting Grade I, Ground Foundation Engineering Specialized Contracting Grade I, Fire Control Facilities Project Specialized Contracting Grade I, Waterproof, Anti-Corrosion Insulation Project Specialized Contracting Grade I, Electrical and Mechanical Engineering Construction General Contracting Grade II, Bridge
Sino Great Wall Co., Ltd. 2017 Annual Report Project Specialized Contracting Grade II, Petrochemical Engineering Construction General Contracting Grade II, Municipal Utilities Engineering Construction General Contracting Grade II, Tunnel Project Specialized Contracting Grade II, Hydraulic Metal Structure Manufacture and Installation Engineering Specialized Contracting Grade II, Water Conservancy and Hydropower Engineering Construction General Contracting Grade II, Railway Engineering Construction General Contracting Grade III, Metallurgical Engineering Construction General Contracting Grade III, Special Engineering Specialized Contracting (including all grades), Highway Pavement Project Specialized Contracting Grade III and Highway Subgrade Project Specialized Contracting Grade III, etc. among industries of the construction, highroad, railway, municipal utilities, water conservancy and hydropower, petrochemical engineering and electric power, etc.
For the overseas market, the Company has always been developing the market, accumulating the talent and technology and improving the adaptive capacity of oversea standards and the local project management ability continuously for many years. For the domestic business, as the Company PPP project bid-winning quantity and commencement quantity increase continuously, the Company improves PPP project operation capacity continuously, accumulates experience in aspects of the project bidding, financing ways and operation management and forms its unique operation ways.
（IV）Financing Situation
During the reporting period, the company's financing structure was reasonable and it better supported the company's business development. The financing during the reporting period is as follows:
||||
|-|-|-|
|Financing Channel|Financing Details|Financing Balance (’ 0000)|
|Debt Financing|Short-Term Loan|387636.58|
||Long-Term Loans Due Within|78683.92|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||
|-|-|-|
||One Year||
||Long Term Loan|86258.48|
|Total||552,578.98|

(V) Quality Control System
Quality is the life of engineering construction companies. Quality is the best display and promotion of the image of construction companies. The company has always attached great importance to project quality management, has a dedicated QC (Quality Control) department, and is fully responsible for the management of the company's construction projects, forming a set of effective and mature quality control processes and systems. Quality control measures have been continuously optimized to cover all aspects and operate efficiently; quality management is scientific and standardized. During the reporting period, the company did not have major project quality problems.
(VI) Safety Production Operation
The company has firmly established the guiding principle of "safety first, prevention first", attaches great importance to safety production, carefully organizes safety education and training, adheres to the safety red line, strictly implements the safety production responsibility system, and conducts in-depth safety inspections and hidden trouble investigations, enhances safety precautions, and creates a safe, harmonious, standardized construction environment, and constantly improves the level of precision management of safety production. During the reporting period, the company did not have major safety issues, all work was carried out in an orderly manner, and the construction was safe and stable.Ⅱ.Major Changes in Main Assets
Sino Great Wall Co., Ltd. 2017 Annual Report 1. Major Changes in Main Assets
|||
|-|-|
|Main assets|Major changes|
|Equity assets|0|
|Fixed assets|0|
|Intangible assets|0|
|Construction in process|0|

2. Main Conditions of Overseas Assets
□Applicable√ Not applicable
Ⅲ.Analysis On core Competitiveness
Whether the company needs to comply with the disclosure requirements of the particular industry Yes
Civil Engineering Construction
Sino Great Wall Co.,Ltd is a leading construction& engineering contractor in China with business covers various types construction& engineering contracting,With leading projects such as PM, EPC, BT, BOT , PPP, etc, The implementation of the National Strategy of “One Belt, One Road” will provide a good opportunity for the company's overseas business development. The company continues to
increase efforts to open up overseas markets, thus the overseas project orders and the revenue have
maintained a rapid annual growth rate. With the continuous improvement of relevant construction
Sino Great Wall Co., Ltd. 2017 Annual Report qualifications, thecompany’s domestic business also will have a lot of good opportunities as the country has been continuously promoted PPP projects. The company's comprehensive strength, overseas influence and market competitiveness have increased year by year.
1. Strategic positioning advantage
The “Construction& Engineering contracting” and “Medical& Health Business” will be thecompany’s two strategic directions for future development. In 2013, the company set up the development goal “Making bigger and stronger overseas business, and to become the world's leading international comprehensive construction& building service provider”. In 2015, the company set up the “Medical& Health business” as another essential development direction. All of those are to comprehensively cater the needs of the national strategies of “One Belt, One Road” and “Medical& Health Industry Development”. The good prospects of “One Belt, One Road” projects and “Medical& Health Industry” will provide a broad market space for thecompany’s business development. In terms of engineering contracting, the early-development advantage of overseas business enables the company to have rich management experiences and high-quality customers and establish talented teams, thus laid a solid foundation for thecompany’s overseas business development. In terms of the Medical& Health business, the company has set up project teams in many domestic places such as Sichuan, Henan and Hubei, and the company has purchased Wuhan Commercial and Vocational Hospital Co.,Ltd and won the bids of many medical and health PPP projects. Also, the company has established cooperative relationships with many hospitals and has recruited many kinds of talents in terms of medical, hospital management, investment and financing etc, thus provided a strong support for the Medical& Health business development.
2. Standardized and high-efficient management system, fully market-oriented operation mechanism
Sino Great Wall Co., Ltd. 2017 Annual Report With the increasingly expanding of the company scale and business scope, the management for the company is becoming more complex. However, the company timely set up the sound management system and the authorization system to standardize the approval procedures, reduce the management hierarchy tiers and improve the work efficiency and execution, thus ensured the efficient operation of thecompany’s business operation. For the operation mechanism, the company bravely faces the fierce competition in the market, adheres to the market-oriented development, respects the objective laws of the market and constantly improves its management level, thus to timely response to changes in the market and continuously improve the company's market image, construction quality and profitability. 3. Integrated design and construction advantages
The company has a wide range, high-ranking construction qualifications, and the company has integrated design and construction experiences and good project management capabilities, so the company is able to provide integrated design and construction services in terms of civil engineering, decoration, mechanical and electrical installation and full industry chain of curtain wall, and the company can independently complete the whole process of construction project. The company can form a comprehensive advantage in the field of building engineering, so it can reasonably schedule the procurement, labor use and construction plan, as well as the company can constantly optimize the process to reduce the project costs. Thecompany’s excellent design ability, sound construction quality, high-efficient construction planning and the comprehensive high-quality service greatly enhanced thecustomers’ satisfaction.
4. Costs advantages and quality-control advantages
The core management staff of the company all have more than 10 years experiences of building and engineering construction. Upon the deep understanding of the industry, the company established a
Sino Great Wall Co., Ltd. 2017 Annual Report relatively perfect material procurement, labor management and quality control system. Through the price ceiling mode for procurement, the company screens the suppliers in the early stage of a project, thus to ensure that the procurement costs of the project materials would be in a reasonable scope. By locking the technical requirements and time requirements of the project, the company can lock the labor costs. The company has set up strict quality-control system for the design drawing, raw material procurement and each aspect of the project construction management, thus to strictly ensue the project construction quality, so the company has won good reputation and got trust and recognition by a great number of customers.
Sino Great Wall Co., Ltd. 2017 Annual Report IV.Management’s Discussion and Analysis
Ⅰ.General
2017 was the year when theparty’s 19th National Congress was convened sucessfully. It was also a year of steady development of the company. In 2017, driven by the recovery of investment, the recovery of manufacturing, and the steady growth of global trade, theworld’s major economies have shown signs of recovery and the global economy has achieved a recovery growth. In 2017, China continued to deepen structural reforms on the supply side, promoted industrial transformation and upgrading, and continued the release of economic vitality, momentum, and potential. The stability, coordination, and sustainability were significantly enhanced. The GDP growth was6.9%, and the national economy achieved a steady and healthy development.
In 2017, the company continued to uphold the values of “honesty, dedication, perfection, and honor”, paid close attention to “the Belt and Road”, PPP business, and building medical industry policies and related developments, complied with the economic development situation, grasped good historical development opportunities, innovated business models, promoted the stable development of project contracting business, continuously improved the company's competitive advantage and overall profitability, achieved a sound development of various businesses, and maintained a rapid growth situation in its operating performance.
In terms of engineering construction, the company's business at home and abroad has achieved relatively good and rapid development. In terms of domestic business, as the country's support for PPP business has increased, the company's PPP business has continued to develop, and the domestic
Sino Great Wall Co., Ltd. 2017 Annual Report market area has expanded continuously, involving many provinces and regions such as Henan, Jiangxi, Guizhou, Guangdong, Hunan, Sichuan and Shaanxi. The contracting industry has continued to expand, covering medical, municipal, transportation, infrastructure and many other fields. In terms of foreign business, the company signed the "Strategic Cooperation Framework Agreement" with China Nuclear Industry No.2 Construction Co., Ltd. and jointly undertake related projects overseas; signed the Memorandum of Understanding on the Construction of the Cambodian Railway Network with the Cambodian Royal Enterprise Group and the China Railway No. 17 Bureau Group Co., Ltd., which is conducive to the expansion of the scope of thecompany’s engineering contracting in Cambodia; signed the Agreement on Shareholders Cooperation for the Construction of a refinery plant with a daily processing capacity of 300,000 barrels in Dumcom Special Economic Zone of the Sultanate of Oman with Shamrock Investment Services Co., Ltd. and Al Bashir Investment Co., Ltd. to jointly build, own and operate the project of “refinery plant with a daily processing capacity of 300,000 barrels in Dumcom Special Economic Zone”. At the same time, the company has signed major construction contracts with many countries and regions in Southeast Asia and South Asia.
As of the end of 2017, the company's domestic and international orders amounted to more than 35 billion yuan, which ensured a steady growth of the company's operating performance in the coming years.
In the aspect of medical and health industry investment and management, in 2017 the company won the bid for the construction of the new hospital of the Second People's Hospital of Anyang, the construction of the PPP project for the rehabilitation center, the PPP project for the overall relocation and construction of Wuchuan City Hospital of Traditional Chinese Medicine, the PPP project at Sichuan Qi County Hospital of Traditional Chinese Medicine, and the PPP project for the relocation of Wuchuan City
Sino Great Wall Co., Ltd. 2017 Annual Report People's Hospital. The signing and implementation of the above projects have provided strong support for the company's future growth. In December 2017, the company and Hunan University of Traditional Chinese Medicine signed the "Comprehensive Framework Cooperation Agreement of Yuelu International Hospital which Affiliated to Hunan University of Traditional Chinese Medicine" to speed up the improvement of the company's medical and health industry layout and expand the company's services in the medical and health industry. During the reporting period, the company acquired100% of the shares of Baden-Baden Hospital in Germany by EUR 14.1 million. Baden-Baden Hospital is a German historic hospital with a long history. It has a high reputation in medical rehabilitation. The acquisition of the hospital is conducive to introduce Germany's advanced medical personnel, technology and management experience, integrate the Chinese and foreign resources, and realize the company's layout in the field of medical rehabilitation.
In other respects, the company actively responded to the national call to establish Xiong'an New District. In order to support the construction of Xiong'an New District and strengthen the company's business development and project implementation in Xiong'an New District, the company plans to relocate the registered address of the subordinate architectural construction companies, such as Sino Great Wall International Engineering Co., Ltd. and Sino Great Wall Southwest Construction Engineering Co., Ltd., to Xiong'an New District. The relocation will help the company to develop the business in the region. On February 24, 2018, thecompany’s subsidiary, Sino Great Wall Hebei Xiong'an Engineering Co., Ltd. (hereinafter referred to as Xiong'an Company) was formally established and obtained a business license. In order to better conduct business in Xiong'an New District, the company leased an office in the new district in 2017, and plans to arrange a subsidiary company with related building qualifications to merge with Xiong'an Company to enable the Company to quickly obtain construction
Sino Great Wall Co., Ltd. 2017 Annual Report qualifications and quickly obtain orders.
According to the Guidelines for the Development of Assembled Buildings by the General Office of the State Council, and in light of the actual situation of the company, in June 2017, the company established the Great Wall Smart House Industry (Zhanjiang) Co., Ltd., to carry out the construction of assembly-type smart house research and development center and production base, and accelerate the pace of entering the field of assembled smart house construction, and seek new profit growth points for the company. Through the implementation of the housing industrialization base construction project, the company will build production lines of deep processing of steel components with an annual output of 300,000 tons and deep processing of aerated concrete sheet with an annual output of 300,000 cubic meters to realize the modular production of residential construction materials. In the process of building construction, by assembling of modular materials directly on site can increase construction speed, reduce construction costs, realize green buildings and effectively improve construction efficiency. In terms of talent introduction, the company has upgraded from a traditional subcontracting company for decoration, electromechanical, curtain wall, etc., to a general contractor and an EPC company to undertake a general contractor engineering company; it has gone abroad from domestic building construction, and has taken on the foreign countries along the “One Belt and One Road” initiative. Contracted projects; extending from the construction area to the upstream, investing in construction projects through equity participation, and entering the medical and health industry from the traditional construction industry across industries. The business development and transformation in recent years has led to the company's large demand for high-end management talents and comprehensive composite talents. The company introduced senior management personnel from the top level of the company's structure to enrich the professional composition of the company's management
Sino Great Wall Co., Ltd. 2017 Annual Report and improve the management structure of the company's management. In 2017, the board of directors of the company newly hired high-end talents such as general manager, deputy general manager, chief financial officer, and deputy general manager. At the same time, a large number of foreign-funded business management, operations, and other management personnel have been introduced, and a large number of public hospital administrators, foreign medical experts and other medical management, high-tech talent have been introduced. Through the introduction of a large number of high-end talents, the company has improved its management, operation level and risk prevention
In 2017, the company realized operation income of RMB 6.592 billion, an increase of41.30% from the last year; realized the operating profits of RMB 625 million, an increase of8.26% from the last year; and the net profit attributable to the parent company was RMB 503 million, an increase of6.24% from the last year.
Ⅱ.Main business analysis
1. General
Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.
2. Revenue and cost
(1)Component of Business Income
In RMB
||||||
|-|-|-|-|-|
|2017||2016|||
|||||Increase /decrease|
|Amount|Proportion|Amount|Proportion||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|Industry||||||
|EPC|4,268,109,664.43|65.69%|3,118,359,658.51|66.85%|37.00%|
|Engineering design|19,119,855.94|0.29%|12,669,951.31|0.27%|51.00%|
|Decoration work|2,015,057,491.48|31.01%|1,452,138,348.28|31.13%|39.00%|
|Medical Service||||||
||132,427,255.48|2.04%|81,593,110.43|1.75%|62.00%|
|revenue||||||
|Other|62,410,713.19|0.96%|238,048.64|0.01%|26,118.00%|
|Prodect||||||
|EPC|4,268,109,664.43|65.69%|3,118,359,658.51|66.85%|37.00%|
|Engineering design|19,119,855.94|0.29%|12,669,951.31|0.27%|51.00%|
|Decoration work|2,015,057,491.48|31.01%|1,452,138,348.28|31.13%|39.00%|
|Medical Service||||||
||132,427,255.48|2.04%|81,593,110.43|1.75%|62.00%|
|revenue||||||
|Other|62,410,713.19|0.96%|238,048.64|0.01%|26,118.00%|
|Area||||||
|Domestic|3,750,012,620.09|57.72%|1,478,928,295.44|31.70%|154.00%|
|Overseas|2,747,112,360.43|42.28%|3,186,070,821.73|68.30%|-14.00%|

 (2)Situation of Industry, Product and District Occupying theCompany’s Business Income and Operating Profit with Profit over10%
√ Applicable□Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report Whether the company needs to comply with the disclosure requirements of the particular industry Yes
Civil Engineering Construction
In RMB
||||||||
|-|-|-|-|-|-|-|
||||||Increase/decrea|Increase/decrea|
|||||Increase/decrea|||
||||||se of business|se of gross|
|||||se of revenue in|||
||||Gross profit||cost over the|profit rate over|
||Turnover|Operation cost||the same period|||
||||rate(%)||same period of|the same period|
|||||of the previous|||
||||||previous year|of the previous|
|||||year(%)|||
||||||(%)|year (%)|
|Industry|||||||
||4,268,109,664.4|3,029,618,055.1|||||
|EPC|||29.02%|36.87%|38.92%|-3.50%|
||3|2|||||
||2,015,057,491.4|1,678,668,151.7|||||
|Decoration work|||16.69%|38.76%|38.13%|2.35%|
||8|6|||||
|Prodect|||||||
||4,268,109,664.4|3,029,618,055.1|||||
|EPC|||29.02%|36.87%|38.92%|-3.50%|
||3|2|||||
||2,015,057,491.4|1,678,668,151.7|||||
|Decoration work|||16.69%|38.76%|38.13%|2.35%|
||8|6|||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
|Area|||||||
||3,750,012,620.0|3,035,853,444.54|||||
|Domestic|||19.04%|153.56%|147.83%|10.92%|
||9||||||
||2,747,112,360.4|1,850,501,055.12|||||
|Overseas|||32.64%|-13.78%|-17.18%|9.27%|
||3||||||

Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main business based on latest onyear’s scope of period-end.
□ Applicable√Not applicable
(3)Whether theCompany’s Physical Sales Income Exceeded Service Income
□ Yes√No
(4)Degree of Performance of the Significant Sales Contract Signed up to this Report Period
√ Applicable□Not applicable
Civil Engineering Construction
The company is required to comply with the disclosure requirements of No. 7 of Shenzhen Stock Exchange's Industry Information Disclosure Guidelines - Listed Companies Engaged in Civil Engineering Construction Business.
(Not written in Haoli Project)
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Price Setting|Repayment|Financing|Preferenti|Franchisi|Operating|Source of|Guarantee|Investment|Guarantee|Investment|
|Policy|Arrangement|Methods|al|ng (I|f Period (If|Income|d Base|Income|d Base|Income|
||s||Policies|Applicabl|Applicabl|And|Operations|Protection|Operations|Protection|
|||||e)|e)|Attribution|(If|Measures (If|(If|Measures|
|||||||(If|Applicable)|Applicable)|Applicable)|(If|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||||||Applicable)||||Applicable)|
||EPC|Bidding|Performe|Bank|No|||Construction|||
|||Price|d|loan||Not|Not|income|Not|Not|
|Comprehensiv|||||||||||
|e Development|General||according||||||||
|Project for No.|||||||||||
||||to the|||applicabl|applicabl||applicabl|applicabl|
|14 Village,|||||||||||
|Hongsen|Contractin||contract||||||||
|Road,|||||||||||
|Cambodia||||||e|e||e|e|
|(PP50 Project)|||||||||||
||g||||||||||
||EPC|Negotiate|Performe|Bank|No|||Construction|||
|||d Pricing|d|loan||Not|Not|income|Not|Not|
|Subproject of|||||||||||
|Military|General||according||||||||
|Academy|||||||||||
||||to the|||applicabl|applicabl||applicabl|applicabl|
|Project of|||||||||||
|Ministry of|Contractin||contract||||||||
|National|||||||||||
|Defense of||||||e|e||e|e|
|Kuwait|||||||||||
||g||||||||||
||EPC|Negotiate|Performe|Bank|No|||Construction|||
|||d Pricing|d|loan||Not|Not|income|Not|Not|
|Housing and|General||according||||||||
|Infrastructure|||to the|||applicabl|applicabl||applicabl|applicabl|
|Project of|||||||||||
|Qatar Newport|Contractin||contract||||||||
|NPP/0057||||||e|e||e|e|
||g||||||||||
||EPC|Negotiate|Performe|Bank|No|||Construction|||
|||d Pricing|d|loan||Not|Not|income|Not|Not|
|5 Million|General||according||||||||
|Tons/Year Oil|||to the|||applicabl|applicabl||applicabl|applicabl|
|Refinery|||||||||||
|Project of|Contractin||contract||||||||
|Cambodia||||||e|e||e|e|
||g||||||||||
||EPC|Bidding|Performe|Bank|No|||Construction|||
|Cambodia|||||||||||
|||Price|d|loan||Not|Not|income|Not|Not|
|Haoli Diamond|||||||||||
|Project(Busine|General||according||||||||
|ss/Residential|||||||||||
||||to the|||applicabl|applicabl||applicabl|applicabl|
|Development|||||||||||
|Project of|Contractin||contract||||||||
|Phnom Penh|||||||||||
|National||||||e|e||e|e|
|Assembly|||||||||||
||g||||||||||
|Street)|||||||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||||||Not|Not||Not|Not|
|Baiyang Lake|||Performe||||||||
|Headquarter|||||||||||
|Economic|||d||||||||
||PPP Model|Bidding||Bank|No|applicabl|applicabl|Construction|applicabl|applicabl|
|Harbor PPP|||||||||||
||||according||||||||
|Project at New||Price||loan||||income|||
|Port Area,|||to the||||||||
|Chenglingji,||||||e|e||e|e|
||||contract||||||||
|Hunan|||||||||||

Status of completed (completed acceptance) project during the reporting period:
In RMB
||||||||
|-|-|-|-|-|-|-|
||Number of|Item Amount|Acceptance|Revenue|Settlement|Repayment|
|Business Model|||||||
||Projects||Situation|Confirmation|Situation|Situation|
|||||||At the end|
|||||||of the|
||||Completed|||report, the|
|EPC General||980,000,000.0||Confirmation of|||
||1||and delivered||Unsettled|cumulative|
|Contracting||0||income|||
||||for use|||return of|
|||||||606522262|
|||||||.23 yuan|

 Status of unfinished important projects during the reporting period:
In RMB
||||||
|-|-|-|-|-|
|||||Amount of the|
|Business Model|Number of Projects|Item Amount|Accumulated Revenue||
|||||Unfinished Part|
|EPC|5|12,938,000,000.00|||
|PPP|1|2,000,000,000.00|||

In RMB
Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||||
|-|-|-|-|-|-|-|-|
||||Percentage|Current|Accumulated|||
|||Business|||||Receivables|
|Project Name|Completion||of|Confirmed|Confirmed|Repayment Situation||
|||Model|||||Balance|
||||Completion|Revenue|Revenue|||
|||EPC||||At the end of the||
|||General||||report, the||
||1,970,000,|||604,096,88|687,987,62||438,481,13|
|Comprehensive||||||||
|Development Project for||Contracting|36%|||cumulative return||
|No. 14 Village, Hongsen||||||||
|Road, Cambodia (PP50|000.00|||2.41|6.71||4.91|
|Project)||||||of 170,362,163.41||
|||||||yuan||
|||EPC||||At the end of the||
|||General||||report, the||
||2,100,000,|||273,496,06|1,174,079,||747,498,87|
|Subproject of Military||||||||
|||Contracting|57%|||cumulative return||
|Academy Project of||||||||
|Ministry of National|000.00|||9.04|614.23||8.42|
|Defense of Kuwait||||||||
|||||||of 98,289,136.21||
|||||||yuan||
|||EPC||||At the end of the||
|||General||||report, the||
||1,500,000,|||536,217,33|1,927,186,||578,903,29|
|Housing and||||||||
|||Contracting|100%|||cumulative return||
|Infrastructure Project of||||||||
|Qatar Newport|000.00|||5.62|331.81||5.87|
|NPP/0057||||||||
|||||||of 250,000,000||
|||||||yuan||
|||EPC||||No reimbursement||
||4,268,000,|||369,885,00|369,885,00||365,835,73|
|5 Million Tons/Year Oil||General|10%|||at the end of the||
|Refinery Project of||||||||
|Cambodia|000.00|||8.26|8.26||4.60|
|||Contracting||||report||
|Cambodia Haoli||EPC||||||
||1,100,000,|||371,220,76|1,070,958,|At the end of the|40,797,430.|
|Diamond||||||||
|Project(Business/Resid|||100%|||||
|ential Development||||||||
|||General||||||
|Project of Phnom Penh|000.00|||8.54|575.31|report, the|66|
|National Assembly||||||||
|Street)||||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||||
|-|-|-|-|-|-|-|-|
|||Contracting||||cumulative return||
|||||||of||
|||||||617,425,582.5yua||
|||||||n||
|||||||No reimbursement||
||2,000,000,|||||||
|Baiyang Lake||||||||
|Headquarter Economic||PPP Model|0%|0.00|0.00|at the end of the|0.00|
|Harbor PPP Project at||||||||
|New Port Area,|000.00|||||||
|Chenglingji, Hunan||||||report||

Other notes
□ Applicable√Not applicable
Status of completed outstanding projects in inventory:
□ Applicable√Not applicable
Does the company carry out overseas projects?
√ Yes□No
||||
|-|-|-|
|Project Area|Number of Projects|Project Amount (100|
|||million yuan)|
|Middle East|4|47.00|
|Africa|2|22.82|
|Southeast Asia|11|133.87|
|South Asia|2|23.77|
|Total|19|227.36|

Sino Great Wall Co., Ltd. 2017 Annual Report In RMB
|||||
|-|-|-|-|
|Project name|Amount|||
|||Business Model|Completion|
|||EPC General||
||||The main structure of the civil works has|
|Comprehensive Development Project|1,970,000,000.00||been constructed to the 9th floor, and|
|for No. 14 Village, Hongsen Road,|||electrical and mechanical and curtain|
|Cambodia (PP50 Project)||Contracting|walls professionals are cooperating with|
||||the civil construction.|
|||EPC General||
||||It is in the construction of the civil|
|Subproject of Military Academy|2,100,000,000.00|||
||||structure of each building, the|
|Project of Ministry of National Defense||||
|of Kuwait||Contracting|mechanical and electrical professional is|
||||cooperating with the construction.|
|||EPC General||
||1,500,000,000.00|||
|Housing and Infrastructure Project of||||
||||It is in the final construction|
|Qatar Newport NPP/0057||Contracting||
|||EPC General||
||||The initial survey and detailed survey|
||4,268,000,000.00|||
|5 Million Tons/Year Oil Refinery|||was completed. It is in the process of|
|Project of Cambodia||Contracting|reclamation and soft soil treatment and|
||||tank installation.|
|||EPC General||
|Cambodia Haoli Diamond||||
||1,100,000,000.00||Fine decoration, curtain wall, and|
|Project(Business/Residential||||
||||electromechanical professionals are in|
|Development Project of Phnom Penh||Contracting|the final stage.|
|National Assembly Street)||||
||||The construction site enclosure project|
||||of Project A has been completed, and|
||||the North Shore road landscape project|
|Baiyang Lake Headquarter Economic|2,000,000,000.00|PPP Model|has entered the construction stage;|
|Harbor PPP Project at New Port Area,|||West Block of Project B has completed|
|Chenglingji, Hunan|||clearing and land leveling, and is|
||||currently preparing for cofferdam|
||||dredging project, planning and design|
||||and construction.|

(5)Component of business cost
The company shall comply with disclosure requirements in Shenzhen Stock Exchange Industry Information Disclosure Guidelines No. 7-the Listed Company Engagement in Civil Engineering Construction Business.
Component of business cost
Sino Great Wall Co., Ltd. 2017 Annual Report In RMB
|||||||
|-|-|-|-|-|-|
||2017||2016|||
|Component|||||Increase /decrease|
||Amount|Proportion|Amount|Proportion||
|Labour|2,765,222,215.84|56.59%|903,793,388.91|24.51%|205.96%|
|Material|1,483,612,055.43|30.36%|2,097,150,141.67|64.91%|-29.26%|
|Other|527,498,994.96|10.80%|395,089,356.56|10.24%|33.51%|

 Industry Category
In RMB
||||||||
|-|-|-|-|-|-|-|
|||2017||2016||Increase|
|Industry|Items||||||
|||Amount|Proportion|Amount|Proportion|/decrease|
|||2,506,781,251.4|||||
|EPC|Labour||51.30%|627,669,828.27|18.14%|299.00%|
|||4|||||
|||1,286,809,864.4||1,326,646,537.3|||
|EPC|Material||26.33%||38.35%|-3.00%|
|||0||7|||
|EPC|Other|433,230,315.67|8.87%|226,473,155.49|10.77%|91.00%|
|Medical service||97,366,145.37|1.99%|57,672,498.15|1.67%|69.00%|
|Engineering|||||||
|||13,262,528.25|0.27%|6,239,359.37|0.18%|113.00%|
|design|||||||
|Decoration work|Labour|258,440,964.40|5.29%|276,123,560.64|7.98%|-6.00%|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
|Decoration work|Material|196,802,191.03|4.03%|770,503,604.30|22.27%|-74.00%|
|Decoration work|Other|94,268,679.29|1.93%|168,616,201.07|0.63%|-44.00%|

 In RMB
||||||||
|-|-|-|-|-|-|-|
|||2017||2016||Increase|
|Product|Items||||||
|||Amount|Proportion|Amount|Proportion|/decrease|
|||2,506,781,251.4|||||
|EPC|Labour||51.30%|627,669,828.27|18.14%|299.00%|
|||4|||||
|||1,286,809,864.4||1,326,646,537.3|||
|EPC|Material||26.33%||38.35%|-3.00%|
|||0||7|||
|EPC|Other|433,230,315.67|8.87%|226,473,155.49|10.77%|91.00%|
|Medical service||97,366,145.37|1.99%|57,672,498.15|1.67%|69.00%|
|Engineering|||||||
|||13,262,528.25|0.27%|6,239,359.37|0.18%|113.00%|
|design|||||||
|Decoration work|Labour|258,440,964.40|5.29%|276,123,560.64|7.98%|-6.00%|
|Decoration work|Material|196,802,191.03|4.03%|770,503,604.30|22.27%|-74.00%|
|Decoration work|Other|94,268,679.29|1.93%|168,616,201.07|0.63%|-44.00%|

 (6)Whether Changes Occurred in Consolidation Scope in the Report Period
√ Yes□No
During the reporting period, the changes in the scope of the consolidated statements are detailed in
Sino Great Wall Co., Ltd. 2017 Annual Report the notes to the financial statements.
(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in theCompany’s Report Period
□ Applicable√ Not applicable
(8)Situation of Main Customers and Main Supplier
Information of Main Customers
|||
|-|-|
||2,449,500,395.30|
|Total sales amount to top 5 customers (RMB)||
|Proportion of sales to top 5 customers in the annual|37.70|
|sales(%)||
|Proportion of the sales volume to the top five||
||0.00%|
|customers in the total sales to the related parties in||
|the year||

Information of theCompany’s top 5 customers
|||||
|-|-|-|-|
|No|Name|Amount（RMB）|Proportion(%)|
|1|Customer 1|604,096,882.41|9.30|
|2|Customer 2|568,080,400.47|8.74|
|3|Customer 3|536,217,335.62|8.25|
|4|Customer 4|371,220,768.54|5.71|
|5|Customer 5|369,885,008.26|5.69|
|Total|--|2,449,500,395.30|0.00|

Sino Great Wall Co., Ltd. 2017 Annual Report Other Notes :
□ Applicable√ Not applicable
Principal suppliers
|||
|-|-|
||639,754,563.70|
|Total purchase of top 5 Suppliers（RMB）||
|Percentage of total purchase of top 5 suppliers In|12.67|
|total annual purchase(%)||
||0.00%|
|Proportion of purchase amount from the top 5||
|suppliers in the total purchase amount from the||
|related parties in the year||

Information about the top 5 suppliers
|||||
|-|-|-|-|
|No|Name|Amount（RMB）|Proportion|
|1|Supplier 1|248,356,131.40|4.92%|
|2|Supplier 2|164,548,634.99|3.26%|
|3|Supplier 3|84,822,354.97|1.68%|
|4|Supplier 4|72,927,305.57|1.44%|
|5|Supplier 5|69,100,136.77|1.37%|

 Notes
□ Applicable√ Not applicable
3.Expenses
In RMB
|||||
|-|-|-|-|
|2017|2016|Increase/Decr|Notes|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||
|-|-|-|-|
||||ease(%)|
|Sale expenses|32,213,247.97|30,318,688.27|6.25|
|Administration|312,957,207.20|313,930,733.56||
||||-0.31|
|expenses||||
|Financial expenses|432,590,607.55|127,437,227.95|239.45|
||||0.00|
||||0.00|

4.R& D Expenses
√Applicable □Not applicable
In order to enhance thecompany’s core competitiveness and meet the needs of sustainable
development, theCompany’s mainR&D direction during the reporting period was decoration
engineering design, project general contracting, etc. Currently, each project has been progressed as scheduled, and after practical application, the good economic and social benefits have been achieved. Situation of Research and Development Input by the Company
|||||
|-|-|-|-|
||2017|2016|Increase /decrease|
|Number of Research and||||
|Development persons|146|191|-23.56%|
|(persons)||||
|Proportion of Research and|5.08%|7.83%|-2.75%|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||
|-|-|-|-|
|Development persons||||
|Amount of Research and||||
|Development Investment (In|156,200,083.05|139,163,839.18|12.24%|
|RMB)||||
|Proportion of Research and||||
|Development Investment of|2.40%|2.98%|-0.58%|
|Operation Revenue||||
|Amount of Research and||||
|Development Investment|0.00|0.00|0.00%|
|Capitalization (In RMB)||||
|Proportion of Capitalization||||
|Research and Development||||
||0.00%|0.00%|0.00%|
|Investment of Research and||||
|Development Investment||||

The Reason of the Prominent Change in Total Amount of Research and Development Input Occupying the Business Income Year on Year
□ Applicable√Not applicable
Explanation of the Reason for Substantial Changes in the Research and DevelopmentInput’s
Capitalization Rate and Its Reasonableness
□ Applicable√ Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report 5.Cash Flow
In RMB
|||||
|-|-|-|-|
|Items|2017|2016|Increase/Decrease(%)|
|Subtotal of cash inflow|10,789,046,921.79|4,618,123,624.04||
|received from operation|||133.62%|
|activities||||
|Subtotal of cash outflow|12,570,915,540.44|6,305,999,437.98||
|received from operation|||99.35%|
|activities||||
|Net cash flow arising from|-1,781,868,618.65|-1,687,875,813.94||
||||0.00%|
|operating activities||||
|Subtotal of cash inflow|2,085,000.00|121,565,115.12||
|received from investing|||-98.28%|
|activities||||
|Subtotal of cash outflow for|1,022,993,256.12|246,357,420.64||
||||315.25%|
|investment activities||||
|Net cash flow arising from|-1,020,908,256.12|-124,792,305.52||
||||0.00%|
|investment activities||||
|Subtotal cash inflow received|5,092,144,392.35|3,527,919,898.49||
||||44.34%|
|from financing activities||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||
|-|-|-|-|
|Subtotal cash outflow for|2,564,264,123.49|1,348,742,579.57||
||||90.12%|
|financing activities||||
|Net cash flow arising from|2,527,880,268.86|2,179,177,318.92||
||||16.00%|
|financing activities||||
|Net increase in cash and|-296,482,731.93|360,959,565.60||
||||-182.14%|
|cash equivalents||||

Notes to the year-on-year change of the relevant data
√ Applicable□Not applicable
The net cash flow generated by the company's operating activities was -1786799700RMB , of which RMB 540 million was invested in bank acceptance guarantees and bond guarantees, which greatly increased cash outflow from operating activities.
Notes to the big difference between cash flow from operating activities and net profit in the reporting year□ Applicable√Not applicable
Ⅲ.Analysis of Non-core Business
□ Applicable√ Not applicable
Ⅳ.Condition of Asset and Liabilities
1.Condition of Asset Causing Significant Change
In RMB
|||||
|-|-|-|-|
|End of 2017|End of 2016|Proportio|Notes to the significant change|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
|||Proportion||Proportion|nincrease/decrease||
||Amount|in the total|Amount|in the total|||
|||assets(%)||assets(%)|||
||1,604,973,916.12||1,340,815,821.83||||
|Monetary funds||13.76%||16.79%|-3.03%||
|Account|5,706,675,244.08||3,725,170,208.31||||
|||48.91%||46.65%|2.26%||
|receivable|||||||
||556,839,325.50||332,904,930.36||||
|Inventory||4.77%||4.17%|0.60%||
|Investment real|||||||
|||0.00%|||||
|estate|||||||
|Long-term|||||||
|Equity||0.00%|||||
|Investment|||||||
||174,537,150.56||128,483,747.74||||
|Fixed assets||1.50%||1.61%|-0.11%||
|Construction in|4,968,590.96||||||
|||0.04%|||0.04%||
|process|||||||
|Short-term|3,477,200,420.55||1,966,058,357.59||||
|||29.80%||24.62%|5.18%|0|
|loans|||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
||843,092,471.02||786,858,878.82||||
|Long-term loans||7.23%||9.85%|-2.62%|0|

2.Asset and Liabilities Measured by Fair Value
□ Applicable√ Not applicable
3. Restricted asset rights as of the end of this Reporting Period
In the reporting period, Amount of RMB 100 million obtained by Wuhan Commercial Worker Hospital from Great Wall Guoxing Financial Leasing Co., Ltd. by means of financialleasing，Please refer to the published on January 5,2017 on www.cninfo.com.cn) on the relevant announcement.
Ⅴ.Investment situation
1. General
√ Applicable□Not applicable
||||
|-|-|-|
|Investment Amount in 2017(RMB)|Investment Amount in 2016(RMB)|Change rate|
|840,948,723.77|205,000,000.00|310.22%|

 2.Condition of Acquiring Significant Share Right Investment during the Report Period
□ Applicable√ Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report 3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable√ Not applicable
4.Investment of Financial Asset
（1）Securities investment
□ Applicable√ Not applicable
The Company had no securities investment in the reporting period.
（2）Investment in Derivatives
□ Applicable√ Not applicable
The Company had no investment in derivatives in the reporting period.
5.Application of the raised capital
√ Applicable□ Not applicable
（1）General application of the raised funds
√ Applicable□ Not applicable
InRMB’0000
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Year of|Way of|Total|Total|Total|Amount|Accumula|Proportio|Total|Use and|Amount|
|Raising|Raising|raised|Amount|amount of|of raised|tive|n of|Amount|Whereab|of the|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||capital|of the|Raised|capital of|amount of|raised|of the|outs of|Raised|
||||Raised|Funds|which the|raised|capital of|Unused|the|Fund with|
||||Fund||purpose|capital of|which the|Raised|Unused|over 2|
||||Used at||was|which the|purpose|Fund at|Raised|Years’|
||||the||changed|purpose|has been|the|Fund|Idling|
||||||in the|has been|changed|Current|||
||||||report|changed|(%)|Period|||
||||||period||||||
|||||||||||In the|
|||||||||||special|
||Stocks|||||||||account|
|2015||25,500|7,116.77|12,083.13|0|0|0.00%|13,416.87|20,533.64||
||issue|||||||||to raise|
|||||||||||funds in|
|||||||||||storage|
|Total|--|25,500|7,116.77|12,083.13|0|0|0.00%|13,416.87|--|0|
|Notes to use of raised capital|||||||||||
|Upon the approval from the CSRC with the document of the 2015-No.1774 Zheng Jian Xu Ke -Reply of the Major Asset|||||||||||
|Restructuring and the Issue of Shares to Objects such as Chen Lue to Purchase Assets and Raise Matching Funds by|||||||||||
|Shenzhen Victor Onward Textile Industrial Co., Ltd, Sino Great Wall International Engineering Co.,Ltd( hereinafter|||||||||||
|referred to as: “company or the company”) had non-publicly issued 25,914,633 shares of RMB common share(A share),|||||||||||
|of which the par value per share was RMB 1.00, the issuing price per share was RMB 9.84, the total funds raised was|||||||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|RMB 254,999,988.72, and after deducting the issuance expenses of RMB 14,500,000.00 directly from the raised funds,|
|the actual net amount of the raised funds is RMB 240,499,988.72.|
|As of December 31, 2017, the company accumulatively used the raised funds of RMB 120,831,285.31, of which the|
|Company used the raised funds of RMB 71,167,719.51 in 2017. By the end of 2017, the company accumulatively|
|invested RMB 103,432,822.66 in the overseas marketing network construction project and RMB 276,000 in the second|
|phase of informatization construction project, and the taxes and charges and the intermediary fees related to this|
|transaction was RMB 17,122,462.65, yet the not-yet-used balance of the raised funds was 134,168,703.41; besides, the|
|idle raised funds used for temporarily supplementing the Company’s liquidity was RMB 120,000,000.00, the interest|
|income from the special account for raised funds was RMB 1,670,913.81, the expenditure for the handling charges of|
|the special account for raised funds was RMB 839.26, and the actual balance of the special account for raised funds|
|was RMB 15,838,777.96.|

（2）Promised projects of raised capital
√ Applicable□ Not applicable
InRMB’0000
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||||||Accumul|Investm|Date||||
|||Total||||||||Has any|
||Project||Total|Amount|ated|ent|when|Benefit|Has the||
|||raised||||||||material|
|Committed|changed||investme|inested|amount|progress|the|realized|predicte||
|||capital||||||||change|
|investment projects|(includin||nt after|in the|invested|ended|project|in the|d result||
|||invested||||||||taken|
|and investment|g partial||adjustm|reporting|at the|the|has|reporting|be||
|||as||||||||place in|
||change)||ent (1)|period|end of|reporting|reached|period|realized||
|||commite||||||||feasibilit|
||||||the|period(%|the||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||d|||reporting|)(3)=(2)(|predicte|||y|
||||||period(2)|1)|d||||
||||||||applicabl||||
||||||||e status||||
|Committed investment projects|||||||||||
|1. Overseas|||||||||||
||||||10,343.2||||||
|marketing network|Yes|10,000|10,000|7,116.77||100.00%|||Yes|No|
||||||8||||||
|construction project|||||||||||
|2.Informatization|||||||||||
||No|2,500|2,500||27.6|1.10%|||No|No|
|Construction Phase II|||||||||||
|3.Related taxes and|||||||||||
|agency fees of this|No|13,000|13,000||1,712.25|13.17%|||No|No|
|transaction|||||||||||
|Subtotal of|||||||||||
||||||12,083.1||||||
|committeed|--|25,500|25,500|7,116.77||--|--||--|--|
||||||3||||||
|investment projects|||||||||||
|Investment orientation for und arising out of plan|||||||||||
|Not applicable|||||||||||
||||||12,083.1||||||
|Total|--|25,500|25,500|7,116.77||--|--|0|--|--|
||||||3||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
|Situation about not||
|coming up to||
|schemed progress or||
||Not applicable|
|expected revenue||
|and the reason ( in||
|specific project0||
|Notes to significant||
|change in feasibility|Not applicable|
|of the project||
|Amount, application|Not applicable|
|and application||
|progress of the||
|unbooked proceeds||
||Applicable|
||During the reporting period|
|About the change of||
||In view of the fact that the company's overseas international business environment has beenchanged, based on the current status of the company’s overseas business and combined withthe company’s future development plans and the business development trend, the Companyplans to make certain adjustments to the capital investment in the overseas marketing networkand put the not-yet-in-use funds into the three important areas of Cambodia, Malaysia andKuwait for the expense such as the bidding deposit for developing new project, paying the|
|the implementation||
|site of the projects||
|invested with the||
|proceeds||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
||procurement materials for the local under-construction project, the sub-contractingengineering payment, etc. The matter was reviewed and approved at the 20th meeting of the7th Board of Directors. The company's board of supervisors, independent directors and thesponsor all expressed their opinions of consent.|
|Adjustment of the|Not applicable|
|implementation way||
|of investment funded||
|by raised capital||
|About the initial|Not applicable|
|investment in the||
|projects planned to||
|be invested with the||
|proceeds and the||
|replacement||
||Applicable|
|Using the idle|In order to maximize the use efficiency of the raised funds and reduce financial expenses, theCompany will, in consideration of the funds use plan for the projects invested by the raised funds,use RMB 120 million of idle raised funds to temporarily supplement the liquidity, with a term ofsuch use no more than 12 months, and it’s expected that such amount will be returned to thespecial account for raised funds before August 1st, 2018. This matter was reviewed and approvedat the 20th meeting of the 7th Board of Directors of the Company, and the company's independent|
|proceeds to||
|supplement the||
|working capital on||
|temporary basis||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
||directors, board of supervisors, and the sponsor expressed their opinions of consent on thematter.|
|Balance of the|Not applicable|
|proceeds in process||
|of project||
|implementation and||
|the cause||
|About application|The company will use the raised money 120 million Yuan to supply circulating money and the|
|and status of the|remaining 14.1687 million Yuan will be saved in raised money account.|
|proceeds unused||
|Problems existing in||
|application of the||
|proceeds and the||
||Nil|
|information||
|disclosure or other||
|issues||

（3）Changes of raised funds projects
□ Applicable√ Not applicable
The Company had no raised funds in company reporting period.
Sino Great Wall Co., Ltd. 2017 Annual Report VI. Sales of major assets and equity
1. Sales of major assets
□ Applicable√ Not applicable
The Company had no sales of major assets in the reporting period.
2.Sales of major equity
□ Applicable√ Not applicable
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable□ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over10% net profit influencing to the Company
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||||Register||||||
|Company|Company||||||Operating||
|||Sectors engaged in|ed|Total assets|Net assets|Turnover||Net Profit|
|Name|type||||||profit||
||||capital||||||
|Sino||General contracting,|||||||
|Great|Subsidiari|subcontracting,|1,000,00||||||
|Wall|es|engineering survey|0,000||||||
|Internatio||and design;|||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
|nal|professional|
|Engineeri|contracting;|
|ng Co.,|architectural|
|Ltd.|decoration|
||engineering;|
||architectural curtain|
||wall; project and|
||technology study and|
||experimental|
||development; sell|
||building material,|
||machinery, hardware,|
||plastic articles;|
||technology|
||development,|
||technology|
||consultation,|
||technology service;|
||goods import and|
||export; technology|
||import and export;|
||agent import and|

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|export.|

Acquirement and disposal of subsidiaries in the Reporting period
□ Applicable√ Not applicable
Notes
Sino Great wall International Construction Co., Ltd. is a subsidiary of the company and is the main of income and profits of the company, which accounts for more than90% of all thecompany’s operating income and net profit and the rest subsidiaries account for less than10% of all thecompany’s operating income and net profit, which weight less in the wholecompany’s operation.
Ⅷ.Special purpose vehicle controlled by the Company
□ Applicable√ Not applicable
Ⅸ.Prospect for future development of the Company
1.Strategy of theCompany’s Development
The year 2018, which is the beginning of the implementation of the19th CPC National Congress and the 40th anniversary of reform and opening up, will be a crucial year for the decisive victory to build a well-off society in an all-round way and to carry out the 13th Five-Year Plan. The 2018 “Government Work Report” emphasized that we should continue to adhere to the general tone of work for stability and progress, adhere to the new development concept, closely follow changes in major social conflicts in our country, and coordinate the promotion of each work for steady growth, reform, structural adjustment,
benefitingpeople’s livelihood and the risk prevention in accordance with the requirements of high-quality
development, vigorously promote the reform and opening up, innovate and improve the macroeconomic
Sino Great Wall Co., Ltd. 2017 Annual Report regulation and control, promote the quality reformation, efficiency reformation and motivation reformation, and make sound achievements especially in combating tough battles for defusing major risks, the precision poverty alleviation and the prevention of pollution, guide and stabilize the expectations, strengthen and improve people's livelihood, as well as promote the sustained and healthy economic and social development.
1. Building construction:
Economic development of our country has a new trend with structure adjustment, steady enhancement and upgrading of industrial transformation. It is estimated that our economic trend will adjust from high-speed adjustment to middle-high increase with the reduction of fixed asset investment increase rate of the whole society in the future. For a middle or long time, development of national construction industry will change form high-speed increase to moderate increase. Although national construction industry develops steadily, the potential of whole industry remains great. Our country pushes greatly the public service on APP and infrastructure project, which will promote the great development of related lines. Our company is engaged in construction, body of PPP project, which can share the continuity and steady profits from construction, investment and operation of PPP project. in addition, With the rapid increase of urbanization, the demands ofresident’s house improving and living condition needs a long time, construction market still has a bright future.
Overseas, there are clear signs of global economic recovery in 2018, with the further advancement of the “Belt and Road” strategy will boost the development of construction in nations and areas along the sea and create an opportunity for national construction enterprises. As a renown international construction contractor, based on the reputation and market image cumulated for many years, the
Sino Great Wall Co., Ltd. 2017 Annual Report company will exert first-move advantages on overseas business, talent advantages, management advantages and customer advantages to ensure the rapid growth of overseas business and fully enjoy the great benefits of “the Belt and Road” policy.
2. Healthcare:
“13th Five-Year Plan” plans out “Health China”. Medicare industry is of great concern. In 2013, State Council issued Suggestion on Stimulating the Development of Health Service Industry. In 2015, Ministry of Public Health and other four ministries successively issued Guidance on Pilot Projects of the Public Hospital Reform and Suggestion on Building Medical Organization by Encouraging and Guiding Social Capital and other standard files. With the issuance of a series of strategies and standard files, construction and industry development on medical and health industry step a new historical stage. The health demand of vast amount of population and constant growth of the mass provide a great market space for the development of all medical and health industry.
(II) TheCompany’s Development Strategy
The company focuses its development strategy on two aspects: one is to strengthen the project contracting and investment of the Belt and Road Initiative, and the other is to enhance the domestic medical investment. At present, the company has possessed abundant projects in Southeast Asia, South Asia, the Middle East and Africa, and aside from intensifying the exploitation of and investment to the countries in the above-mentioned regions, the company will take the efforts to explore North America, South America, Australia, Europe and other high-end markets as core for the next step. In the field of medical investment, more funds will be disposed, apart from the investment of hospital construction in PPP mode, in the acquisition of mature hospitals, the distribution of medical e-commerce, the
Sino Great Wall Co., Ltd. 2017 Annual Report introduction of advanced medical technology and services from abroad. Centering around the development strategies of “enlarging and strengthening overseas business to become an integrated international construction services supplier” and “developing the health-care industry”, in the future, the company will devote major efforts to developing abroad business and arranging the medical industry so as to enhance its capacity for core competitiveness and profit constantly and eventually strive to build itself into a prominent business group developed by the mutual driving forces of construction and health-care industry.
(III) The Company's Business Plans
In 2018, the company will center on the development strategy formulated by the board of directors according to the macroeconomic situation and the industry trends at home and abroad, focusing on the following work:
1. Seize the historical opportunities and deepen the overseas markets
In 2018, the company will continue to deepen its overseas markets by centering on the national strategic layout, strengthen the exchanges and cooperation with the governments of countries and regions along the Belt and Road, and fully grasp the opportunities for construction projects brought by countries and regions along the “One Belt and One Road”, constantly expand the scale of the company's overseas business, focus on the intensive and meticulous cultivation of key markets, and innovate the business operation models to enhance the overseas influence of Sino Great Wall Brand.
2. Increase the efforts for the development of domestic business and actively participate in the construction of PPP projects and Xiong'an New District project construction
In 2018, the company will continue to increase its domestic business development efforts, continuously enhance the company's construction qualifications and improve the company's capability of
Sino Great Wall Co., Ltd. 2017 Annual Report construction engineering, and actively participate in the construction of PPP projects. Also, the company will respond positively to the CPC Central Committee's call to further promote the coordinated development strategy of Beijing, Tianjin and Hebei, strengthen the company's business development and project implementation in the Xiong'an New District, and strive to participate in Xiong'an New District project construction.
In 2018, the company will continue to expand its business space in fields such as healthcare, infrastructure, etc., expand its domestic business scope, increase the company's domestic business revenue and profits, and enhance its overall strength and core competitiveness.
3. Actively develop new business and find new profit growth points
According to the "Guidelines for the Development of Prefabricated Buildings by the General Office of the State Council" and in light of the actual situation of the company, the Company has established the Sino Great Wall Smart House Industry (Zhanjiang) Co., Ltd to carry out the construction of theR&D center and the production base for the prefabricated smart houses, researching and developing the application technology of prefabricated building and accelerating the pace of entering the field of prefabricated smart house construction, thus to create new profit growth points for the Company. 4. Constantly broaden the financing channels and enhance theCompany’s strength
In 2018, the company will make full use of the platform advantages of listed company, well utilize the capital market, and actively explore various financing channels. According to the business development, project progress and the needs of mergers and acquisitions, the company will, through the issuance of corporate bonds, private debt and short-term financing bonds and so forth various means to raise funds in a timely manner, and optimize thecompany’s financial status, thus to ensure the smooth operation of thecompany’s various business activities.
Sino Great Wall Co., Ltd. 2017 Annual Report 4.Main Risks faced by the Company and Solutions
(1)Influence of Macro Economy and Policy
The construction industry and the health-care industry, in which the Company are engaging, are influenced greatly by macro economy and policies. The uncertainty in international and domestic economic situation and the changes of national policy will bring potential risks to theCompany’s market development and operating management.
Solutions: Pay constant attention to the international and domestic economic situation to make reasonable prejudgement. Make timely adjustment for operating strategy and marketing policy and make pre-arranged planning which copes with market changes to guarantee the smooth realization for business goals in 2017.
(2)Risks Aggravated by the Market Competition
As to the international market, on the one hand, the combinations among the strong ones of the giant international contractors in Europe, America, Japan and South Korea are increasingly common, which can increasingly strength the aspects including the technology, financing and management; on the other hand, more domestic enterprises have participated in the international market competition of construction& engineering, intensified the overseas construction market competition. In the domestic market, with the continuous rise of the attractiveness of PPP projects, many companies have participated in the construction of PPP projects. Thus, the PPP projects have been more difficult to bid and have fierce competition, which imposes a higher requirement on the Company's market expansion. Solutions: Strengthen team construction and take first-mover advantage of theCompany’s overseas business. Draw lessons from the past, improve the capacity of management and control for theCompany’s own projects to constantly heighten theCompany’s core competitiveness.
Sino Great Wall Co., Ltd. 2017 Annual Report (3)Management Risks Brought by Constant Business Scope Enlargement
The company's main business is in a fully competitive market with low industry barriers and fierce competition. The company is in a period of rapid development, and the rapid development and expansion of domestic and foreign businesses raise higher requirements for the company's organizational operations and project management.
Solutions: Strengthen learning and training, constantly improve the quality of the on-the-job managers and technicists, introduce high-level personnel and improve the overall management capacity and the technical capacity of the Company to fully adapt to the pace of theCompany’s speedy development
Ⅹ.Particulars about researches, visits and interviews received in this reporting period
1.Particulars about researches, visits and interviews received in this reporting period
√ Applicable□ Not applicable
|||||
|-|-|-|-|
||Way of|Types of||
|Reception time|||Basic index|
||reception|visitors||
||||The interactive relation with the investors on Shenzhen Stock|
||Onsite||Exchange platform about Sino Great Wall International|
|January 9,2017||Organization||
||investigation||Engineering Co., Ltd: Record of the investors relations activities|
||||on January 9, 2017.|
||||The interactive relation with the investors on Shenzhen Stock|
||Onsite|||
|January 12,2017||Organization||
||||Exchange platform about Sino Great Wall International|
||investigation|||
||||Engineering Co., Ltd: Record of the investors relations activities|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
|||||on January 12, 2017.|
|||||The interactive relation with the investors on Shenzhen Stock|
||Onsite|||Exchange platform about Sino Great Wall International|
|February 21,2017||Organization|||
||investigation|||Engineering Co., Ltd: Record of the investors relations activities|
|||||on February 21, 2017.|
|||||The interactive relation with the investors on Shenzhen Stock|
||Onsite|||Exchange platform about Sino Great Wall International|
|February 22,2017||Organization|||
||investigation|||Engineering Co., Ltd: Record of the investors relations activities|
|||||on February 22, 2017.|
|||||The interactive relation with the investors on Shenzhen Stock|
||Onsite|||Exchange platform about Sino Great Wall International|
|May 5,2017||Organization|||
||investigation|||Engineering Co., Ltd: Record of the investors relations activities|
|||||on May 5, 2017.|
|||||The interactive relation with the investors on Shenzhen Stock|
||Onsite|||Exchange platform about Sino Great Wall International|
|August 24,2017||Organization|||
||investigation|||Engineering Co., Ltd: Record of the investors relations activities|
|||||on August 24, 2017.|
|Reception times|||6||
|Reception agency amount|||53||
|Reception personal number|||0||
|Others|||0||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
|Whether to disclose, reveal or disclose||
||No|
|non-public material information||

Sino Great Wall Co., Ltd. 2017 Annual Report V. Important Events
ⅠSpecification of profit distribution of common shares and capitalizing of common reserves
Formulation, implementation and adjustment of profit distribution policy of common shares especially cash dividend policy during the reporting period
□Applicable√Not applicable
The profit distribution preplan or proposal and the preplan or proposal of conversion of the capital reserve into share capital in the past three years(with the reporting period inclusive):
Profit distribution plan for2015：based on the 2015 total share capital of 446.906582 million shares, The Company will transfer the capital reserve to increase capital stock, 28 shares for every 10 shares. Profit distribution Preplan for2016：the Company distributed cash dividends of RMB 0.60 (including tax) for every 10 shares based on the existing 16,982,450,110 shares. with a total distribution of RMB 101,894,700.66.No bonus shares were given and no capital reserves were conversed. The remaining un-allocated profit will be carried over to the next year.
Profit distribution plan for2017：the Company distributed cash dividends of RMB 0.40 (including tax) for every 10 shares based on the existing 1,698,245,011 shares. With a total distribution of RMB
67,929,800.44. No bonus shares were given and no capital reserves were conversed. The remaining un-allocated profit will be carried over to the next year.
Dividend distribution of the latest three years
In RMB
Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||Net profit||||
||||Ratio in net profit|||
|||attributable to the||Amount of cash|Proportion of cash|
||||attributable to the|||
|||over of the parent||dividends from|dividends from|
||Cash dividend||parent company in|||
|Year||company in the||cash offer to|cash offer to|
||(Including Tax)||the consolidated|||
|||consolidated||repurchase shares|repurchase shares|
||||financial|||
|||financial||of the funds|of the funds|
||||statements|||
|||statements||||
|2017|67,929,800.44|380,090,990.82|17.87%|0.00||
|2016|101,894,700.66|473,661,862.67|21.51%|||
|2015|0.00|346,648,651.48|0.00%|0.00|0.00%|

 In the reporting period, both theCompany’s profit and the parentcompany’s retained earnings were positive however not cash dividend distribution proposal has been put forward.
□ Applicable√Not appliable
II.Profit distribution plan and capitalizing of common reserves plan for the Period
√ Applicable□ Not applicable
|||
|-|-|
|Bonus shares for every ten shares(Shares)|0|
|Cash dividend for everty ten shares||
||0.40|
|(Yuan)(Tax-included)||
|Distribute additional (shares)for 10 shares|0|
|A total number of shares as the distribution|1,698,245,011|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
|basis(shares)||
|Total cash dividend (Yuan)(Tax-included)|67,929,800.44|
|Allocable profit（Yuan）|0.00|
|Proportion of cash dividend in the distributable||
||1|
|profit (%)||
|Cash dividend distribution policy||
|Other||
|Details of proposal of profit distribution preplan or share conversion from capital public reserve||
|According to the “audit report” issued by BDO China Shu Lun Pan Certified Public Accountants LLP , as of December||
|31, 2017, the company’s parent company’s capital reserve balance was RMB 1,237,956,472.37, and the undistributed||
|profit was RMB242,353,634.55. In view of the company's development strategy and future business development||
|needs, based on the provisions of the “Company Law” and “Articles of Association”, on the basis of taking into account||
|the reasonable investment returns of shareholders and the company's mid-to-long term development plan, the following||
|distribution plan is proposed: Based on the existing 1,698,245,011 shares of the company's existing capital, a cash||
|dividend of RMB 0.40 (taxes included) will be distributed for every 10 shares, and a total of RMB 67,929,800.44 will be||
|distributed as a cash dividend. No bonus shares were given and no capital reserves were conversed. The||
|remaining un-allocated profit will be carried over to the next year.||

Note: If the share capital base for the company's profit distribution plan is temporarily uncertain, then the details of the profit distribution plan are required.
Sino Great Wall Co., Ltd. 2017 Annual Report III.Commitments to fulfill the situation
1.The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor, senior management personnel and other related parities.
√ Applicable□ Not applicable
||||||||
|-|-|-|-|-|-|-|
|||||Time of|||
||||||Peiod of||
||Commitment|||making||Fulfillme|
|Commitment||Type|Contents||commitm||
||maker|||commitmen||nt|
||||||ent||
|||||t|||
|Commitment on|||||||
||No|No|No||No|No|
|share reform|||||||
|Commitment in the|||||||
|acquisition report|||||||
||No|No|No||No|No|
|or the report on|||||||
|equity changes|||||||
||||Shares acquired by purchases of||||
|Commitments in|||assets through issuing shares: “I will|||Strict|
||Chen Lue, He|||March|36||
|assets||Stock lock|not transfer the new shares of Victor|||perform|
||Feiyan|||19,2015|months||
|reorganization|||Onward Holdings acquired through|||ing|
||||this restructuring, including but not||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|limited to the public transfer through|
|the stock market or by agreement, and|
|I will not entrust anybody else to|
|manage my shares of Victor Onward|
|Holdings, within 36 months from the|
|date new shares list and before the|
|date I’ve carried out my obligations of|
|performance compensation under this|
|restructuring(subject to whatever is|
|early, hereinafter referred to as|
|“lock-up periods”). If the closing price|
|of shares of Victor Onward Holdings|
|were lower than this issue price for 20|
|continuous trading days in 6 months|
|after the restructuring transaction has|
|been completed, or the final closing|
|price were lower than this issue price|
|6 months after the transaction has|
|been completed, the lock-up periods|
|of my shares of Victor Onward|
|Holdings are automatically prolonged|
|for 6 months. (The above-mentioned|

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|issue price will be calculated|
|according to the price after the|
|adjustment of ex-dividend, etc. if|
|ex-dividend behaviors of the company,|
|including distribution of dividends,|
|giving bonus, conversion of share|
|capital, rationing shares, and etc.,|
|were happened during the|
|above-mentioned periods. If the|
|restructuring transaction were March|
|19,2015 36 mont hs Strict perfor ming|
|Shenzhen Victor Onward Textile|
|Industrial Co., Ltd. The Third Quarterly|
|Report 2015. 14 investigated by|
|judicial authorities or China Securities|
|Regulatory Commission due to false|
|record, misleading statement or major|
|omission of the information provided|
|or disclosed, I will not transfer my|
|shares of the company before the|
|conclusion of the case has been made|
|clear. After the above-mentioned|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||lock-up periods, I will sell or transfer||||
|||the new shares of the company||||
|||acquired from this restructuring||||
|||following relevant regulations of China||||
|||Securities Regulatory commission and||||
|||Shenzhen Stock Exchange.||||
|||Shares acquired by matching funds||||
|||raised: “I will not transfer the new||||
|||shares of Victor Onward Holdings||||
|||acquired through this issuing by any||||
|||way, including but not limited to the||||
||||||Strict|
|||public transfer through the stock|March|36||
|Chen Lue|Stock lock||||perform|
|||market or by agreement, within 36|19,2015|months||
||||||ing|
|||months from the date new shares list.||||
|||If regulation rules or regulators have||||
|||longer requirements for lock-up||||
|||periods, it should be executed||||
|||accordingly.||||
|||Up to the issue day of the letter, I and||||
||||||Strict|
||No capital|other corporations controlled by me|March|Long-ter||
|Chen Lue|||||perform|
||occupation|haven’t possessed funds of Sino|19,2015|m||
||||||ing|
|||Great Wall; After the transaction is||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|completed, I and other companies|
|controlled by me (if any), except for|
|listed companies and their holding|
|subsidiaries, will not possess the|
|funds of listed companies or Sino|
|Great Wall by any way, including cash|
|in advance, other expenses, direct or|
|indirect loans, assumption, etc. and try|
|our best to avoid fund intercourse with|
|listed companies or Sino Great Wall,|
|which has nothing to do with normal|
|operations. If Sino Great Wall got|
|penalized by government|
|administration departments due to the|
|money lending which was happened|
|before the transaction, I will bear the|
|total compensation for the company’s|
|loss resulting from it by cash in order|
|to guarantee Sino Great Wall won’t|
|suffer any loss. Meanwhile, I will|
|actively urge Sino Great Wall to|
|establish complete inner control|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||system and funds management||||
|||system within lawful authority.||||
|||In view of the fact that the houses||||
|||rented by Sino Great Wall and it’s son||||
|||subsidiaries, subsidiaries, haven’t||||
|||rental registration, I promise, if Sino||||
||Cash||||Strict|
|||Great Wall and its son subsidiaries,|March|Long-ter||
|Chen Lue|compensati||||perform|
|||subsidiaries, were penalized by real|19,2015|m||
||on||||ing|
|||estate management department or||||
|||suffered other losses resulting from it,||||
|||I agree to compensate the loss of the||||
|||company by cash.||||
|||During the reporting period, the project||||
|||which Sino Great Wall is involved in is||||
|||the decoration engineering||||
|||construction project of Libo Grand||||
||Cash||||Strict|
|||Hotel (hereinafter referred to as “Libo|March|Long-ter||
|Chen Lue|compensati||||perform|
|||project”) which the company|19,2015|m||
||on||||ing|
|||contracted before the bidding process.||||
|||Sino Great Wall is not involved in any||||
|||other projects except for Libo project||||
|||before bidding process. As to the||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||violating issues existed in the Libo||||
|||project, I promise as follows: if Sino||||
|||Great Wall got penalized by||||
|||government administration||||
|||departments or suffered any economic||||
|||loss resulted from it, I will compensate||||
|||the company by cash; Meanwhile, I,||||
|||within lawful authority, will also||||
|||promise to urge the company to||||
|||undertake related construction||||
|||projects legally so as to avoid violating||||
|||issues happened before||||
|||implementation of bidding process,||||
|||i.e., at the time for construction again.||||
|||“1. Up to October 13th,2014, the||||
|||related expenses of the litigation and||||
|||arbitration cases, including the actual||||
||Cash||||Strict|
|||price, compensation, penalty, ligation|March|Long-ter||
|Chen Lue|compensati||||perform|
|||costs, etc. which the parent-subsidiary|19,2015|m||
||on||||ing|
|||companies of Sino Great Wall needs||||
|||to pay caused by the final results of||||
|||ligation and arbitration cases, exceed||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||the amount of liabilities which||||
|||recognized in the “Audit Report”||||
|||made for Sino Great Wall by Ruihua||||
|||CPA (Special Ordinary Partnership)||||
|||on the basis of the audit base day of||||
|||July 31st, 2014, I promise to bear the||||
|||balance by cash unconditionally so as||||
|||to guarantee the parent-subsidiaries of||||
|||Sino Great Wall won’t suffer any loss.||||
|||2. This commitment letter is||||
|||irrevocable.||||
|||1. On condition that ownership defect||||
|||exists in the lease of house property of||||
|||parent-subsidiary companies of Sino||||
|||Great Wall and its subsidiary||||
||Cash|corporation, which resulted in inability|||Strict|
||||March|Long-ter||
|Chen Lue|compensati|for parent-subsidiary companies of|||perform|
||||19,2015|m||
||on|Sino Great Wall and its subsidiary|||ing|
|||corporation to continue leasing this||||
|||house property but having to relocate,||||
|||or parent-subsidiary companies of||||
|||Sino Great Wall and its subsidiary||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|corporation can’t timely find suitable|
|workplace for lawful operation in|
|related area, I will undertake to|
|compensate by cash for|
|parent-subsidiary companies of Sino|
|Great Wall’s losses which are caused|
|by operation and finance due to the|
|above-mentioned matters. 2. I|
|undertake to unconditionally bear the|
|relevant fines by cash for|
|parent-subsidiary companies of Sino|
|Great Wall on condition that the rental|
|house property of parent-subsidiary|
|companies of Sino Great Wall and its|
|subsidiary corporation is in absence of|
|handling procedures for filing house|
|leasing ,which resulted in that|
|parent-subsidiary companies of Sino|
|Great Wall and its subsidiary|
|corporation are fined by property|
|administrative department. 3.The|
|commitment letter is irrevocable.|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||“In condition that parent-subsidiary||||
|||companies of Sino Great Wall or its||||
|||son subsidiary haven’t paid social||||
|||security or housing fund for staff||||
|||according to law, which resulted in any||||
|||losses to Sino Great Wall , including||||
|||the competent authorities’||||
||Cash|requirement for Sino Great Wall or its|||Strict|
||||March|Long-ter||
|Chen Lue|compensati|subsidiary to make supplementary|||perform|
||||19,2015|m||
||on|payment, to be punished and|||ing|
|||resourced, I will bear by full-amount||||
|||cash for the fee of supplemental||||
|||payment and the expense and fee for||||
|||being punished or resourced, which is||||
|||to guarantee Sino Great Wall and its||||
|||subsidiary to avoid suffering from any||||
|||loss ”.||||
|||“At present, Suzhou Lvbang has||||
||Cash|possessed one state-own land use|||Strict|
||||March|Long-ter||
|Chen Lue|compensati|right, of which the land certificate is|||perform|
||||19,2015|m||
||on|Suzhou Guo Yong(2014)|||ing|
|||No.Y2014086”, locates in Danan||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|Village, Dadian Town, Yongqiao|
|District, Suzhou City with 32,966|
|square meters of area and the|
|purpose for industry. Suzhou Lvbang|
|possesses its own factory with|
|9,843.87 square meters of area|
|above-mentioned, which is the|
|building reserved on the former selling|
|land. Suzhou Lvbang is carrying out|
|refurnishing and reconstruction for this|
|factory and has acquired “License of|
|Construction Land Planning ”with|
|No.2014-08-001 approved and issued|
|by Yongqiao District, Suzhou City’s|
|housing and rural construction bureau,|
|of which other examination and|
|approval procedures of construction|
|are in the process of handling “I|
|undertake to actively supervise and|
|urge Suzhou Lvbang on handling|
|procedures of the approval process|
|involved with factor refurnishing and|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||reconstruction, and which is suffered||||
|||from administrative punishment by||||
|||relevant competent authorities in||||
|||reason of claiming certificate of title, or||||
|||in which any dispute or controversy||||
|||exist in construction and ownership,||||
|||which shall be my responsibility to||||
|||carry out solution, and I undertake to||||
|||compensate by cash for Suzhou||||
|||Lvbang’s losses which are due to this||||
|||matter, guaranteeing no losses occur||||
|||to Sino Great Wall and Suzhou||||
|||Lvbang for this matter.||||
|||“According to the “Agreement of||||
|||Significant Asset Replacement and||||
|||Issue of Share to Buy Asset”||||
||Cash|(hereinafter referred to as|||Strict|
||||March|Long-ter||
|Chen Lue|compensati|“Agreement”) signed among Victor|||perform|
||||19,2015|m||
||on|Onward Holdings, all shareholders of|||ing|
|||Sino Great Wall and Union||||
|||Development Group Co., Ltd||||
|||(hereinafter referred to as“ Union||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|Group”) on October 13, 2014, all the|
|creditor’s rights and liabilities related|
|to place-out asset before the delivery|
|date of Victor Onward Holdings shall|
|be Union Group’s responsibility to|
|carry out solution; After the asset|
|delivery date, if any losses occur to|
|Victor Onward Holdings in reason of|
|the liability transfer of asset delivery,|
|personnel placement, unsettled|
|dispute or controversy and other|
|compensation related to place-out|
|asset, payment obligation and|
|punishment, Union Group or the|
|specified third party shall sufficiently|
|compensate all losses for Victor|
|Onward Holdings for the above|
|matters. I undertake, if Union Group|
|and the specified third party refuse to|
|compensate the losses caused by the|
|above mentioned matters for Victor|
|Onward Holdings according to the|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||“ Agreement”, I will compensate by||||
|||cash for the Victor Onward Company||||
|||within 5 working day in advance.||||
|||Meanwhile, I will reserve the resource||||
|||rights for Union Group and the||||
|||specified third party “.||||
|||According to“ Agreement of||||
|||Shenzhen Victor Onward Textile||||
|||Industrial Co., Ltd., Chen Lue and He||||
|||Feiyan Concerning on Performance||||
|||Compensation” and its supplemental||||
|||agreement , Chen Lue’s promised||||
||Performanc|Sino Great Wall that the net profit||||
||||||Strict|
|Chen Lue , He|e|deducted by incidental losses and|May|Long-ter||
||||||perform|
|Feiyan|commitmen|attributable to the parent companies’|11,2015|m||
||||||ing|
||t|owners after audition of 2015, 2016||||
|||and 2017 shall be respectively more||||
|||than RMB 345.8 million, RMB 438.5||||
|||million and RMB 538.2 million. If the||||
|||net profit of Sino Great Wall is less||||
|||than the promised net profit mentioned||||
|||above , Chen Lue and He Feiyan will||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||compensate for listed company in||||
|||accordance with “Performance||||
|||Compensation Agreement” and its||||
|||supplemental agreement||||
|||1. This reorganization is planned to||||
|||place in asset. At present, complete||||
|||separation has existed between me or||||
|||other enterprises under my||||
|||possession (if any) and the listed||||
|||company in staff, asset, finance,||||
|||institution and business of Sino Great||||
|||Wall. Independence exists in both||||
||Independe||||Strict|
|Chen Lue; He||staff, asset, finance, institution and|September|Long-ter||
||nt||||perform|
|Feiyan||business and no confusion exists. 2. I|30,2015|m||
||competition||||ing|
|||undertake, after this reorganization, to||||
|||ensure the continued complete||||
|||separation between me or other||||
|||enterprises under my possession(if||||
|||any) and the listed company in staff,||||
|||asset, finance, institution and||||
|||business, sustaining the||||
|||independence in the listed company’s||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|staff, asset, finance, institution and|
|business, as follows: (1).The|
|Ensurance of Independence for Listed|
|Company’s Personnel Ensure that the|
|general manager, the vice-general|
|manger, the chief financial officer, the|
|board secretary and the senior|
|executives of the Company only|
|accept salary in listed company,|
|including no holding of any post|
|except director and supervisor in my|
|enterprise or other enterprises under|
|my possession. 2.Ensure the|
|complete independence exists among|
|the listed company’s labor, personnel,|
|and salary management and me. 3.|
|The director, supervisor, general|
|manager and other senior executives|
|recommended by me have all been|
|through the legal procedures, and I will|
|not intervene the company’s board|
|and the shareholder’s decision for|

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|appointing and dismissing personnel|
|by exercising official power. (2)The|
|Ensurance of the Asset Independence|
|of Listed Company 1.Ensure that the|
|listed company possesses business|
|system related to operation and the|
|relevant completely-independent|
|asset. 2.Ensure that no occupation of|
|mine exists in capitals and assets of|
|the listed company. 3.The Ensurance|
|of the Financial Independence of|
|Listed Company 1.Ensure that the|
|independent finance department and|
|the independent financial calculating|
|system set up by the listed company,|
|which possess normative and|
|independent financial and accounting|
|rules. 2. Ensure that the listed|
|company independently opens a bank|
|account, not sharing the same bank|
|account with me. 3.Ensure that the|
|financial staff of the listed company|

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|holds no part-time post in my|
|enterprise and other enterprises under|
|my possession. 4. Ensure that the|
|listed company pays taxes according|
|to law. 5. Ensure that the listed|
|company makes the financial|
|decision-making independently, I will|
|not intervene the utilization of the|
|listed company’s capital. (4)The|
|Ensurance of the Institutional|
|Independence of Listed Company|
|1.Ensure that the listed company sets|
|up perfect governance structure for|
|the share company’s legal person,|
|which possesses independent and|
|complete institutional framework|
|2.Ensure that the shareholder’s|
|meeting, the board of director, the|
|independent director, the supervisor|
|and the general managers exercise|
|official powers according to laws,|
|regulations and articles of|

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|incorporation (5)The Ensurance of the|
|Business Independence of Listed|
|Company 1. Ensure that the listed|
|company possesses the asset, staff,|
|qualification and ability for|
|independently holding business|
|activities, which possesses the|
|independent, autonomous and sustain|
|operation ability catering to the|
|market. 2. Ensure that I will not|
|intervene the listed company’s|
|business activities except exercising|
|shareholder’s rights. 3.Ensure that I or|
|other enterprises under my|
|possession will avoid working on the|
|listed company’s main business which|
|possesses substantial competition. 4.|
|Ensure to reduce the related|
|transaction between me and the listed|
|company or between other enterprises|
|under my possession and the listed|
|company as much as possible; When|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||confirming necessary but unavoidable||||
|||related transaction, I will ensure the||||
|||fair operation according to the||||
|||principle of market culture and the fair||||
|||price, and fulfill the transaction||||
|||procedures and the obligation of||||
|||disclosing information according to||||
|||relevant laws and regulations and||||
|||normative document.||||
||Relate|“1.Before this reorganization, the|March|Long|Strict|
||transa|fairness and reasonableness of pricing|19,2015|term|perfo|
||ctions|and the legitimacy and effectiveness|||rming|
|||of decision-making procedure exist in||||
|||the transaction(if any) between me or||||
|||the enterprise under my possession(if||||
|Chen Lue; He||||||
|||any) and Sino Great Wall which is||||
|Feiya||||||
|||planned to place asset in, no related||||
|||transaction with obvious unfairness||||
|||exists ; 2.After this reorganization, I or||||
|||the enterprise under my possession||||
|||will avoid and reduce the related||||
|||transaction with listed company as||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|much as possible. As for any|
|unavoidable or reasonable related|
|transaction, I or the enterprise under|
|my possession will sign the agreement|
|according to laws and fulfill the lawful|
|procedure, and fulfill relevant approval|
|procedure for internal decision-making|
|and timely fulfill the obligation of|
|disclosing information according to|
|law, following relevant laws,|
|regulations, other normative|
|documents and articles of listed|
|company, which is to guarantee the|
|fairness and reasonableness in|
|related transaction pricing, to|
|guarantee the fairness of transaction|
|condition and to guarantee not to|
|utilize the related transaction to|
|illegally transfer the capital and profit|
|of listed company, and not to utilize|
|this transaction to engage in any|
|behaviors which will cause any losses|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||to listed company or other||||
|||shareholder’s legitimate rights. Once I||||
|||violate the above promises and cause||||
|||losses to the listed company, I will||||
|||compensate the listed company for||||
|||the losses caused by the this matter.||||
|||During the assets reorganization, the||||
|||house property and land without||||
|||property certificate in the disposed||||
|||assets within the plant area of Kuixin||||
|||Community of Kuichong Street of||||
|||Longgang District and the expected||||
|Union||compensations, as well as the||||
||||||Strict|
|Development|Income|expected compensations concerning|March|Long-ter||
||||||performi|
|Group Co.,|disposal|to the regaining of plots planned as|19,2015|m||
||||||ng|
|Ltd.||schools within the right of land use of||||
|||Nanyou Industrial Park of Nanshan||||
|||District have not been recorded in the||||
|||assessment. Therefore, Union Group||||
|||promises that after the reorganization,||||
|||if Union or a third party appointed by||||
|||Union receives compensations or||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|incomes related toabove-mentioned|
|disposed assets which are house|
|property and land without property|
|certificate as well as regaining of plots|
|planned as schools, Union will return|
|the benefits to Victor Onward|
|Holdings, in 10 working days since the|
|collection. The actual costs and fees|
|during the possession of the house|
|property and land and the paid as well|
|as the unpaid but necessary costs and|
|fees for the reception of the|
|above-mentioned benefits for Union|
|Group or its third party will be|
|deducted from the income. The|
|specific benefits and payable costs|
|and fees should be confirmed jointly|
|by Union Group and Victor Onward|
|Holdings based on the actual|
|situations. （Notes:On June 25,|
|2015,All shareholders of Victor|
|Onward Holdings, Union Group and|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|||Sino Great Wall Signed||||
|||supplementary agreement, and||||
|||specified that the land and houses||||
|||without ownership certificate of Victor||||
|||Onward Holdings located at the||||
|||factory area of Kuixin community of||||
|||Kuichong street office of Longgang||||
|||district (the land area is about 50,000||||
|||square meters, the built-up area of||||
|||houses is about 25,000 square||||
|||meters, among them about 18,000||||
|||square meters of buildings at built-up||||
|||area are within the plan of removal||||
|||and collection of government，||||
|||hereinafter referred as||||
|||“undocumented property) still belongs||||
|||to Victor Onward Holdings. And the||||
|||benefits and risks of the real estate||||
|||without certificate are enjoyed and||||
|||assumed by Victor Onward Holdings.”||||
|Union|Cash|According to the Term 5.5.3 of|March|Long-ter|Complet|
|Development|compensati|Agreement on Major Asset|19,2015|m|ed the|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||
|-|-|-|-|
|Group Co., Ltd|on|Replacement and Asset Purchase|impleme|
|||Through Issuing Shares (hereinafter|ntation|
|||referred to as Agreement) signed on|(On|
|||October 13, 2014 by the company and|March|
|||all shareholders of Victor Onward Co.|29,|
|||Ltd.. and Sino Great Wall, Victor|2018,|
|||Onward Holdings should obtain the|the|
|||letter of approval concerning the|compan|
|||transferred debts of the disposed|y|
|||assets from the creditor (including the|received|
|||guarantee, similarly hereinafter)|an|
|||before the date of assets delivery. In|economi|
|||the situation of debts on Victor|c|
|||Onward Holdings due to the absence|compen|
|||of creditor’s consent, the company or|sation of|
|||the third party appointed by the|RMB|
|||company is in charge of paying off|100|
|||debts or reaching agreement on the|million|
|||solution with the creditor. When there|from|
|||are losses caused by improper|Shenzhe|
|||solutions of the company or the third|n Union|
|||party appointed by the company, the|Develop|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
|company or the third party appointed|ment|
|by the company will fully compensate|Investm|
|for the caused losses of Victor Onward|ent Co.,|
|Holdings in 5 working days after|Ltd., and|
|receiving the notice. According to the|promise|
|Term 5.5.4 of Agreement, after the|d to|
|date of assets delivery, any|complet|
|compensations, obligations of|e the|
|payment and penalties caused by|performa|
|disposed assets as well as unsettled|nce.)|
|disputes in Victor Onward Holdings||
|will be undertaken and solved by the||
|company or the third party appointed||
|by the company, and Victor Onward||
|Holdings assumes no responsibility.||
|When there are losses caused by it,||
|the company or the third party||
|appointed by the company will fully||
|compensate for the caused losses of||
|Victor Onward Holdings in 5 working||
|days after receiving the notice.||
|According to the Term 5.6.1 of||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|Agreement and based on the principle|
|of “staff arrangement according to the|
|assets”, the labor relations, social|
|insurance relations including pension,|
|medical treatment, unemployment,|
|working injury and maternity, and|
|other liable welfare and salary of all|
|the staff in Victor Onward Holdings.|
|(including but not limited to on-post|
|Shenzhen Victor Onward Textile|
|Industrial Co., Ltd. The Third Quarterly|
|Report 2015. 25 employees,|
|employees awaiting job assignments,|
|retired employees, retained|
|employees with suspend salary,|
|transferred employees, and temporary|
|employees, etc) will be transferred to|
|the company or the third party|
|appointed by the company.|
|Compensations or related matters (if|
|any) due to the termination of labor|
|relationship in advance with Victor|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
||||Onward Holdings, the company or the|||
||||third party appointed by the company|||
||||will be in charge of the payment. The|||
||||company promises that for the losses|||
||||caused by matters such as the|||
||||above-mentioned debt transfers of|||
||||disposed assets, personnel|||
||||arrangement, unsettled disputes,|||
||||potential debts, payment obligations|||
||||and penalties, the company or the|||
||||third party appointed by the company|||
||||will fully compensate for the losses of|||
||||Victor Onward Holdings due to the|||
||||above-mentioned matters based on|||
||||the Agreement in cash.|||
|Commitments||||||
|make in initial||||||
||No|No|No|No|No|
|public offering or||||||
|re-financing||||||
|Equity incentive||||||
||No|No||No|No|
|commitment||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
|Other|||||
|commitments for|||||
||No|No|No|No|
|medium and small|||||
|shareholders|||||
|Completed on|||||
||Yes||||
|time(Y/N)|||||
|If the|||||
|commitments is|||||
|not fulfilled on|||||
|time, shall explain|Nil||||
|the specify reason|||||
|and the next work|||||
|plan|||||

2.The existence of the company's assets or projects earnings forecasts and earnings reporting period is still in the forecast period, the company has assets or projects meet the original profit forecast made and the reasons explained
□Applicable√ Not applicable
IV.Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable√ Not applicable
No non-operating occupation from controlling shareholders and its related party in the period.
Sino Great Wall Co., Ltd. 2017 Annual Report V.Explanation of the Supervisory Committee and Independent Directors (If applicable)on the QualifiedAuditor’s Report Issued by the CPAs.
□ Applicable√ Not applicable
VI.Explain change of the accounting policy, accounting estimate and measurement methods as compared with the financial reporting of last year.
√Applicable□Not applicable
Implementation of the "No. 42 Accounting Standard for Business Enterprises-Non-current Assets for Sale, Disposal Group, and Termination of Operation”, the “No. 16 Accounting Standard for Business Enterprises-Government Grants” and the “Notice on the Issuance of the Revised Format of Financial Statements for General Enterprises”, Revised the original accounting policy
VII.Explain retrospective restatement due to correction of significant accounting errors in the reporting period
□Applicable√ Not applicable
No major accounting errors within reporting period that needs retrospective restatement for the
Company in the period.
VIII.Explain change of the consolidation scope as compared with the financial reporting of last year.√Applicable□Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report During the reporting period, the changes in the scope of the consolidated statements are detailed in the notes to the financial statements.
IX. Engagement/Disengagement of CPAs
CPAs currently engaged
|||
|-|-|
|Name of the domestic CPAs|BDO China Shu Lun Pan Certified Public Accountants LLP|
|Remuneration for domestic accounting firm (RMB’0000)|200|
|Continuous life of auditing service for domestic accounting||
||3|
|firm||
|Name of domestic CPA|Liao Jiahe, Feng Xue|
|Continuous life of auditing service for domestic accounting||
||3|
|firm||

Has the CPAs been changed in the current period
□ Yes√ No
CPAs firm for the internal control audit
√applicable□ Not applicable
In the current year, the company engaged BDO China Shu Lun Pan Certified Public Accountants LLP as the internal control audit accounting firm, during the period, the company totally pays RMB 0. 5million for the internal control audit expenses.
Sino Great Wall Co., Ltd. 2017 Annual Report X.Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the Yearly Report
□Applicable√ Not applicable
XI.Bankruptcy reorganization
□Applicable√ Not applicable
No bankruptcy reorganization for the Company in reporting period.
XII.Significant lawsuits and arbitrations of the Company
□Applicable√ Not applicable
No significant lawsuits and arbitrations occourred in the reporting period.
XIII.Situation of Punishment and Rectification
□Applicable√ Not applicable
No penalty and rectification for the Company in reporting period.
XIV.Credit Condition of the Company and its Controlling Shareholders and Actual Controllers
□Applicable√ Not applicable
XV.Implementation Situation of Stock Incentive Plan of the Company, Employee Stock Ownership Plan or Other Employee Incentive Measures
√Applicable□ Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report The second meeting of the seventh board of directors, the second meeting of the seventh board of supervisors and the 2015 third extraordinary general shareholder meeting were respectively convened by the company on Nov 5, 2015 and Nov 23, 205, at which the Proposal on the First Phase of Employee Stock Ownership Plan (draft) of Shenzhen Victor Onward Textile Industrial Co., Ltd was examined and approved.
Please refer to the published on November 7, 2015 and November 24,2015 (www.cninfo.com.cn) on the relevant announcement.
On December 24, 2015, the company as the asset trustor of the ESOP asset management plan, together with the asset manager- Xingzheng Securities Asset Management Co.,Ltd and the asset trustee- China Everbright Bank Co.,Ltd signed the contract of No.57 Xing Zheng Zi Guan Xin Zhong Assets Management Contract of the Collection Assets Management Plan which concretely explained and stipulated the information included the basic information of the collection plan, participating in and withdrawal of the collection plan, guarantee, classification of the collection plan, the management methods and the management rights of the customer assets in the collection plan, the establishment of the collection plan, the expenses of the collection plan, the proceeds and its distribution of the collection plan, investment philosophy and investment strategy, investment decision-making and risk control, restrictions and prohibited behaviors of investment, information disclosure of the collection plan, transfer of the share of the collection plan, non-transaction transfer ownership and freezing and so on.
Please refer to the published on December 29, 2015 (www.cninfo.com.cn) on the relevant announcement.
As of January 7, 2016, thecompany’s first phase of the employee stock ownership plan has completed the share-purchasing by means of buying in the secondary security market, of which the average
Sino Great Wall Co., Ltd. 2017 Annual Report position price is RMB44.7578 per share, the total purchase quantity is 833,187 shares which account for0.1864% of the company's total share capital, and the total turnover is RMB37,291,630. The lock-up period of the shares purchased under the plan is 12 months commenced from the date of this announcement.Please refer to the published on January 8, 2016 (www.cninfo.com.cn) on the relevant announcement.
On November 20, 2017, with the consent of more than two-thirds of the holders presented at theholders’ meeting, the “Proposal on the one-year extension of the company's first phase ESOP” was passed. On November 21, 2017, the company held the twenty-sixth meeting of the seventh board of directors, which reviewed and adopted the “Proposal on the one-year extension of the company's first phase ESOP”, and according to the voting result of theholders’ meeting, the board agreed to extend the duration of the company's first phase ESOP by one year, meaning that the ESOP can sell shares within the afore-said extension of one year (until November 23, 2018).If the shares are not sold before the expiration of the extended one year, a further meeting of the holders and the meeting of the board of directors can be convened two months before the expiration to consider the follow-up matters.
announcement.
XVI.Material related transactions
1. Related transactions in connection with daily operation
□Applicable√ Not applicable
Nil
Sino Great Wall Co., Ltd. 2017 Annual Report 2. Related-party transactions arising from asset acquisition or sold
□Applicable√ Not applicable
No related transactions by assets acquisition and sold for the Company in reporting period.
3. Related-party transitions with joint investments
□Applicable√ Not applicable
No main related transactions of joint investment outside for the Company in reporting period.
4. Credits and liabilities with related parties
□Applicable√ Not applicable
Nil
5. Other significant related-party transactions
□Applicable√ Not applicable
No other material related transactions.
XVII.Particulars about significant contracts and their fulfillment
1. Particulars about trusteeship, contract and lease
(1) Trusteeship
□Applicable√ Not applicable
No trusteeship, contract or leasing for the Company in reporting period.
Sino Great Wall Co., Ltd. 2017 Annual Report (2) Contract
□ Applicable√ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√Applicable□ Not applicable
Notes
During the reporting period, the company's leasing expenses were mainly thecompany’s office space and staffquarters’ capital expenditures.
The company's profit and loss has reached more than10% of the company's total profit during the reporting period□ Applicable√ Not applicable
Nil
2.Guarantees
√ Applicable□ Not applicable
（1）Guarantees
InRMB’0000
||||||||||
|-|-|-|-|-|-|-|-|-|
|Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)|||||||||
|Name of the|Relevant|Amount of|Date of|Actual|Guarantee|Guarantee|Complete|Guarantee|
|||||mount of|type|term|implement|for|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Company|disclosure|Guarantee|happening||guarantee|||ation|associated|
|||||||||or not|parties|
||date/No.||(Date of||||||(Yes or|
||||||||||no)|
||of||signing|||||||
||the||agreement)|||||||
||guarantee|||||||||
||d|||||||||
||amount|||||||||
||||||Total of external|||||
|Total of external guarantee||0|||guarantee actually||0|||
|approved in the report term (A1)|||||occurred in the report|||||
||||||term (A2)|||||
||||||Total of external|||||
|Total of external guarantee||||||||||
|||0|||guarantee actually||0|||
|approved as of end of report||||||||||
||||||occurred as of end of|||||
|term (A3)||||||||||
||||||report term (A4)|||||
|Guarantee of the company for its subsidiaries||||||||||
||Amount of|||Actual date||||||
||guarantee|Amount of||of occurring|Actual||||Related|
|Guarantee provided||||||Type of||Complet||
||and date|the||(signing date|amount of||Term||guarante|
|to||||||guarantee||ed or not||
||of|guarantee||of|guarantee||||e|
||disclosure|||agreements||||||
|||||November||The joint||||
||April|||||||||
|Sino International||70,000||16, 2017|70,000|liability|1 year|No|No|
||28,2017|||||||||
|||||||guaranty||||
|||||October||The joint||||
||April|||||||||
|Sino International||13,000||28, 2016|13,000|liability|1 year|No|No|
||28,2017|||||||||
|||||||guaranty||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||||
|-|-|-|-|-|-|-|-|-|
||||February||The joint||||
||April||||||||
|Sino International||7,000|28, 2017|7,000|liability|1 year|No|No|
||28,2017||||||||
||||||guaranty||||
||||April 14,||The joint||||
||April||||||||
|Sino International||20,000|2017|20,000|liability|1 year|No|No|
||28,2017||||||||
||||||guaranty||||
||||January||The joint||||
||April||||||||
|Sino International||18,000|3, 2017|18,000|liability|1 year|No|No|
||28,2017||||||||
||||||guaranty||||
||||June 7, 2017||The joint||||
||April||||||||
|Sino International||1,2000||1,2000|liability|1 year|No|No|
||28,2017||||||||
||||||guaranty||||
||||July 25, 2017||The joint||||
||April||||||||
|Sino International||40,000||40,000|liability|1 year|No|No|
||28,2017||||||||
||||||guaranty||||
||||October||The joint||||
||April||||||||
|Sino International||20,000|18, 2017|20,000|liability|1 year|No|No|
||28,2017||||||||
||||||guaranty||||
||||November||The joint||||
||April||||||||
|Sino International||10,000|22, 2017|10,000|liability|1 year|No|No|
||28,2017||||||||
||||||guaranty||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||March|||The joint||||||
|||April|||||||||||
|Sino International|||8,400|31, 2017||8,400|liability|30 months||No||No|
|||28,2017|||||||||||
||||||||guaranty||||||
|||||January|||The joint||||||
|Wuhan Commercial||April|||||||||||
||||10,889.81|18, 2017||10,889.81|liability|3 years||No||No|
|Work Hospital||28,2017|||||||||||
||||||||guaranty||||||
|||||September|||The joint||||||
|||April|||||||||||
|Sino Construction|||5,000|30, 2017||5,000|liability|1 year||No||No|
|||28,2017|||||||||||
||||||||guaranty||||||
|Total of guarantee for||||||Total of actual guarantee|||||||
|subsidiaries|||900,000|||for subsidiaries in the||234,289.81|||||
|approved in the Period (B1)|||||||||||||
|||||||Period (B2)|||||||
|Total of guarantee for||||||Total of actual guarantee|||||||
|subsidiaries|||900,000|||for subsidiaries at||234,289.81|||||
|approved at Period-end (B3)||||||Period-end (B4)|||||||
|Guarantee of the subsidiaries for the controlling subsidiaries|||||||||||||
||Relevant||||Date of||||Complete||G uarantee||
|Name of the|||Amount|||Actual|||||||
||disclosure||||happening||Guarantee|Guarante|implemen||for||
|Company|||of|||mount of|||||||
||date/No. of||||(Date o||type|e term|tation||associated||
|guaranteed|||guarantee|||guarantee|||||||
||the||||signing||||or||parties||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||||
|-|-|-|-|-|-|-|-|
||guaranteed||agreement)|||not|(Yes or|
||amount||||||no)|
|||||Total amount of||||
|Total guarantee quota to the||||guarantee to the||||
|subsidiaries approved in the||0||subsidiaries actually|0|||
|reporting period (C1)||||incurred in the reporting||||
|||||period (C2)||||
|||||Total balance of actual||||
|Total guarantee quota to the||||||||
|||||guarantee to the||||
|subsidiaries approved at the||0|||0|||
|||||subsidiaries at the end of||||
|end of the reporting period (C3)||||||||
|||||the reporting period (C4)||||
|Total of Company’s guarantee（namely total of the large three aforementioned）||||||||
|||||Total of actual guarantee||||
|Total of guarantee in the Period||||||||
|||900,000||in|234,289.81|||
|（A1+B1+C1）||||||||
|||||the Period（A2+B2+C2）||||
|||||Total of actual guarantee||||
|Total of guarantee at Period-end||||at||||
|||900,000|||234,289.81|||
|（A3+B3+C3）||||Period-end||||
|||||（A4+B4+C4）||||
|Including：||||||||
|Amount of guarantee for shareholders, actual controller and||||0||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
|its associated parties（D||
|The debts guarantee amount provided for the Guaranteed||
|parties whose assets-liability ratio exceed 70% directly or|0|
|indirectly（E）||
|D+E+F|2,342,898,099.51|
|Explanations on possibly bearing joint and several||
||Nil|
|liquidating responsibilities for undue guarantees ( If any)||
|Explanations on external guarantee against regulated||
||Nil|
|procedures(If any)||

Description of the guarantee with complex method
（2）Illegal providing of external guarantees
□ Applicable√ Not applicable
No illegal providing of external guarantees in the report period.
3.Situation of Entrusting Others for Managing Spot Asset
(1)Situation of Entrusted Finance
□ Applicable√ Not applicable
Nil
(2)Situation of Entrusted Loans
Sino Great Wall Co., Ltd. 2017 Annual Report□ Applicable√ Not applicable
Nil
4. Other significant contract
□ Applicable√ Not applicable
Nil
XVIII. Social responsibility
1. Execution of social responsibility
The company actively fulfilled its social responsibilities, and by continuously improving the
construction safety mechanism and actively implementing the measures such as occupational health protection measures, the Company prevented the major safety accidents and ensured the personal safety and health of employees; the Company continuously improved the salary and welfare system and perfected various labor employment system, refined the harmonious labor relations, put great efforts to provide employees with a broad space for development. Meantime, the company also has been provided assistance to sick workers and difficult-life employees and promoted the harmonious
development between employees and society. The company always attaches great importance to the return to shareholders, even in facing a complex and volatile market environment, the company strived to complete its annual business plan, keeping the stable growth of the business performance.
Meanwhile, the company paid all taxes and fees in full in accordance with the law, and conscientiously fulfilled its social responsibilities
Sino Great Wall Co., Ltd. 2017 Annual Report 2. Precise poverty alleviation social responsibility
There are no precise poverty alleviation carried out in the period and no follow plan either.
3. Environmental protection
The listed Company and its subsidiary whether belongs to the key sewage units released from
environmental protection department
No
The Company and its subsidiaries do not belong to the key pollutant discharge units announced by the environmental protection department.
XIX. Explanation on other significant events
√ Applicable□ Not applicable
On July 7, 2016, the 10th meeting of the 7th Board of Directors and the 7th meeting of the 7th Board of Supervisors were convened to examined and adopted the related proposals on non-publci Issuing of Shares. On
July 25, 2016, the 2nd provisional general meeting of shareholders was convened to deliberate and approve the
related proposals on Private Issuing of Shares.
On October 14, 2016, CSRC Receipt Notice on Administrative Licensing Application released by CSRC was
received. The application documents for administrative licensing submitted by the company were reviewed and
Sino Great Wall Co., Ltd. 2017 Annual Report considered to be complete and conform to the legal form by CSRC, and the administrative licensing application
was accepted by CSRC.
On March 22,2017, The company's application of non-public A-share issuance had been examined and approved by the Issuance Examination Commission of CSRC. On July 21, 2017, the company received the Approval for Sino Great Wall Co.,Ltd's Non-public Share Issuance byCSRC.，Approved that the company's non-public issuance shall issue no more than 86,455,330 new shares, which shall be valid within six months from the date (July 5, 2017) of approval of the issuance.
Due to changes in the capital market environment, the company failed to complete the above non-public issuance within six months from the date of approval of the issuance by the China Securities Regulatory Commission. Therefore, the above-mentioned approval of the non-public issuance of shares expired automatically.
XX. Significant event of subsidiary of the Company
√ Applicable□ Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report VI. Change of share capital and shareholding of Principal ShareholdersⅠ.Changes in share capital
1. Changes in share capital
In shares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Before the change||Increase/decrease（+，-）|||||After the Change||
||Amount|Proporti|||Capitalizati|||||
|||on|Share|Bonus|on of|||||
||||||||||Proportio|
||||allotme|share|common|Other|Subtotal|Quantity||
||||||||||n|
||||nt|s|reserve|||||
||||||fund|||||
|1.Shares with||||||||||
|conditional|681,035,811|40.10%||||269,625|269,625|681,305,436|40.12%|
|subscription||||||||||
|3.Other domestic||||||||||
||681,035,811|40.10%||||269,625|269,625|681,305,436|40.12%|
|shares||||||||||
|Including ：||||||||||
||42,479,672|2.50%||||||42,479,672|2.50%|
|Domestic Legal||||||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
|person shares|||||||
|Domestic natural|||||||
||638,556,139|37.60%|269,625|269,625|638,825,764|37.62%|
|person shares|||||||
|II.Shares with|||||||
||1,017,209,20||||1,016,939,57||
|unconditional||59.90%|-269,625|-269,625||59.88%|
||0||||5||
|subscription|||||||
|1.Common shares|||||||
||753,405,969|44.36%|-269,625|-269,625|753,136,344|44.34%|
|in RMB|||||||
|2.Foreign shares in|||||||
||263,803,231|15.54%|||263,803,231|15.54%|
|domestic market|||||||
|III. Total of capital|1,698,245,01|100.00|||1,698,245,01||
||||0|0||100.00%|
|shares|1|%|||1||

Reasons for share changed
□ Applicable√ Not applicable
Approval of Change of Shares
□ Applicable√ Not applicable
Ownership transfer of share changes
□ Applicable√ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share
attributable to common shareholders of Company in latest year and period
□ Applicable√ Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report Other information necessary to disclose for the company or need to disclosed under requirement from security regulators
□ Applicable√ Not applicable
2. Change of shares with limited sales condition
√ Applicable□Not applicable
In shares
||||||||
|-|-|-|-|-|-|-|
||||Number of||||
|||Number of||Restricted|||
||Initial||Increased|||Date of|
|Shareholder||Unrestricted||Shares in the|Reason for||
||Restricted||Restricted|||Restriction|
|Name||Shares This||End of the|Restricted Shares||
||Shares||Shares This|||Removal|
|||Term||Term|||
||||Term||||
||||||The major asset||
||||||restructuring and the||
||||||issue of shares to|October|
|Chen Lue|525,344,262|0|0|525,344,262|||
||||||purchase assets|14,2018|
||||||and raise matching||
||||||funds||
||||||The major asset||
|||||||November|
|Chen Lue|55,995,934|0|0|55,995,934|restructuring and the||
|||||||27,2018|
||||||issue of shares to||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
||||||purchase assets||
||||||and raise matching||
||||||funds||
||||||Executive locking||
|Chen Lue|769,500|387,000|0|382,500||Not applicable|
||||||stock||
||||||The major asset||
||||||restructuring and the||
||||||issue of shares to|October|
|He Feiyan|54,800,458|0|0|54,800,458|||
||||||purchase assets|14,2018|
||||||and raise matching||
||||||funds||
||||||The major asset||
||||||restructuring and the||
||||||issue of shares to|October|
|He Sen|1,637,435|0|0|1,637,435|||
||||||purchase assets|14,2018|
||||||and raise matching||
||||||funds||
|Jiutai Fund－|||||The major asset||
|Bank of|||||restructuring and the|November|
||42,479,672|0|0|42,479,672|||
|Communications|||||issue of shares to|27,2018|
|－Jiutai Huitong|||||purchase assets||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
|No.2 specific|||||and raise matching||
|customer asset|||||funds||
|management|||||||
|plan|||||||
||||||Executive locking||
|Li Erlong|8,550|0|610,500|619,050||Not applicable|
||||||stock||
||||||Executive locking||
|Yang Chunling|0|0|46,125|46,125||Not applicable|
||||||stock||
|Total|681,035,811|387,000|656,625|681,305,436|--|--|

 II.Issuing and listing
1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period
□ Applicable√ Not applicable
2.Change of asset and liability structure caused by change of total capital shares and structure
□ Applicable√ Not applicable
3.About the existingemployees’ shares
□Applicable√Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report III.Shareholders and actual controlling shareholder
1. Number of shareholders and shareholding
In Share
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||||||Total|||
|Total number|||Total||||The total number||||||||
|||||||||||||preferred shar|||
|of common|||shareholders at||||of preferred shar||||||||
|||||||||||||eholders at the|||
|shareholders|||the end of the||||eholders voting ri||||||||
|||||||||||||end of the|||
|at the end of|67,510||month from the||67,825||ghts restored at p|||0||||0|
|||||||||||||month from the|||
|the|||date of||||eriod-end||||||||
|||||||||||||date of|||
|reporting|||disclosing the||||(if any)(See||||||||
|||||||||||||disclosing the|||
|period|||annual report||||Notes 8)||||||||
|||||||||||||annual report|||
|Shareholding of shareholders holding more than 5% shares|||||||||||||||
||||||Number||||Amount||Number of share pledged/frozen||||
|||||||||Amount|||||||
|||||Proportio|of|Changes|||of||||||
|||||||||of|||||||
|||Nuture of||n of|shares|in|||un-restric||||||
|Shareholders||||||||restricte|||||||
|||shareholder||shares|held at|reporting|||ted||State of share||Amount||
|||||||||d shares|||||||
|||||held（%）|period|period|||shares||||||
|||||||||held|||||||
||||||-end||||held||||||
|Chen Lue||DomesticNatural person||34.36%|583,454,556|+510,000||581,722,696|1,731,860||||||
||||||||||||Pledge||473,260,594||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
|STYLE-SUCCESS LIMITED|Foreign legalperson|5.47%|92,970,910|0|0|92,970,910|
|Union HoldingsCo., Ltd.|Domestic Non-State-ownedlegal person|5.18%|87,935,921|0|0|87,935,921|
|He Feiyan|DomesticNatural person|3.23%|54,800,458|0|54,800,458|0|
|Jiutai Fund－Bank ofCommunications－Jiutai HuitongNo.2 specificcustomer assetmanagementplan|Other|2.50%|42,479,672|0|42,479,672|0|
|BohaiInternationalTrust Co., Ltd.－Bohai Trust·250HenglifengSingle fund trust|Other|1.71%|29,104,000|0|0|29,104,000|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||||
|-|-|-|-|-|-|-|-|-|
|ChinaInternationalFinance Co., Ltd.|Other|1.70%|28,822,543|0|0|28,822,543|||
|Rich CrownInvestment Co.,Ltd.|Foreign legalperson|1.37%|23,235,313|0|0|23,235,313|||
|Bank of China－Fortis IncomeGrowthSecuritiesInvestment Fund|Other|0.87%|14,731,783|-3,468,537|0|14,731,783|||
|Qinghai HeyiIndustryDevelopmentCo., Ltd.|Domestic Non-State-ownedlegal person|0.79%|13,357,084|+100|0|13,357,084|||
||||||||Pledge|13,357,000|
|Strategy investors or general legal|||||||||
|person becomes top 10|||||||||
|||Nil|||||||
|shareholders due to rights issued|||||||||
|(if applicable)See Notes 3）|||||||||
|Explanation on associated||The largest shareholder of Mr. Chen Lue and the Fourth largest shareholder of Ms.|||||||
|relationship among the aforesaid||He Feiyan aforesaid are persons acting in concernp; The controlling shareholder of|||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||
|-|-|-|-|
|shareholders|the above-mentioned third shareholder Shenzhen Union Holdings Co.,Ltd. And|||
||Eigngh shareholder Rich Crown Investment Co., Ltd.. Is Union Development Group|||
||Ltd. whether the other shareholders have associated relations are unknown.|||
|Shareholding of top 10 shareholders of unrestricted shares||||
||Quantity of unrestricted shares held at the end of|Share type||
|Name of the shareholder||||
||the reporting period|Share type|Quantity|
|STYLE-SUCCESS LIMITED|92,970,910|Foreign shares||
|||placed in||
||||92,970,910|
|||domestic||
|||exchang||
|Union Holdings Co., Ltd.|87,935,921|RMB Common||
||||87,935,921|
|||shares||
|Bohai International Trust Co., Ltd.－Bohai Trust·250 HenglifengSingle fund trust|29,104,000|||
|||RMB Common||
||||29,104,000|
|||shares||
|China International Finance Co.,Ltd.|28,822,543|RMB Common||
||||28,822,543|
|||shares||
|Rich Crown Investment Co., Ltd.|23,235,313|Foreign shares||
|||placed in||
||||23,235,313|
|||domestic||
|||exchang||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||
|-|-|-|-|
|Bank of China－Fortis IncomeGrowth Securities Investment Fund|14,731,783|RMB Common||
||||14,731,783|
|||shares||
|Qinghai Heyi Industry DevelopmentCo., Ltd.|13,357,084|RMB Common||
||||13,357,084|
|||shares||
|Song Wenguang|9,053,781|Foreign shares||
|||placed in||
||||9,053,781|
|||domestic||
|||exchang||
|Cai Yu|9,000,000|RMB Common||
||||9,000,000|
|||shares||
|Huang Huaian|8,507,000|RMB Common||
||||8,507,000|
|||shares||
|Explanation on associated||||
|relationship or consistent action||||
|among the top 10 shareholders of|The controlling shareholder of the above-mentioned shareholder Shenzhen Union|||
|non-restricted negotiable shares|Holdings Ltd. and shareholder Rich Crown Investment Co., Ltd.. Is Union|||
|and that between the top 10|Development Group Ltd.|||
|shareholders of non-restricted||||
|negotiable shares and top 10||||
|shareholders||||
|Notes to the shareholders involved|Nil|||

Sino Great Wall Co., Ltd. 2017 Annual Report
||
|-|
|in financing securities (if any)(See|
|Notes 4)|

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.
□ Yes√ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy–back agreement dealing in reporting period.
2.Controlling shareholder
Nature of Controlling Shareholders: Natural Person Holding
Type of Controlling Shareholders: Natural Person
||||
|-|-|-|
|||Whether to obtain the right of abode in other|
|Name|Nationality||
|||countries or regions|
|Chen Lue|China|No|
|Main occoupations and duties|Board Chairman of the Company||
|Situation of domestic and abroad holding|||
||Nil||
|listed companies in the reporting period.|||

Change of the actual controller in the reporting period
□ Appliable√ Not applicable
Nil
Sino Great Wall Co., Ltd. 2017 Annual Report3．Information about the controlling shareholder of the Company
Actual controllernature：Domestic naturaol person
Actual controllertype：Natural person
||||
|-|-|-|
|||Whether to obtain the right of abode in other|
|Name|Nationality||
|||countries or regions|
|Chen Lue|China|No|
|Main occoupations and duties|Board Chairman of the Company||
|Situation of domestic and abroad holding|||
||Nil||
|listed companies in the part 10 years|||

Changes of the actual controller in the reporting period
□Applicable√Not applicable
No Changes of the actual controller in the reporting period
Block Diagram of the ownership and control relations between the company and the actual controller
The actual controller controls the company by means of trust or managing the assets in other way
Sino Great Wall Co., Ltd. 2017 Annual Report□Applicable√Not applicable
4.Particulars about other legal person shareholders with over10% shareheld
□Applicable√Not applicable
5.Situation of Share Limitation Reduction of Controlling Shareholders, Actual Controllers, Restructuring Party and Other Commitment Subjects
□Applicable√Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report VII. Situation of the Preferred Shares
□ Applicable√ Not Applicable
The Company had no preferred shares in the reporting period
Sino Great Wall Co., Ltd. 2017 Annual Report VIII. Information about Directors, Supervisors and Senior Executives I. Change ein shares held by directors, supervisors and senior executives
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Amount||||
|||||||||of|Amount|||
|||||||||||Other|Shares|
||||||||Shares|shares|of shares|||
|||||||||||change|held at|
||||||Starting|Expiry|held at|increas|decrease|||
|||Office||||||||s|the|
|Name|Positions||Sex|Age|date of|date of|the|ed at|d at the|||
|||status||||||||increas|year-ge|
||||||tenure|tenure|year-begi|the|reporting|||
|||||||||||e/decre|gin(shar|
||||||||n(share)|reportin|period|||
|||||||||||ase|e)|
|||||||||g period|(share)|||
|||||||||(share)||||
||Board||||October|October|582,944,||||583,454|
|Chen Lue||In office|Male|47||||510,000|0|0||
||chairman||||29,2015|28,2018|556||||,556|
|HuYong|||||May|October||||||
||Director|In office|Male|55|||0|0|0|0|0|
|feng|||||12,2000|28,2018||||||
||Vice Board|||||||||||
||chairman,|||||||||||
||||||October|October||||||
|Li Erlong|Deputy|In office|Male|42|||11,400|814,000|0||825,400|
||||||29,2015|28,2018||||||
||General|||||||||||
||Manager|||||||||||
||Vice Board|||||||||||
||chairman,|||||||||||
|Liang|||||October|October||||||
||Deputy|In office|Male|48|||0|0|0|0|0|
|Rong|||||29,2015|28,2018||||||
||General|||||||||||
||Manager|||||||||||
||||||October|January||||||
|Wang Lei|Director|Dimission|Male|54|||0|0|0|0|0|
||||||29,2015|18,2018||||||
||||||October|January||||||
|Bai Bin|Director|In office|Male|32|||0|0|0|0|0|
||||||29,2015|18,2018||||||
|Tang|Independent||||October|October||||||
|||In office|Male|52|||0|0|0|0|0|
|Jianxin|director||||29,2015|28,2018||||||
|Zhang|Independent||||October|October||||||
|||In office|Male|54|||0|0|0|0|0|
|Yufeng|director||||29,2015|28,2018||||||
|Jiang||||||||||||
||Independent||||October|October||||||
|Chong||In office|Male|42|||0|0|0|0|0|
||director||||29,2015|28,2018||||||
|guang||||||||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Chairman of|||||||||||
|Dong|the||||June|October||||||
|||In office|Male|68|||0|0|0|0|0|
|Bingen|supervisory||||26,2002|28,2018||||||
||committee|||||||||||
|Huang|||||October|October||||||
||Supervisor|In office|Male|46|||0|0|0|0|0|
|Desheng|||||29,2015|28,2018||||||
|Wu|||||October|October||||||
||upervisor|In office|Male|37|||0|0|0|0|0|
|SXiaoming|||||29,2015|28,2018||||||
||Deputy|||||||||||
|Cui|||||July|October||||||
||General|In office|Female|45|||0|0|0|0|0|
|Hongli|||||6,2017|28,2018||||||
||Manager|||||||||||
||Secretary to|||||||||||
|Yang|||||October|October||||||
||the board of|In office|Female|46|||0|61,500|0|0|61,500|
|Chunling|||||29,2015|28,2018||||||
||directors|||||||||||
|Tian Wei|GeneralManager|In office|Male|59|July6,2017|October28,2018|0|0|0|0|0|
|WangShaojun|DeputyGeneralManager|In office|Male|61|July6,2017|October28,2018|0|0|0|0|0|
|TangXianyong|DeputyGeneralManager,CFO|In office|Male|44|July6,2017|October28,2018|0|0|0|0|0|
|PengLizhi|DeputyGeneralManager|In office|Male|49|December5,2017|October28,2018|0|0|0|0|0|
||||||March|October||||||
|Tian Wei|Director|In office|Male|59|||0|0|0|0|0|
||||||28,2018|28,2018||||||
||||||||582,955,|1,385,5|||584,341|
|Total|--|--|--|--|--|--|||0|0||
||||||||956|00|||,456|

 II. Change in shares held by directors, supervisors and senior executives
√ Appicable□Not applicable
Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
|Name|Positions|Types|Date|Reason|
||Former||||
|||||Due to change of job, resigned from the general|
||Chairman,||||
|Chen Lue||Engaged|July 6,2017|manager of the company, and only serves as the|
||General||||
|||||chairman of the company|
||Manger||||
|||||Appointed as the general manager of the company|
||General||||
|Tian Wei||Engaged|July 6,2017|by the 19th meeting of the seventh Board of|
||Manager||||
|||||Directors|
|||||Appointed as the Deputy manager of the company|
||Deputy General||||
|Wang Shaojun||Engaged|July 6,2017|by the nineteenth meeting of the seventh Board of|
||Manager||||
|||||Directors|
|||||Due to change of job resigned from the CFO, and|
|||||appointed as the deputy general manager of the|
|Cui Hongli|Former CFO|Engaged|July 6,2017||
|||||company by the 19th meeting of the seventh Board|
|||||of Directors|
||Deputy General|||Appointed as the Deputy general manager and CFO|
|Tang Xianyong|Manager,|Engaged|July 6,2017|of the company by the nineteenth meeting of the|
||CFO|||seventh Board of Directors|
|||||Appointed as the general manager of the company|
||Deputy General||December||
|Peng Lizhi||Engaged||by the 27th meeting of the seventh Board of|
||Manager||5,2017||
|||||Directors|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
||||January||
|Bai Bin|Director|Resignation||esigned due to personal reasons|
||||18,2018||
|||||Elected as a non-independent director in the first|
|Tian Wei|Director|Engaged|March 28,2018|extraordinary shareholders’ general meeting of|
|||||2018|

III.Posts holding
Main working experience of current directors, supervisors and senior management staff
(1) Director
Chen Lue, male, Chinese nationality, no overseas permanent residence, born in April 1970, currently the doctoral students of accounting specialty in Wuhan University, Senior Management MBA of Guanghua School of Management of Beijing University, Senior Management MBA of School of Economics and Management of Tsinghua University, Bachelor in major of Food Science and Nutritional Engineering of China Agricultural University, senior engineer. He had served as a technician in Zhuhai Fisheries Group Canned Food Factory, project manager in Guangdong Yuexi Construction Company, vice general manager in Guizhou Construction Engineering Group Dongguan Company, vice general manager in Shenzhen Great Wall Furniture Decoration Engineering Co., Ltd. Currently, he is the Vice Chairman of Beijing Decoration Association, Director of Informatization Committee of China Building Decoration Association, director of information technology committee, executive member of China Building Decoration Association, the first chairman of Beijing-Zhanjiang Business Association. From June 2006
to September 2014, he was the chairman of Great Wall Construction Engineering Co. Ltd; from
December 2007 to September 2014, he served as the general manager of Great Wall Construction
Sino Great Wall Co., Ltd. 2017 Annual Report Engineering Co. Ltd; from October 2001 to June 2016,He has been the chairman of Sino Great wall International Engineering Co., Ltd.,.Since Octince 2001, he has been the director of Sino Great wall International Engineering Co., Ltd.,since November 2007, he has been the executive director of Sino Great Wall Decoration Design Co., Ltd; since April 2014, he has been the executive director of Sino Great Wall Investment (Beijing) Co., Ltd;since February 2015, he bas been the executive director of Shenzhen Dalue Investment Co., Ltd., since September 2015, he has been the chairman and the general manager of Sino Great Wall Cubic Investment Co., Ltd; since October 2015, he has been the chairman of China Industry Investment Co., Ltd., the company.since June 2016, he has been the executive director and Manager of Sino Great wall (Beijing)Investment Fund Management Co., Ltd., Since January 2017, he has been the chairman of Zhongshang Sino Aerospace Technology (Beijing ) Co., Ltd., From October to July 2017, he has been the chairman and General Manger of the Company, Sine July 2017, He has been the Chairman of the Company.
Hu Yongfeng, Chinese nationality, no overseas permanent residence ,male, born in July 1962, graduated from East China Textile Engineering College in 1983, bachelor, senior engineer. He served as the director of the general office of the National Textile Association.Since August 1998, he has been the Vice president of Union Development Group Co., Ltd., From October 2000 to October 2015, he has been the chairman and General Manger of Shenzhen Victor Onward Textile Industrial Co., Ltd., Since April 2008, he has been the director of Tengbang International business Services Group Co., Ltd., Since December 2013, he has been the Independent director of Tengbang International Business Services Group Co., Ltd., Since July 2015, he has been the chairman and General Manger of Zhongguo Chuangye Co., Ltd., Since December 1998, he has been the Vice chairman of Union Holding Co., Ltd.,
Sino Great Wall Co., Ltd. 2017 Annual Report Since October 2015, he has been the director of the Company.
Li Erlong, Chinese nationality, no overseas permanent residence, male, was born in September 1975, graduated from the Shandong Building Materials Engineering College, MBA of Tsinghua University. He had served as the assistant to director of the National Building Materials Quality Supervision and Inspection Center, the researcher for the China-AfricaR&D Center of Artificial Crystal. Since March 2005, he has been served as the general manager of Sino Great Wall International Engineering Co., Ltd; since November 2007, he has been the manager of Beijing Sino Great Wall Decoration Design Co., Ltd.; since June 2014, he has been the director of Sino Great Wall Internatioanal Engineering Co., Ltd., Since September 2015, he has been the director of China Industry Investment Co., Ltd., since July 2016, he has been the chairman of Sino Great Wall Internatioanal Engineering Co., Ltd., Since August 2016, he has been the executive director of Sino Great Wall Southwest Construction Engineering Co., Ltd., Since November 2016, he has been the chairman of Sino Great Wall Jianye Engineering Co., Ltd., since December 2016, he has been the General Manger of Sino Great Wall Development (Hengqin) Co., Ltd., From October 2015 to June 2017, he has been the Director and Genral Manger of the Company, Since September 2017, he has been the executive director and General Manger of Sino Great Wall Southwest Engineering Consulting Co . , Ltd . Sino Great Wall Southwest Commercial Trade Co., Ltd. And Sino Great Wall Southwest Technology Co., Ltd., since February 2018, he has been the executive director of Sino Great Wall Hebei Xiongan Engineering Co., Ltd., Since July 2017, he has been the Vice Chairman and Deputy General Manger of the Company.
Liang Rong, Male Chinese nationality, no overseas permanent residence, was born in December1969，graduated from civil engineering major of Shantou University and MBA of Senior Management of
Sino Great Wall Co., Ltd. 2017 Annual Report Nankai University, is a senior engineer. He had severed as Assistant Engineer of Zhuhai Xinzhou Real Estate Co., Ltd, Quantity Surveyor of Japan Shimizu Construction Co., Ltd, and Project Manager of Shenzhen Great Wall Furniture Decoration Engineering Co., Ltd. From April 2003 to June 2016, he has been the Executive General Manger of Sino Great Wall Construction Engineering Co., Ltd., since June 2014, he has been the Director Sino Great Wall Construction Engineering Co., Ltd., since Novemer 2014, he has been the Diretor of Sino Great Wall International Engineering(Macao) Co., Ltd., From October 2015 to June 2017, he has been the director and Deputy General Manger of the Company, since August 2017, he has been the Chairman of Sino Great Wall Group Co., Ltd., Since September 2017, he has been the Chairman of Kunming Sino Shengong Forestry Development Co., Ltd.,since October 2017, he has been the General Manager of Sino Great Wall Guangxia (Wuhan )Medical Development Co., Ltd., since Decemer 2017, he has been the Chairman of Sino Great Wall Health Management (Jiangsu) Co., Ltd., and Director of Weifang Sino Great wall Health Development Co., Ltd., since March 2018, he has been the Chairman of Renhui Sino Great wall Wine Culture Development Co., Ltd., Since July 2017, he has been the Vice Chairman and Deputy General Manger of the Company.
Tian Wei, Male Chinese nationality, no overseas permanent residence, was born in April 1958,with bachelor's degree, is a professor-level senior engineer, having the first-class project manager qualification of construction enterprise by the Ministry of Construction. He is an arbitrator of China International Economic and Trade Arbitration Commission (Professional Roster of Construction Engineering and Real Estate), an engineering and equipment expert of China Council for the Promotion of International Trade (CICC) Mediation Committee, a member of Construction Industry Branch of China International Contractors Association, the vice-chairman of the Committee of Experts of Foreign
Sino Great Wall Co., Ltd. 2017 Annual Report Investment of China International Engineering Consulting Association, an international engineering expert of the Committee of experts of China International Contractors Association, an expert of Project Management& Guidance Committee of China National Association of Engineering Consultants, a member of Academic Committee of China Association for International Economic Cooperation. He had served as the general manager of China Civil Engineering Construction Co.,Ltd (H.K.) , the Chairman of China Civil Engineering (Macao) Co., Ltd, Deputy General Manager of China Civil Engineering Group, Managing Member of China Society of Civil Engineering, a senior member of British Institute of Civil Engineering Surveyors, Secretary General of the Construction Industry Committee of the China Enterprise Association of Hong Kong, and the engineering bid evaluation expert of Beijing Construction Committee. From October 2009 to June 2011, he served as the Vice Chairman of Citic Construction Co., Ltd; from July 2011 to February 2016, he served as Director and Deputy General Manager of CITIC Yulian Investment Co., Ltd; from March 2016 to December 2016, he served as Director and General Manager of CITIC Yulian Investment Co., Ltd; from December 2016 to May 2017, he served as a member of the executive committee of CITIC Metal Group Co., Ltd; since July 2017, he has been the general manager of the Company; since March 2018, he has served as a director of the Company. Wang Lei, Chinese nationality, no overseas permanent residence, male, born in March 1963, senior management MBA of School of economics and management of Tsinghua University, currently pursuing the finance EMBA of PBC School of Finance, senior engineer. He had Served as the general manager of Anshan Yongxin Engineering General Contracting Company, vice president of Chinese Enterprises Investment Company, director and general manager of Henan Shunyuan Aluminum Industry Co.,Ltd, director and vice chief-economist of Henan Coal Chemical Industry Group Co., Ltd. Since April 2013, he has been the chairman of Shanghai Heyi Supply Chain Management Co., Ltd.; since October 2015,
Sino Great Wall Co., Ltd. 2017 Annual Report he has been thecompany’s director.
Tang Jianxin, male, Chinese nationality, no overseas permanent residence, born in December 1965, Doctor, Professor, doctoral supervisor, registered auditor, Certified Public Valuer. He had served as the deputy director in Hainan Spring Auditor Firm, independent director of Wuhan Zhongnan Commercial Group Co., Ltd, independent director of Wuhan Sanzhen Industry Holding Co., Ltd. Since 1995, he has been teaching at Wuhan University. Currently, he is the professor and dean of accounting department of Wuhan University. From June 2008 to June 2014, he had been served as the independent director of Wuhan Zhongnan Commercial Group Co., Ltd.; from June 2009 to July 2015, he had been served as the independent director of Wuhan Sanzhen Industry Holding Co., Ltd; since August 2010, he has been the independent director of Shenzhen Hua Pengfei Modern Logistics Co., Ltd; since November 2011, he has been the independent director of Wuhan Zhongbai Group Co., Ltd.; since May 2013, he has been the independent director of Pingdingshan Tianan Coal Industry Co., Ltd; since October 2015, he has been the independent director of the company.
Zhang Yufeng, male, Chinese nationality, no overseas permanent residence, born in November 1963, Master's degree, EMBA of PBC School of Finance of Tsinghua University. He had served as the principal staff member of the discipline inspection team stationed in Ministry of health from the Commission for Discipline Inspection of the Central Committee of the CPC, Project Manager of China Hualian Real Estate Company, project manager of the Import and Export Department of China Construction Engineering Corporation, lawyer of Great Wall Law Firm of Department of Commerce. Currently, he is the director of Beijing Great Wall Law Firm;
Sino Great Wall Co., Ltd. 2017 Annual Report he has been the independent director of Bank of Langfang,Dezhan Health Co., Ltd., and Henan Huihuang Technology Co., Ltd., since October 2015, He has been the Independent director of the Company.
Jiang Chongguang, male, Chinese nationality, no overseas permanent residence, born in January 1975, Doctor and Postdoctoral of Economics of Chinese Academy of Social Sciences, former senior management of Haier Group, had served as Executive Director of Singapore CKSP Group, and Vice President of China Pension International Health Alliance; currently, he is a MBA Tutor in Graduate School of Chinese Academy of Social Sciences, the executive director in Health China Strategic Research Center of Chinese Academy of Social Sciences, the Deputy Secretary General of China Insurance Society, the Executive Vice President of China Institute of Insurance Innovation, the Deputy Director of the Financial Technology Committee of the Asian Financial Association; an expert member of the Medical Summit of the Association for the Exchange of Nobel Prize Winners, a Chinese Financial Adviser to the High Technology Committee of the Israeli Knesset, and a Senior Economist of Ivy League Capital.,Independent director of Dezhan Health Co., Ltd.,since October 2015, he has been the independent director of the company.
Bai Bin, Chinese nationality, no overseas permanent residence, male, born in 1985, master of law, possesses vocational qualification of lawyer and law. He had successively served as the lawyer of Beijing Jingda Law Firm, investment manager, Investment Director, general manager of the asset management department and so forth posts of Kunwu Jiuding Investment Management Co.,Ltd. Currently, he is the general manager of Jiuxin Asset Management Co.,Ltd, director of Sino High-speed
Sino Great Wall Co., Ltd. 2017 Annual Report Rail technology Co.,Ltd, director of Beijing UTS International Travel Service Co., Ltd, director of Sino Great Wall International Engineering Co., Ltd, director of Sichuan Dawei Science and Technology Co., Ltd and so on. Since October 2015, he has been thecompany’s director.
2. Supervisors
Dong Binggen, male, born in July 1949, bachelor, senior engineer, graduated from East China Textile Engineering College in 1977. He had served as the vice president of Zhejiang Silk Industry Institute, general manager of China Garment General Corporation, chairman of China National Garment Association, and so on. Currently, he is the party secretary, chairman of the board and president of Union Development Group Co., Ltd; chairman of the board of Union Holdings Co., Ltd; since June 2002, he has been the chairman of the board of supervisors of the company.
Huang Shengde, male, born in January 1972; Hongkong Chinese; obtained the high Diploma of City University of Hongkong in architecture,bachelor（honorarydegree） of University of South Australia in Architecture, MBA (financial) of the business school of The University of Manchester; he had served in the Hopewell Slip-form Engineering Co. Ltd, China Foundation Engineering Co. Ltd, Qian Tian Construction Co., Ltd, Hongkong Xing Sheng Construction Co. Ltd, Wu Teng (Hongkong) Co. Ltd, Beijing Xingrong Real Estate Development Co., Ltd, Yoma Strategic Holdings Co.,Ltd and Intecs Vantage Capitals Ltd; he had the management and professional qualifications, including the member of 2006-Hongkong Project Management Association, the member of 2006 Chinese Engineering Cost Association, the member of 2002 Hongkong Surveyors Association, the member of 2002 Royal Institution of Chartered Surveyors, the member of 2001 Australian Institute of Quantity Surveyors Association, the member of 2001-2004 British Cost Engineers Council and the member of 2001-2004
Sino Great Wall Co., Ltd. 2017 Annual Report Australian Institute of architects. Currently, he is the vice general manager of Sino Great Wall International Engineering Co., Ltd mainly in charge of overseas business cooperation and business development; since October, 2015, he has been thecompany’s supervisor.
Wu Xiaoming, male, Chinese nationality, no overseas permanent residence,born in November 1980, Bachelor in law, graduated from the law school of Guangdong Business College (now as Guangdong University of Finance& Economics) with major in law. He had served in Guangzhou Municipal Bureau of Quality and Technical Supervision Haizhu Branch ( now as Guangzhou Haizhu District Bureau of Quality and Technical Supervision); since December 2008, he has been the assistant to general manager and Legal Department Manager of Sino Great Wall International Engineering Co., Ltd; since June 2014, he has been the chairman of the board of supervisors of Sino Great Wall International Engineering Co., Ltd; since October 2015, he has been thecompany’s supervisor.
3. Senior management personnel
Please see detailed work experience of Mr. Tian Wei, Li Erlong and Liang Rong in the column of directors.
Wang Shaoijun, male, Chinese nationality, no overseas permanent residence,born in December 1956, is a professor-level senior engineer. From 2012 to 2014, he served as President of Guangdong Hisense Investment Co., Ltd, Director and General Manager of Guangdong Haifu Engineering Co., Ltd, and General Manager of Guangdong Haiyi Real Estate Development Co., Ltd; From 2014 to 2016, he served as Vice President of Guangdong Jinsui Group Co., Ltd. Since June 2017, he has been the President of Sino Great Wall International Engineering Co., Ltd; since July 2017, he has served as Deputy General
Sino Great Wall Co., Ltd. 2017 Annual Report Manager of the Company.
Tang Xianyong, male, Chinese nationality, no permanent residency abroad, was born in April 1973, with PhD in accounting, and is a certified public accountant, and an associate professor. From August 2010 to December 2014, he served as the director and chief financial officer of Wuhan Jiangong Second Construction Co., Ltd; from January 2015 to May 2017, he served as general manager of Wuhan Jiangong Second Construction Co., Ltd; Since April 2015, He has served as Supervisor of Hubei Metian Biotechnology Co., Ltd; since August 2015, he has served as Secretary General of the Hubei Provincial Association of Chief Accountants; since November 2015, he has served as Chairman of Wuhan Rongerdao Investment Management Co., Ltd; since August 2017, he has served as Supervisor of Anyang Sino Great Wall Medical Management& Service Co., Ltd; since September 2017, he has served as a director of Sino Zhigu Industrial (Yueyang) Co., Ltd; since July 2017, he has served as Deputy General Manager and Chief financial officer of the Company.
Cui Hongli, female, Chinese nationality, no overseas permanent residence, born in January 1972, graduated from Henan University of Finance and Economics, CPA. She had been served in China Luoyang Float Glass Group Co.,Ltd, Beijing Jiayou Real Estate Development Group Co.,Ltd and Yuancheng Industrial Group Co.,Ltd. Since July 2011, she has been the investment and finance department manager, CFO of Sino Great Wall International Engineering Co., Ltd; From October 2015 to June 2017, she has been thecompany’s CFO.Since July 2017, She has been the Deputy General Manger of the Company.
Sino Great Wall Co., Ltd. 2017 Annual Report Peng Lizhi, male, Chinese nationality, no permanent residency abroad, was born in September 1968, MBA, is a first-class Construction Engineer of National Highway Engineering, and a professor-level senior engineer. From 1990 to 2002, he worked at the Second Engineering Office of the Second Highway Engineering Bureau of the Ministry of Communications. From 2003 to 2006, he served as chief engineer of Road& Bridge South China Engineering Co., Ltd; from 2006 to May 2016, he served as the chairman and general manager of Road& Bridge North China Engineering Co., Ltd; since June 2016, he has served as chairman and general manager of Sino Great Wall Infrastructure Investment Co., Ltd. Since December 2017, he has been the deputy general manager of the Company.
Yang Chunling, female, Chinese nationality, no overseas permanent residence, born in February 1971, Bachelor in economics, master in industrial engineering, accountant. She had served as employee in Sinotrans Henan Zhengzhou Logistic and Trading Company, Deputy Minister of the securities department of Aeolus Tyre Co., Ltd, vice general manager and secretary of the board of directors of Henan Yuhua New Material Co., Ltd. Since September 2015, she has been the director of Sino Cubic Investment Co., Ltd; since March 2014, she has been the secretary of the board of directors of Sino Great Wall International Engineering Co., Ltd; since October 2015, she has been the secretary of the board of directors of the company.
Office taking in shareholder companies
□ Applicable√Not applicable
Offices taken in other organizations
√Applicable□Not applicable
|||||||
|-|-|-|-|-|-|
|Name|Name of other units|Position|Office term start|Office term|Whether|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
||||from|ended|receiving|
||||||remuneration|
||||||from other units|
||||||or not|
||Sino Great Wall International|Board||||
|Chen Lue|||October 17,2001||No|
||Engineering Co., Ltd.|chairman||||
||Beijing Sino Great Wall Decoration|Executive|November|||
|Chen Lue|||||No|
||Design Co., Ltd.|director|28,2007|||
||Sino Great Wall Investment (Beijing)|Executive||||
|Chen Lue|||April 22, 2014||No|
||Co., Ltd.|director||||
|||Board|September|||
|Chen Lue|China Industry Investment Co., Ltd.||||No|
|||chairman|14,2015|||
||Shenzhen Shenzhou Dalue Investment|Executive||||
|Chen Lue|||February 25,2015||No|
||Co.,Ltd.|director||||
|||Executive||||
||Sino Great Wall (Beijing ) Investment|||||
|Chen Lue||director,|June 12,2016||No|
||Fund Management Co., Ltd.|||||
|||Manager||||
||Zhongshang Sino Aerospace|Board||||
|Chen Lue|||January 24,2017||No|
||Technology (Beijing) Co., Ltd.|chairman||||
|Hu||||||
||Union Development Group Co., Ltd.|Vice president|October 23,2015|October 22,2018|Yes|
|Yongfeng||||||

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|Hu||Vice Board||||
||Union Holding Co., Ltd.||May 18,2016|May 17,2019|Yes|
|Yongfeng||chairman||||
|Hu|Tengbang International Business|||December||
|||Director|December 7,2017||Yes|
|Yongfeng|s evices Co., Ltd.|||7,2020||
|Hu||Independent|December|November||
||Huafu Fashion Co., Ltd.||||Yes|
|Yongfeng||director|27,2013|30,2018||
|||Board||||
|Hu|Shezhen Zhongguan Chuangye Co.,|chairman ,||||
||||July 31,2015||No|
|Yongfeng|L td.|General||||
|||Malager||||
||Sino Great Wall International|General||||
|Li Erlong|||March 1,2005||No|
||Engineering Co., Ltd.|Malager||||
||Sino Great Wall International|||||
|Li Erlong||Director|June 1,2014||No|
||Engineering Co., Ltd.|||||
||Sino Great Wall International|Board||||
|Li Erlong|||June 29,2016||No|
||Engineering Co., Ltd.|chairman||||
||Beijing Sino Great Wall Decoration||November|||
|Li Erlong||Manager|||No|
||Design Co., Ltd.||28,2007|||
||||September|||
|Li Erlong|China Industry Investment Co., Ltd.|Director|||No|
||||14,2015|||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
||Sino Great Wall Southwest Construction|Executive|||
|Li Erlong|||August 9,2016|Yes|
||Engineering Co., Ltd.|director|||
||Sino Great Wall Jianye Construction|Board|November||
|Li Erlong||||No|
||Engineering Co., Ltd.|chairman|30,2016||
||Sino Great Wall Development|General|||
|Li Erlong|||December 8,2016|No|
||（Hengqin）Co., Ltd.|manager|||
|||Executive|||
||Sino Great Wall Southwest Engineering|director,|September||
|Li Erlong||||No|
||Design Co., Ltd.|General|12,2017||
|||manager|||
|||Executive|||
||Sino Great Wall Southwest Commercial|director,|September||
|Li Erlong||||No|
||trade Co., Ltd.|General|12,2017||
|||manager|||
|||Executive|||
||Sino Great Wall Southwest Technology|director,|September||
|Li Erlong||||No|
||Co.,Ltd.|General|12,2017||
|||manager|||
||Sino Great Wall Hebei Xiongan|Executive|||
|Li Erlong|||February 24,2018|No|
||Engineering Co., Ltd.|director|||
|Liang|Sino Great Wall International|Director|June 1,2014|No|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
|Rong|Engineering Co., Ltd.||||
|Liang|Sino Great Wall International||November||
|||Director||No|
|Rong|Engineering(Macao) Co., Ltd.||17,2014||
|Liang||Board|||
||Sino Great Wall Group Co., Ltd.||August 30,2017|No|
|Rong||chairman|||
|Liang|Kunming Shenzhou Shengong Forestry|Board|September||
|||||No|
|Rong|Industry Development Co., Ltd.|chairman|29,2017||
||Sino Great Wall||||
|Liang||General|||
||Guangxia(Wuhan)Medical||October 17,2017|No|
|Rong||Manger|||
||Development Co., Ltd.||||
|Liang|Sino Great Wall Health Management|Board|December||
|||||No|
|Rong|(Jiangsu)Co., Ltd.|chairman|25,2017||
|Liang|Weifang Sino Great Wall Health||December||
|||Director||No|
|Rong|Development Co., Ltd.||25,2017||
|Liang|Renhuai Sino Great Wall Wine Culture|Board|||
||||March 12,2018|No|
|Rong|Development Co., Ltd.|chairman|||
||Qinghai Heyi Mining Co.,||||
|||Board|||
|Wang Lei|Ltd.(Re-name:Qinghai Heyi Industry||September 1,2008|No|
|||chairman|||
||Development Co., Ltd.)||||
|Wang Lei|Shanghai Heyi Supply chain|Executive|April 1,2013|Yes|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
||ManagementCo., Ltd.|director||||
|||Professor||||
|||ofAccounting||||
|||Department ,||||
|Tang||||||
||Wuhan University|Economics|December 1,2004||Yes|
|Jianxin||||||
|||and||||
|||Management||||
|||School||||
|Tang||Independent||||
||Pingdingshan Tianan Coal Co., Ltd.||May 17,2013||Yes|
|Jianxin||director||||
|Tang|Yicang Dongyangguang Changjiang|Independent||||
||||October 1,2015||Yes|
|Jianxin|Medicine Co., Ltd.|director||||
|Zhang||||||
||Beijing Great Wall Law Firm|Director|||Yes|
|Yufeng||||||
|Zhang||Independent||||
||Langfang Bank||May 1,2013||Yes|
|Yufeng||director||||
|Zhang||Independent||||
||Dezhan Health Co., Ltd.||October 25,2016||Yes|
|Yufeng||director||||
|Zhang||Independent||||
||Henan Huihuang Technology Co., Ltd.||February 9,2017||Yes|
|Yufeng||director||||
|Jiang|Dezhan Health Co., Ltd.|Independent|October 25,2016|October 25,2021|Yes|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|Chonggu||director||||
|ang||||||
|Jiang||||||
||Graduate School of Chinese Academy|||September||
|Chonggu||MBA Tutor|September 1,2013||Yes|
||of Social Sciences|||1,2018||
|ang||||||
|Jiang|Centre of Health China Strategy|||||
|||Executive||||
|Chonggu|Research of Chinese Academy of Social||May 1,2015|May 1,2025|Yes|
|||director||||
|ang|sciences|||||
|Jiang||Medical||||
||Nobel Laureates Medical Exchange|||||
|Chonggu||Summit Expert|January 8,2015|January 8,2020|No|
||Association|||||
|ang||Committee||||
|Jiang||Lifelong||||
||High tech Committee of the Israeli|||||
|Chonggu||Financial|March 1,2014||No|
||parliament to exchange association|||||
|ang||advisor||||
|Jiang||||||
|||Deputy||||
|Chonggu|China Insurance Association||April 15,2014|April 15,2024|No|
|||Secretary||||
|ang||||||
|Jiang||Chief||||
|Chonggu|Ivy Capital|Economist，|June 1,2015|June 1,2025|Yes|
|ang||Director||||
|Jiang|China Insurance Association|Deputy|June 15,2016|June 15,2021|Yes|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
|Chonggu||Secretary||||
|ang||||||
|Jiang||||||
||China Insurance Innovation Research|||||
|Chonggu||Vice President|April 25,2016|April 25,2026|Yes|
||Institute|||||
|ang||||||
|Jiang|Special Committee on Financial|||||
|Chonggu|Technology of the Asian Financial|Deputy director|February 1,2018|March 1,2023|No|
|ang|Association|||||
|||General||September||
|Bai Bin|Jiuxin Assets Management Co., Ltd.||September 9,2015||Yes|
|||Manger||8,2018||
|||Secretary of||||
|||Party||||
|||committee,||||
|Dong||||||
||Union Development Group Co., Ltd.|chairman of|June 1,2001||Yes|
|Binggen||||||
|||board of||||
|||directors and||||
|||President||||
|Dong||Board||||
||Union Holdings Co., Ltd.||June 1,2004||Yes|
|Binggen||chairman||||
|Huang|Sino Great Wall International|Deputy||||
||||January 1,2015||Yes|
|Shengde|Engineering Co., Ltd.|Generaql||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
|||Manager|||
|Huang|Sino Great Wall International|Board|||
||||January 1,2017|Yes|
|Shengde|Engineering Co., Ltd.Burma Branch|chairman|||
|Huang|Sino Great Wall International|Board|||
||||March 1,2017|Yes|
|Shengde|Engineering Co., Ltd. Thailand Branch|chairman|||
|||Assistant|||
|||General|||
|Wu|Sino Great Wall International||||
|||Manager,|December 1,2008|Yes|
|Xiaoming|Engineering Co., Ltd.||||
|||Manager of|||
|||Law Dept.|||
|||Chairman of|||
|Wu|Sino Great Wall International||||
|||the supervisory|June 1,2014|Yes|
|Xiaoming|Engineering Co., Ltd.||||
|||committee|||
|Wang|Assistant General Manager, Manager of||||
|||President|June 1,2017|Yes|
|Shaojun|Law Dept.||||
|Tang|||||
||Chairman of the supervisory committee|Supervisor|August 21,2017|No|
|Xianyong|||||
|Tang|||September||
||Sino Zhigu Industry（Yueyang）Co., Ltd.|Director||No|
|Xianyong|||29,2017||
|Tang|||||
||Hubei Meitian Biological Co., Ltd.|Supervisor|April 17,2015|No|
|Xianyong|||||

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||
|-|-|-|-|-|
|Tantg|Wuhan Rongerdao Investment|Board|||
||||November 1,2015|No|
|Xianyong|ManagementCo., Ltd.|chairman|||
|||Board|||
|Peng|Sino Great Wall Infrastructure|chairman,Ge|||
||||June 1,2016|No|
|Lizhi|investment Co., Ltd.|neral|||
|||Manager|||
|Yang|Sino Great Wall International|Board|||
||||March 1,2014|No|
|Chunling|Engineering Co., Ltd.|secretary|||
|Yang|||||
||China Industry Investment Co.,Ltd.|Director|September 1,2015|No|
|Chunling|||||

Punishments to the current and leaving board directors, supervisors and senior managers during the report period by securities regulators in the recent three years
□ Applicable√Not applicable
IV. Remuneration to directors, supervisors and senior executives
Decision-making procedures, basis for determination and actual payment of the remuneration to directors , supervisors and senior executives
The remuneration appraisal committee of the board of directors of the Company proposed remuneration standards according to the responsibilities, work scope and importance of directors, supervisors and senior executives, the earnings of the Company for the current year and the
remuneration level of relevant post and submitted it to the board of directors for approval. After approval,
Sino Great Wall Co., Ltd. 2017 Annual Report the remuneration was paid on monthly basis. The remuneration of independent directors is subject to approval by the shareholders' meeting.
Remuneration to directors, supervisors and senior executives in the reporting period
InRMB’0000
||||||||
|-|-|-|-|-|-|-|
|||||||Remuneration|
||||||Total||
|||||||actually|
||||||remuneration||
|Name|Positions|Sex|Age|Office status||receivect at the|
||||||received from||
|||||||end of the|
||||||the shareholder||
|||||||reporting period|
|Chen Lue|Board Chairman|Male|47|In office|36.6|No|
|Hu Yongfeng|Director|Male|55|In Office|0|Yes|
||Vice Board||||||
||Chairman,||||||
|Li Erlong||Male|42|In office|46.46|No|
||Deputy General||||||
||Manager||||||
||Vice Board||||||
||Chairman,||||||
|Liang Rong||Male|48|In Office|41.85|No|
||Deputy General||||||
||Manger||||||
|Wang Lei|Director|Male|54|In Office|0|Yes|
|Bai Bin|Director|Male|32|Dimission|0|Yes|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
||Independent||||||
|Tang Jianxin||Male|52|In office|11|Yes|
||director||||||
||Independent||||||
|Zhang Yufeng||Male|54|In Office|11|Yes|
||director||||||
|Jiang|Independent||||||
|||Male|42|In office|11|Yes|
|Chongguang|director||||||
||Chairman of the||||||
|Dong Binggen|supervisory|Male|68|In Office|0|Yes|
||committee||||||
|Huang Shengde|Supervisor|Male|46|In office|6.6|No|
|Wu Xiaoming|Supervisor|Male|37|In Office|13.95|No|
|Tian Wei|General Manger|Male|59|In office|12.75|No|
||Deputy General||||||
|Wang Shaojun||Male|61|In Office|34.26|No|
||Manger||||||
||Deputy General||||||
|Tang Xianyong|Manager,|Male|44|In office|22.67|No|
||CFO||||||
||Deputy General||||||
|Cui Hongli||Female|45|In Office|36.05|No|
||Manger||||||
|Peng Lizhi|Deputy General|Male|49|In office|22.8|No|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||||||
|-|-|-|-|-|-|-|
||Manger||||||
||Secretary to the||||||
|Yang Chunling|board of|Female|46|In Office|22.08|No|
||directors||||||
|Total|--|--|--|--|329.06|--|

 Incentive equity to directors, supervisors or/and senior executives in the reporting period
□ Applicable√Not applicable
V. Particulars about employees.
1.Number of staff, professional structure and educational background
|||
|-|-|
|Number of in-service staff of the parent company(person)|23|
|Number of in-service staff of the main subsidiaries(person)|2,852|
|The total number of the in-service staff(person)|2,875|
|The total number of staff receiving remuneration in the|2,875|
|current period(person)||
|Retired staff with charges paid by the parent company and|9|
|main subsidiaries (person)||
|Professional||
|Classified according by Professions|Number of persons（person）|
|Production|100|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
|Sales|84|
|Technical|2,155|
|Financial|111|
|Administrative|263|
|Other|162|
|Total|2,875|
|Education||
|Classified according by Professions|Number of persons（person）|
|Master’s Degree and bove|84|
|Bachelor|1271|
|College diploma|832|
|Other|688|
|Total|2,875|

 2. Remuneration policies
Based on the principle of “external fairness and internal fairness”, the Company combines thecompany’s overall strategic plan to provide competitive remuneration and benefits in the industry. Different post has different remuneration, and the remuneration will be raised upon the excellent performance, and the staff remuneration level will be determined according to the job responsibilities,
Sino Great Wall Co., Ltd. 2017 Annual Report 3.Training plan
The company aims to build an echelon-type talent selection and training system, establish a reserve talent team, develop key personnel selection and training plans for successors and reserve talents, discover talents and cultivate future talents and set up theCompany’s talent map, thus to provide sustainable human resources support for the Company; The Company selects and trains excellent internal trainers, engages external senior trainers, combines the training needs of employees, integrates, summarizes and extracts professional and managerial expertise, develops excellent courses, and carries out the professional on-the-job training; by constructing a learning type organization, the
company commits to create a training system covering the life cycle of career development of
employees, and according to the job-type and rank of staff, the company customizes the exclusive learning map combing with the on-line and offline multi platforms; by adhering to the creative
combination of mobilization, gamification, and contextualized mixed training with the“1+1” mentoring system ( A professional tutor+ a career tutor), the Company carries out series of training projects, promotes the application of learning results, promotes the performance improvement and organization changes, improvesemployees’ professional knowledge and skills, and meanwhile enhancing the “group intelligence” and the continuous innovation ability of a learning organization for the overall operation. 4.Outsourcing situation
□ Applicable√ Not Applicable
Sino Great Wall Co., Ltd. 2017 Annual Report IX. Administrative structure
I.Basic state of corporate governance
Thecompany’s governance meets the requirements of regular documents on the governance of the listed companies issued by China Securities Regulatory Commission.
During the reporting period, The company has strictly abided by the relevant laws, rules and regulations requested on “Corporate Law”, “Securities Law”, “Listing Rules of Shenzhen Stock Exchange” and “Governance Rules of Listed Companies” and by China Securities Regulatory Commission, established and perfected the internal control management system, and constantly made the deep improvement of the corporate governance activities to further standardize the company operations and improve the management level. Thecompany’s governance meets the basic requirements of regular documents on the governance of the listed companies issued by China Securities Regulatory Commission.
(1).Shareholders and shareholders' general meeting: The Company convened and held shareholders' general meeting strictly according to the requirements of Opinions on Standardization of Shareholders' General Meeting of Listed Companies, formulated Rules of Procedure of Shareholders' General Meeting, ensured all shareholders, especially medium and small shareholders, enjoy equal position and can fully exercise their own rights.
(2).Relationship between the controlling shareholder and the Company: The acts of the controlling shareholder of the Company were standardized. It did not exceed the authority of the shareholders' general meeting to directly or indirectly intervene with the decision-making and operating activities of the Company. The Company is independent from its controlling shareholder in respect of personnel, assets, finance, organ and business. The board of directors, the supervisory committee and internal organ of the Company are able to operate independently.
(3) The Directors and The Board of Directors: the Board of Directors includes four special committees, such as Audit Committee, Nomination Committee, Strategy Committee and Remuneration and Appraisal Committee, which has provided a favorable support to the company for the decision-making related issues. Each special committee has operated according to their work responsibilities and procedure rules, made research and examination for the relative business and major issues of the company, and expressed the professional opinions in the Board of Directors to offer support and advice for the scientific decision-making of the Board and ensure theBoard’s work more scientific and efficient. Also, the organization of the Board of Directors is in line with the requirement of laws and regulations, and the independent directors play an important role in the corporate decision-making. So, the company attaches importance to the function of the independent directors. In thecompany’s management, the independent directors make careful review and express the independent views for the financial audit, the
Sino Great Wall Co., Ltd. 2017 Annual Report affiliated transactions and other issues.
(4).Supervisors and the supervisory committee: The number and composition of the Supervisory Committee of the Company complied with the requirements of laws and regulations. The Supervisory Committee of the Company formulated the Rules of Procedure of the Supervisory Committee. The supervisors of the Company were able to perform their duties seriously, take the attitude of being responsible for all shareholders and supervise the legality and regulation conformity of the Company's finance and the duty performance of the directors, managers and other senior executives of the Company.
(5) The Company and The Affiliated Party: the affiliated transactions between the company and the affiliated party are strictly managed and the audit of the affiliated transactions is performed in accordance with the relevant procedures. Also, the affiliated transactions are in compliance with the laws and regulations, and there not exist the issues that the major shareholders make use of the affiliated transactions to occupy the funds of the listed company.
(6)Information disclosure and transparency: The Company designated the secretary to the board of directors to be responsible for information disclosure, Regulations on Management of Information Disclosure,Regulations on Management of External Information Users and reception of shareholder and consultation. In the report period, the Company was able to truly, accurately, completely and timely disclose relevant information according to the provisions of laws, regulations and the Articles of Association of the Company. The Company will continue to operate in a standardized way strictly according to the requirements of relevant laws and regulations including the Company Law, further perfect company administration structure and establish and improve various regulations in light of the gap with the requirements of Standards of Administration of Listed Companies, ensure the maximization of shareholders' interests and safeguard the lawful rights and interests of all shareholders.
In the report period, The Company further increased information transparency and properly carried out publicity work for protection of investors. It timely answered the questions of investors and communicated with medium and small investors by making use of telephone, email, especially the platform for communication with investors set up by Shenzhen Stock Exchange to let them know itself better.
Does there exist any difference in compliance with the corporate governance , the PRC Company Law and the relevant provisions of CSRC,
□ Yes√ No
There exist no difference in compliance with the corporate governance , the PRC Company Law and the relevant provisions of CSRC.
II. Independence and Completeness in business, personnel , assets, organization and finance
The company is completely separate with the controlling shareholder in terms of the business, personnel,
Sino Great Wall Co., Ltd. 2017 Annual Report assets, organizations, finance and other aspects, possessing independent and complete business and independent operating capacity.
1.Business：The Company has complete business and the ability of independent operation. It is completely independent from its controlling shareholder in respect of business. There is no unfair related transaction or horizontal competition between the company and the controlling shareholders or its affiliated enterprises.
2.Personnel：The company has a completely independent personnel management and salary system. Thecompany’s senior manager personnel all are work in the company and receiving remunerations, and they do not hold any other posts except the post of director or receive remunerations in the controlling shareholder and its affiliated enterprises. The company's financial staffs do not concurrently hold posts in the controlling shareholder and its affiliated enterprises.
3.Assets：The company possesses independent place of business, independent land use rights, ownership of buildings and so forth assets, possesses the production system related to the production and operation, legally possesses the equipments related to production and operation and has Independent purchase, sales system and supporting facilities.
4.Organization：The company established a sound internal operation management organization, independently exercising the operation and management rights, and there is no situation of confounding organization with the controlling shareholder and its affiliated enterprises.
5.Finance:The company has a standardized financial accounting system, with an independent financial accounting department, full-time accounting personnel and independent accounting system, being able to make financial decisions independently. The company has set up the independent bank account and independently pays the tax. The situation of the free-occupying of thecompany’s assets and funds by the controlling shareholder and its affiliated enterprises does not exist.
III. Horiontal Competitions
□Applicable√Not applicable
IV. Annual General Meeting and ExtraordinaryShareholders’ Meetings in the Reporting Period
1.Annual General Meeting
|||||||
|-|-|-|-|-|-|
|||Investor||||
|Sessions|Type|participation|Meeting Date|Disclosure date|Disclosure index|
|||ratio||||
||||||Annual General Meeting of|
||||||2016 (No.2017-042)|
|Annual Genral|Annual|||||
||||||published on Juchao|
|Meeting of|General|39.58%|May 19,2017|May 20,2017||
||||||Website|
|2016|Meeting|||||
||||||（http://www.cninfo.com.cn）|
||||||on May 20,2017|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||||||
|-|-|-|-|-|-|
||||||The first provisional|
|The first||||||
||||||shareholders’ General|
|provisional|Provisional|||||
||||||meeting in 2017|
|shareholders’|shareholders’|||||
|||35.15%|July 24,2017|July 25,2017|(No.2017-063) published on|
|General|General|||||
||||||Juchao Website|
|meeting in|Meeting|||||
||||||（http://www.cninfo.com.cn）|
|2017||||||
||||||on July 25,2017.|
||||||he Second provisional|
|The Second||||||
||||||shareholders’ General|
|provisional|Provisional|||||
||||||meeting in 2017|
|shareholders’|shareholders’|||December||
|||34.70%|December 22,2017||(No.2017-107) published on|
|General|General|||23,2017||
||||||Juchao Website|
|meeting in|Meeting|||||
||||||（http://www.cninfo.com.cn）|
|2017||||||
||||||on December 23,2017|

 2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore□ Applicable√Not applicable
V. Responsibility performance of independent directors in report period
1. The attending of independent directors to board meetings andshareholders’ general meeting
|||||||||
|-|-|-|-|-|-|-|-|
|The attending of independent directors||||||||
||Number of|||||||
||||||||Number of|
|||||||Failure to||
||Board|||||||
||||Number of|Number of||personally|attendance|
||meetings|||||||
|||Number of|meetings|attendances||attend board||
|Independent|necessary to||||Number of||at general|
|||spot|attended by|by||meetings||
|Directors|be attended||||absence||meetings of|
|||attendances|Communicati|representativ||successively||
||in the||||||shareholde|
||||on|e||twice||
||reporting|||||||
|||||||(Yes/No)|rs|
||period|||||||
|Tang Jianxin|12|2|10|0|0|No|1|
|Zhang Yufeng|12|3|9|0|0|No|0|
|Jiang||||||||
||12|3|9|0|0|No|1|
|Chongguang||||||||

Notes to failure to personally attend Board Meetings Successively Twice
2.Objection of independent directors on some relevant issues
Objection of independent directors on some relevant issues
Sino Great Wall Co., Ltd. 2017 Annual Report□ Yes√No
Nil
3. Other notes to duty performance of independent directors
Has an independentdirector’s advice to the Company been accepted
√Yes□ No
Explanation on acceptance of or failure to accept an independentdirector’s advice to the Company.
|||
|-|-|
||The independent directors of the Company put forward a lot of|
|professional opinions on the laws and regulations and the Articles of Association of the Company, and||
|paid attention to the operation of the Company, performed their duties independently, formulated the||
|system of the Company and the day-to-day business decision-making of the Company. Independent||
|directors issued an opinion on the issue of independent and impartial opinions, in order to improve the||
|company's supervision mechanism, safeguard the legitimate rights and interests of the company and all||
|shareholders play a due role.||

VI. Duty Performance of Special Committees under the Board of Directors in the Reporting Period The board of directors of the Company has special committees including audit committee,
remuneration and appraisal committee, strategy committee and nomination committee. According to the scope of authority specified in the working rules for them, the committees conducted study and put forward opinions and suggestions for reference by the board of directors for decision making.
Information about fulfillment of the audit Committee of the Board of Directors during 2017
1. On January 23, 2017, the audit committee of the board of directors reviewed thecompany’s financial accounting statement 2016 and published the following opinions: the financial accounting statement 2016 prepared by the company basically reflected its financial standing and operating results, and audit committee agreed to engage in the yearly financial statement auditing work on this basis, requested the financial department to provide active cooperation in assisting with this audit, strengthen communication and contact, and timely reflect the problems and audit work progress to audit committee.
2. On April 26, 2017, the audit committee of the board of directors reviewed the audit report 2016 issued by BDO China Shu Lun Pan Certified Public Accountants LLP . The audit committee agreed on the audit, agreed to submit the financial audit report to the board of directors for deliberation; meanwhile, to ensure the consistency of audit work, the audit committee suggested that the board of directors continue to appoint audit report 2016 issued by Shu Lun Pan Certified Public Accountants LLP as the audit institution for the year 2017.
3. On April 26, 2017, the Audit Committee of the Board of Directors reviewed the relevant contents of
the company's provision for impairment of assets for 2016 and formed the following resolution: The
Sino Great Wall Co., Ltd. 2017 Annual Report company's provision for impairment of assets complied with the Accounting Standards for Business Enterprises and the regulations of the related accounting policy of the company, the provision for impairment of assets was based on the principle of prudence with sufficient basis, andit’s in line with the status of thecompany’s assets, which was conducive to more fairly reflect the company's financial situation, assets value and operating results as of December 31, 2016, making the company's accounting information more reasonable
4. On April 27, 2017, the Audit Committee of the board of directors deliberated thecompany’s First quarter 2017 financial accounting statements, and issued the following deliberations: the First quarter 2017 financial accounting statements compiled by the company basically reflected the situation of thecompany’s assets and the operation results, and the Audit Committee of the board of directors agreed to submit the financial accounting statements to the board of directors for deliberation.
5.On July 5, 2017, the Audit Committee of the Board of Directors reviewed the qualifications of Ms. Xian Zhijuan-the candidate for the general manager of the company's audit department, and agreed to nominate Ms. Xian Zhijuan as the general manager of the company's audit department.
6. On August 9, 2017, the Audit Committee of the board of directors deliberated thecompany’s Semi–annual Report 2017 financial accounting statements, and issued the following deliberations: the semi-annual report 2017 financial accounting statements compiled by the company basically reflected the situation of thecompany’s assets and the operation results, and the Audit Committee of the board of directors agreed to submit the financial accounting statements to the board of directors for deliberation. 7. On October 25, 2017, the Audit Committee of the board of directors deliberated thecompany’s third quarter 2017 financial accounting statements, and issued the following deliberations: the Third quarter 2017 financial accounting statements compiled by the company basically reflected the situation of thecompany’s assets and the operation results, and the Audit Committee of the board of directors agreed to submit the financial accounting statements to the board of directors for deliberation.
The information about the duty performance of the remuneration and appraisal committee of the board of directors in year 2017:
1. On April 26, 2017, according to the provisions stipulated by Rules of Procedure for the Special Committee of the Board, the remuneration and appraisal committee of the board had deliberated the remunerations of thecompany’s directors, supervisors and senior management personnel of year 2016 and reckoned that remunerations paid to thecompany’s directors, supervisors and senior management personnel were fair, reasonable and conforming to the relevantcompany’s the remuneration policy and the appraisal standard, then agreed to submitted the item to the board of directors for deliberation. Job performance condition of strategic committee of the board of directors in the year of 2017:
1. On February, The Strategy Committee of the Board of Directors reviewed the proposal to adjust thecompany’s non-public offering of stocks and issued the following deliberations: The adjustment of the non-public offering of shares to the company was in line with the actual conditions of the company and the conditions of the capital market, and agreed to submit the proposal to the board of directors for
Sino Great Wall Co., Ltd. 2017 Annual Report consideration. .
Information about fulfillment of the Nomination Committee of the Board of Directors during 2017 1.On July 5, 2017, the Nomination Committee of the Board of Directors reviewed the qualifications of the senior management candidates for the company that are Mr. Tian Wei, Mr. Wang Shaojun, Mr. Tang Xianyong, Ms. Cui Hongli and Ms. Xian Zhijuan, and considered that the above-mentioned personnel have the appropriate qualifications and professional qualities for the exercise of the functions and powers of the corresponding job, thus agreed to nominate the above-mentioned personnel to serve as the company's senior management, andthat’s submitted to thecompany’s board of directors for deliberation.
2.On December 4, 2017, the Nomination Committee of the Board of Directors reviewed the qualifications of Mr. Peng Lizhi-the candidate for thecompany’s deputy general manager, and considered that Mr. Peng Lizhi has the qualifications and professional qualities for the exercise of the functions and powers of the corresponding job, and agreed to submit the matter of nominating Mr. Peng Lizhi as the deputy general manager of the company to the company's board of directors for deliberation. VII. Work of the supervisory Committee
Did the supervisory Committee find any risk existing in performing the supervision activities in the reporting period
□Yes√No
The supervisory Committee has no objection aginst any matters under supervision in the reporting period
VIII. Assessment and incentive Mechanism for Senior executives
The company established the evaluation system based on the targeted responsibility system, and adopted signing the annual responsibility appraisal agreement for the evaluation of thecompany’s senior management personnel which specified the KPI and evaluation method with methods related to the evaluation results. During the reporting period, thecompany’s had conformed to the measures of the targeted responsibility system to assess and evaluate the senior management personnel performances, which presented in the annual performance.
IX. Internal control situations
1. Specific situations on major defects of internal control discovered during report period
√ Yes□No
2. Self-evaluation report on internal control
|||
|-|-|
|Disclosure date of appraisal report on|April 25,2018|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||
|-|-|-|
|internal control|||
|Disclosure index of appraisal report on|Juchao Website:（http://www.cninfo.com.cn）, Selfevaluation report of internal||
|internal control|control in 2017 on April 25,2018.||
|Proportion of total unit assets covered|||
|by appraisal in the total assets of the|||
||100.00%||
|consolidated financial statements of the|||
|company|||
|Proportion of total unit incomes|||
|covered by appraisal in the total|||
||100.00%||
|business incomes of the consolidated|||
|financial statements of the company|||
|Standards of Defects Evaluation|||
|Category|Financial Report|Non-financial Report|
||Material Defect:|Material Defect:|
||1.Fraud of directors, supervisors and|1.Violation of national laws or|
||senior management;|regulations, normative documents|
|||and significant decision making|
||2.Material errors appear in the Company’||
|||lacking of scientificity and system|
||s financial report published;||
|||may lead to invalid system, no|
||3. The certified public auditor finds||
|||rectification for material or major|
||material wrong reporting in the current||
|||defect or other situations that|
||financial statement, while the Company||
|||materially affect|
||has not found such reporting during its||
|||the Company; 2.Violation of|
||operation;4.The audit committee and||
|||regulations led to punishment from|
||audit department of the Company||
|||government department or regulatory|
||exercise invalid supervision upon internal||
|||authority. Violation of management|
||control;||
|||system or internal control procedure|
||5.The result of internal control||
|Standard|||
|||led to major business disputes.|
||assessment hasn’t been rectified,||
|||Ranges of material litigation led to|
||especially the material or major defects;||
|||great losses;3.The working initiatives|
||6.Important business is lack of system||
|||of staffs was damaged at a great|
||control or the system loses its validity.||
|||level, and the working efficiency was|
||Major Defects:1.No recognized||
|||substantially decreased, which|
||accounting standards were followed||
|||exerted major adverse effects on the|
||when choosing and applying the||
|||culture and cohesion of the|
||accounting policies;.||
|||enterprise,and led to serious turnover|
||2.No anti-fraud program and control|of core teams;4.Negative news|
||measures were established; 3.No|spreads in the whole business|
||corresponding control mechanism was|scope( including the extension to|
||established or implemented for treating|industry chain ), or is concerned by|
||the abnormal or special accounting, and|national medias or public ones, which|
||it is lack of compensating control;4.One|will substantially damage the|

Sino Great Wall Co., Ltd. 2017 Annual Report
||||
|-|-|-|
||or more frauds appeared during the|enterprise’s reputation, and the|
||financial report process, and which|negative effects can’t be eliminated|
||couldn’t reasonably guarantee that the|all the time;5.The Company involved|
||formulated financial report would reach|punishment from CSRC and involved|
||the goals of being actual and|warnings from stock exchange.|
||accurate.General Defect: Other defects||
||besides material defect and major defect.||
||(1) Material Defect: amount with wrong||
||reporting ≧ 10% of total profit amount;||
|||Material Defect: Due to the internal|
||amount with wrong reporting ≧ 10% of||
||operating income; amount with wrong|control defect of non-financial report,|
||reporting≧ 10% of total asset; amount|it may exert impacts of over RMB 10|
||with wrong reporting≧10% of net|million(including RMB10 million ) on|
||assets;(2) Major Defect: 5% of total profit|the total profit amount.Major Defect:|
||amount≦amount with wrong reporting﹤|Due to the internal control defect of|
||10% of total profit amount; 5% of|non-financial report, it may exert|
|Standards of Quantitation|operating income≦amount with wrong|impacts of over RMB 5 million|
||reporting﹤10% of operating income ;5%|(including 5 million but less than 10|
||of total asset≦amount with wrong|million) on the total profit amount.|
||reporting﹤10% of total asset;5% of net|General Defect:Due to the internal|
||assets ≦amount with wrong reporting﹤|control defect of non-financial report,|
||10% of net assets;(3) General Defect:|it may exert impacts of below RMB 5|
||amount with wrong reporting﹤5% of|million.|
||operating income. amount with wrong﹤||
||5% of total asset; amount with wrong||
||reporting﹤5% of net assets.||
|Number of major defects in financial|||
||1||
|reporting（a）|||
|Number of major defects in non|||
||1||
|financial reporting (a)|||
|Number of important defects in|||
||0||
|financial reporting（a）|||
|Number of important defects in non|||
||0||
|financial reporting（a）|||

X. Internal Control audit report
□Applicable√Not applicable
||
|-|
|Review opinions in the internal control audit report|
|Pursuant to the requirements of the “Guidelines for Internal Control Audit of Enterprises” and the Standards for the|
|Chinese Certified Public Accountants, BDO Certified Public Accountants (LLP) audited the effectiveness of the internal|
|control to the company's financial report with report date as of December 31, 2017, and issued XKSBZ “Internal Control|

Sino Great Wall Co., Ltd. 2017 Annual Report
|||
|-|-|
|Audit Report”, and expressed the following opinion: BDO considered that Sino Great Wall Co., Ltd maintained the||
|effective internal control over financial reporting as of December 31, 2017 in all major aspects in accordance with the||
|"Basic Standards for Corporate Internal Control" and the related regulations.||
|Disclosure date of audit report|Disclosure|
|of internal control (full-text)||
|Index of audit report of|April 24,2018|
|internal control (full-text)||
||Juchao Website: （http://www.cninfo.com.cn）; Audit report of internal control on April|
|Internal audit report’s opinion||
||24, 2018|
|Type of audit report on internal||
||Unqualified auditor’s report|
|control||
|Whether there is significant||
||No|
|defectin non-financial report||

Has the CPAs issued a qualifiedauditor’s report of internal control .
□ Yes√No
Does the internal control audit report issued by the CPAs agree with the self-assessment report of the Board of Directors
√Yes□No
Sino Great Wall Co., Ltd. 2017 Annual Report X. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and not yet due or due but not folly cashed on the approval date of annual report
No
Sino Great Wall Co., Ltd. 2017 Annual Report XII. Documents Available for Inspection
1. Accounting statements carried with personal signatures and seals of legal representative, Chief Financial officer and Financial Principal.
2. Original ofAuditors’ Report carried with the seal of Certified Public Accountants as well as personal signatures of certified Public accountants.
3. The originals of all theCompany’s announcements and documents disclosed to the public during the Reporting Period on Securities Times,Hong Kong Commercial Daily and JuchaoWebsite（http://www.cninfo.com.cn）in the report period.
English translation for reference Only Should there be any discrepancy between the two versions, t he Chinese version shall prevail.