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YUMINGINVESTMENTSLIMITEDYuMingInvestmentsLimited1001,10thFloor,AONChinaBuilding,29Queen’sRoadCentral,HongKongTel:28046188Fax:28046197email:yuming@yuming.com.hk:28046188:28046197:yuming@yuming.com.hkYuMingInvestmentsLimitedAnnualReport200501YUMINGINVESTMENTSLIMITEDAnnualReport2005ContentsCorporateInformation2Chairman’sStatement3-8ReportoftheDirectors9-21ReportofCorporateGovernance22-30ReportoftheAuditors31-32ConsolidatedIncomeStatement33-34ConsolidatedBalanceSheet35-36BalanceSheet37ConsolidatedStatementofChangesinEquity38-39ConsolidatedCashFlowStatement40-43NotestotheFinancialStatements44-118FiveYearFinancialSummary119PropertiesheldbytheGroup12002YUMINGINVESTMENTSLIMITEDAnnualReport2005CorporateInformationCHAIRMANFungWingCheung,Tony*MANAGINGDIRECTORFungYiuFai,Peter*DIRECTORSLeeWaLun,Warren*LiShiLiangLeeSengHui#LeeYipWah,Peter#SoShuFai,Ambrose†ChowYuChun,Alexander†AlbertHo†*membersoftheExecutiveCommittee#non-executivedirectors†independentnon-executivedirectorsSOLICITORSRichardsButlerWoo,Kwan,Lee&LoAUDITORSGrantThorntonBANKERSABNAMROBankN.V.BankofTokyo-MitsubishiUFJCITICKaWahBankLimitedIndustrialandCommercialBankofChina(Asia)LimitedWingHangBankLimitedSECRETARYLeeYipWah,PeterREGISTEREDOFFICE1001,10thFloorAONChinaBuilding29Queen’sRoadCentralHongKongREGISTRARSANDTRANSFEROFFICESecretariesLimited26thFloor,TesburyCentre28Queen’sRoadEast,WanchaiHongKongSTOCKCODETheStockExchangeofHongKongLimited:666***##††††UFJ29101001282666603YUMINGINVESTMENTSLIMITEDAnnualReport2005Chairman’sStatementMANAGEMENTDISCUSSIONANDANALYSISOperationReviewTheGroup’sbusinessisinvestmentinproperties,privateequityandsecurities.TheGroup’sportfoliocompriseshightolowriskinvestments.Thediversityaimstosmoothenouttheoverallriskoftheportfolio.Asattheendof2005,theGroup’smajorinvestmentsareasfollows:InvestmentsDescriptionAsiaWorld-ExpoThelargestexhibitionfacilityinHongKongRetailPropertiesRetailshopsinMongkokandCausewayBay,theprimeretaillocationinKowloonandHongKongrespectivelyCRAirwaysLimitedThethirdpassengerairlineinHongKong(“CRAirways”)flyingtocitiesinthePRCandSouthernAsiaDebtsandEquitiesAportfolioofdebtsandequitiesOrientalCashmereAcashmereknitwearmanufacturerLimited(“OCL”)During2005,theretailpropertymarkethadastrongrun,registeringgrowthinbothrentalandinvalue.Bothourinvestmentsinequityandhigh-yieldbondsreportedasmallprofit.However,thefluctuationinthehighyieldbondmarketin2005hasdiminishedthereturnofourbondportfolio,duetodepreciationofsomeofourbonds.TherouteexpansionpaceofCRAirwaysissatisfactory.However,oneshouldnotethatastartupairlineisacapitalintensivebusinessthatrequiresarelativelylongdevelopmentperiodbeforeitcangeneratesignificantprofit.OCLexperiencedsomehiccupsduetotheswitchingofcustomersresultinginlateordersandincreasedfreightcharges,andtheunexpectedresultofthelonganticipatedliftingoftextilequotain2005.InvestmentReviewAsat31stDecember,2005,theGroup’smajorinvestmentswereinAsiaWorld-Expo,ArgyleCentre,CRAirwaysLimited,OrientalCashmereLimited(acashmeremanufacturerinthePeople’sRepublicofChina(the“PRC”)),high-yieldbondsandequitysecurities.OrientalCashmereLimited04YUMINGINVESTMENTSLIMITEDAnnualReport2005Chairman’sStatementAsiaWorld-ExpoInAugust2003,theGroupacquireda37.85%interestsinaprivatesectorconsortium(“JVP”)toinvestwiththeHongKongGovernmentandtheAirportAuthoritytodevelopandoperateAsiaWorld-Expo,a66,000sqmpermanentexhibitioncenterlocatedattheHongKongInternationalAirport,withacapacityofexpandingintoa100,000sqmexhibitionfacility.JVPowns13.5%interestsinAsiaWorld-Expo.AsiaWorld-Expoisacolumn-freestructureunderoneroof,withadedicatedMassTransitRailwaystation–the“AsiaWorld-ExpoStation”.ThefacilitywasofficiallyopenedinDecember2005.Bookingsarewellinto2009,withrevenueexceedingthebudgetoriginallyplannedatthetimeofourinitialinvestment.Itsworld-classspecificationsattractedanumberofmajorinternationalexhibitionstorelocatetoHongKong:1.InternationalTelecommunicationUnion’s(ITU)TelecomWorldannualconvention,theworld’sbiggesttelecomshow,willbeheldinDecember2006.ITUhasbeentraditionallyheldinGenevabefore.2.AsianAerospace,AsiaPacific’sforemostaerospaceexhibition,hasselectedAsiaWorld-ExpoasitsvenueforSeptember2007.AsianAerospacehasbeentraditionallyheldinSingaporebefore.3.ChinaSourcingFairs,heldpreviouslyinShanghai,willrelocatetoAsiaWorld-ExpoinApril2006.ThefairsshowcasethelatestproductsfromqualitysuppliersfromChina,HongKongandtherestofAsia.TheChinaSourcingFairscompriseofthreeseparateshows:Electronics&Components,FashionAccessoriesandGifts&HomeProducts.Inadditiontoexhibition,aworld-classentertainmenthall(namedArena)ispurpose-builtforconcertandentertainmenteventswhichcanhouseupto14,500spectators.AcclaimedlocalartistMs.ChanPoChuandinternationalrockbandOasisalreadyperformedintheArena.InSeptember2005,withtheapprovalofindependentshareholders,weacquiredanadditional22.15%interestinJVPfromYuMingInvestmentManagementLimited(“YMIM”),increasingtheGroup’sinterestsinJVPto60%.37.85%66,000100,00013.5%1.(ITU)ITU2.3.ChinaSourcingFairsChinaSourcingFairsArena14,500OasisArena22.15%60%05YUMINGINVESTM