Value Partners “A” Fund - Offshore-Rebates

Value Partners “A” Fund 

Annual Report 

For the year ended 31 December 2002 

Value Partners Limited 

1806-08, Tower Two, Lippo Centre, 

89 Queensway, Hong Kong. 

Tel: (852) 2880 9263 Fax: (852) 2565 7975 

Email: vpl@vp.com.hk 

Web Site: www.valuepartners.com.hk


(A Cayman Islands Unit Trust) 

GENERAL INFORMATION 

MANAGER 


Rooms 1806-08, Tower Two 

Lippo Centre 

89 Queensway 

Hong Kong 

The directors of Value Partners Limited are: 

Cheah Cheng Hye 

Chung David Kuohsien 

V-Nee Yeh 

Ho Man Kei, Norman 

Brian J. Doyle 

Whitney Strategic Partners III, L.P. (resigned on 25 March 2002) 

TRUSTEE, REGISTRAR, ADMINISTRATOR AND PRINCIPAL OFFICE 

Bank of Bermuda (Cayman) Limited 

36C Bermuda House, 3rd Floor 

P.O.Box 513GT 

Dr. Roy’s Drive, George Town 

Grand Cayman, Cayman Islands 

British West Indies 

CUSTODIAN AND REGISTRAR AGENT 

Bermuda Trust (Far East) Limited 

39/F Edinburgh Tower 

The Landmark 

15 Queen’s Road Central 

Hong Kong 

1



GENERAL INFORMATION (Continued) 

LEGAL ADVISOR 

To the Manager as to matters of Hong Kong law: 

Johnson Stokes & Master 

17/F Prince’s Building 

10 Chater Road 

Hong Kong 

To the Manager as to matters of Cayman Islands law: 

Maples and Calder Asia 

1504 One International Finance Centre 

1 Harbour View Street 

Central 

Hong Kong 

AUDITORS 

Moore Stephens (Cayman Islands) Limited 

3rd Floor, Block A 

West Wind Building 

George Town 

P.O. Box 1782 GT 

Grand Cayman 


Information available from: 


Rooms 1806-8, Tower Two 

Lippo Centre 

89 Queensway 

Hong Kong 

Telephone : (852) 2880 9263 

Fax : (852) 2565 7975 

E-mail : vpl@vp.com.hk 

Web site : www.valuepartners.com.hk 

2



MANAGER’S REPORT 

Value Partners “A” Fund gained a net 20.8% in 2002. We’ve been strong and consistent, despite 

severe difficulties in Hong Kong, where the stockmarket has dropped for three years in a row, as can 

be seen in the following table: 

Value Partners “A” Fund Hang Seng Index MSCI Far East Ex-Japan 

2002 up 20.8% down 18.2% down 11.0% 

2001 up 41.7% down 24.5% down 4.2% 

2000 up 14.0% down 11.0% down 37.8% 

Source: Bermuda Trust (Far East) Ltd & Bloomberg. 

Data computed in US$terms on NAV to NAV basis. 

From a longer term perspective, our track record also looks good. From inception on 1 April, 1993 to 

the end of 2002, the fund climbed by a net 335.1%, equivalent to an annual return of 16.3%, 

compounded, compared to the Hang Seng Index’s annual return of 4.0% during this period of nineand-a-half 

years. Separately, in a study of the fund from inception date to 31 October, 2002, Lipper 

finds that the Value Partners fund, as compared to other Hong Kong and China equity funds: 

• Has the highest return 

• Also has the lowest volatility (i.e. the best risk-return ratio). 

Value Partners “A” Fund “is the best performing Hong Kong and China equity fund both in terms of 

risk-return ratio and annualized total return during this period,” says the Lipper study, dated 20 

November, 2002. 

The fund currently enjoys the highest rating of five stars from both Morningstar and Standard & 

Poor ’s. 

Best-performance awards 

We’re glad to report that we achieved tremendous success in the annual competitions to honor the best 

funds in the Hong Kong fund management industry. In all three of the competitions, Value Partners 

“A” Fund won best-performance awards, according to results announced in early 2003. The competitions 

were conducted by Benchmark/Lipper; South China Morning Post/Standard & Poors; and Morningstar. 

In the Morningstar competition, only 10 winners were selected, five for equity funds worldwide and 

five for fixed-income funds worldwide; Value Partners “A” Fund was named the No. 1 fund for Asia 

equities. A list of prizes won by the fund can be found in the table that follows this report. 

Consistent advantage 

We’ve made our money by sticking to what we know best: rely on bottom-up research to identify 

smart and original investments in East Asian markets, particularly those related to China and Hong 

Kong. Because we have specialist skills, both in terms of how and where we do our job, we enjoy a 

consistent advantage in the marketplace. 

3



MANAGER’S REPORT (Continued) 

The bulk of the fund is currently in shares of China-related small and medium enterprises (SMEs). We 

believe these smaller, more dynamic companies are the best way to participate in China’s growth. Our 

approach is different from that of the typical institutional fund, which mainly invests in the larger, 

mainstream China companies. While the larger companies tend to be state-owned enterprises, the 

SMEs are usually privately owned. Of course, to invest in the smaller companies, we need to have our 

own original research, as well as deep experience, but that’s what we have. During 2002, our research 

team carried out an estimated 500 company visits, across China and in Hong Kong, as well as some 

visits in Korea, Taiwan and Southeast Asia. 

As was the case a year previously, about three-quarters of our holdings is Hong Kong-listed. The rest 

of the portfolio is in China “B” shares; high-yield corporate bonds; and a few value-stocks listed in 

other East Asian markets such as Singapore and Taiwan, while about 3% of the fund is in cash. 

Although heavily exposed to Hong Kong-listed companies, we didn’t suffer much from Hong Kong’s 

troubled economy because we concentrate on companies whose activities are in China, rather than in 

the local economy. As explained previously, we are big in three investment categories: 

• Companies, many controlled by Hong Kong and Taiwanese entrepreneurs, with factories in 

China producing consumer goods for export; 

• Companies engaged in China’s domestic consumer market, such as autos; 

• Utility and infrastructure stocks and bonds offering high, sustainable yields. 

Outlook 

As many stockmarket investors have found, it has not been easy to make money from China’s strong 

growth, because many of the better known China plays are the wrong sort of investments, i.e. inefficient 

state-owned enterprises. Also, the market for China stocks – as well as Hong Kong stocks – tends to 

be emotional and momentum-driven, rather than based on fundamental value. Investors get whipsawed 

constantly. Furthermore, many of the major funds in the Hong Kong/China markets are reluctant to 

invest in stocks not included in such measures as the Hang Seng Index, because their performance is 

measured against an index; the result is that they don’t know or don’t care about attractive value 

offered by non-index stocks. 

Our view is that this is fertile ground for a value-investor with a contrarian approach. For us, the 

opportunities have grown because the market currently suffers from poor morale, meaning more 

bargains are being overlooked or thrown away. And China’s strong progress is providing numerous 

new opportunities, provided one invests based on fundamental analysis rather than speculation or 

emotion. 

Value Partners Limited, 17 April 2003 

4




Value Partners “A” Fund has won the following awards: 

1994 • Fund Manager of the Year 1994 

(Hong Kong Equities over 1 year) 

– Sunday Morning Post/Micropal 

• No. 1 in Micropal One-Year Offshore Territories Hong Kong equities 

sector out of 28 funds 

– Micropal 

1995 • No. 1 Hong Kong equity fund over 2 years ended 1995 

– Lipper 

• No. 1 Far East ex-Japan Fund 1995 

– Offshore Financial Review 

1996 • Ranked No. 1 by Micropal over 3 years ended 1996, both for the 

biggest gain and for having the lowest volatility 

(Hong Kong equities funds sector) 

– Micropal 


(Hong Kong Equities over 3 years) 

– South China Morning Post/Micropal 

• Best performing Hong Kong Equities Fund in terms of risk-return 

ratio since its inception in 1993 

– Lipper 

1998 • “AA” 

– Standard & Poor’s Executive Summary* 

2001 • Fund of the Year 2001 

(Hong Kong/China Equities over 3 years) 

– Benchmark/Lipper 


(Asia Equities) 

– Morningstar 

• Fund Manager of the Year 2002 

(Hong Kong Equities over 3 years) 

– South China Morning Post/Standard & Poor’s 

• Fund of the Year 2002 

(Greater China Equities over 3 years & over 5 years) 

– Benchmark/Lipper 

* Standard & Poor’s “AA” rating is awarded to “a fund which demonstrates a very strong ability to adhere to consistent 

investment processes and provides above-average volatility adjusted returns relative to funds with similar objectives.” 

The Reuters Survey 2000, published in September 2000, ranks Value Partners among the five best fund management 

firms for Hong Kong and China stock markets. Value Partners has consistently ranked among the top 5 in the past 

three years, from the inception of the Reuters Survey. Likewise, Value Partners’ Cheah Cheng Hye has been consistently 

ranked among the top 20 individual fund managers for Hong Kong/China over the same period. 

5




Value Partners “A” Fund: Compared to Hang Seng Index 

Year-to-date: 31 December, 2001 to 31 December, 2002 

NAV as of 31 December, 2002 = US$43.51 (“A” unit) 

35% 

% change 

30% “A” Fund after performance fee 

Hong Kong Hang Seng Index 

25% 

20% 

15% 

10% 

5% 

0% 

-5% 

-10% 

-15% 

-20% 

25% 

+20.8% 

31/12/2001 

8/1/2002 

15/1/2002 

22/1/2002 

29/1/2002 

5/2/2002 

11/2/2002 

19/2/2002 

26/2/2002 

5/3/2002 

12/3/2002 

19/3/2002 

26/3/2002 

2/4/2002 

9/4/2002 

17/4/2002 

24/4/2002 

2/5/2002 

8/5/2002 

15/5/2002 

22/5/2002 

29/5/2002 

5/6/2002 

12/6/2002 

19/6/2002 

26/6/2002 

30/6/2002 

3/7/2002 

10/7/2002 

17/7/2002 

24/7/2002 

31/7/2002 

7/8/2002 

14/8/2002 

21/8/2002 

28/8/2002 

4/9/2002 

11/9/2002 

18/9/2002 

25/9/2002 

2/10/2002 

9/10/2002 

16/10/2002 

23/10/2002 

30/10/2002 

6/11/2002 

13/11/2002 

20/11/2002 

27/11/2002 

4/12/2002 

11/12/2002 

18/12/2002 

27/12/2002 

31/12/2002 

Since Launch of Value Partners “A” Fund: 1 April, 1993 to 31 December, 2002 

-18.2% 

Source: BTFE & Bloomberg 

400% 

350% 

300% 

250% 

200% 

150% 

100% 

50% 

% change 

“A” Fund after performance fee 

Hong Kong Hang Seng Index 

+335.1% 

+45.9% 

0% 

1/4/1993 

28/9/1993 

29/3/1994 

27/9/1994 

28/3/1995 

26/91995 

26/3/1996 

24/9/1996 

25/3/1997 

23/9/1997 

31/3/1998 

29/9/1998 

30/3/1999 

28/9/1999 

28/3/2000 

26/9/2000 

27/3/2001 

25/9/2001 

26/3/2002 

25/9/2002 

31/12/2002 

Source: BTFE & Bloomberg 

The price of units may go down as well as up and past performance cannot guarantee future results. 

6



STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE 

MANAGER ’ S RESPONSIBILITIES 

The Manager of the Fund is required by The Hong Kong Code on Unit Trusts and Mutual Funds (the 

“Code”) to prepare accounts for each annual accounting period which give a true and fair view of the 

disposition of the Fund at the end of that period and of the transactions for the period then ended. In 

preparing these accounts the Manager is required to: 

• select suitable accounting policies and then apply them consistently; 

• make judgments and estimates that are prudent and reasonable; 

• state whether applicable accounting standards have been followed, subject to any material 

departure disclosed and explained in the accounts; and 

• prepare the accounts on the basis that the Fund will continue in operation unless it is 

inappropriate to presume this. 

The Manager is also required to manage the Fund in accordance with the Trust Deed and take reasonable 

steps for the prevention and detection of fraud and other irregularities. 

Trustee’s responsibilities 

The Trustee is required by the Code to: 

• ensure that the Fund is managed by the Manager in accordance with the Trust Deed and that 

the investment and borrowing powers are complied with; 

• satisfy itself that sufficient accounting and other records have been maintained; 

• safeguard the properties of the Fund and rights attaching thereto; and 

• report to the unitholders for each annual accounting period on the conduct of the Manager in 

the management of the Fund. 

7



REPORT OF THE TRUSTEE TO THE UNITHOLDERS OF VALUE PARTNERS “A” FUND 

We hereby confirm that, in our opinion, the Manager has, in all material respects, managed the Fund 

in accordance with the provisions of the Trust Deed dated 26 October 1993, as amended, for the year 

ended 31 December 2002. 

For and on behalf of 

BANK OF BERMUDA (CAYMAN) LIMITED 

Trustee, 17 April 2003 

8



AUDITORS’ REPORT TO THE UNITHOLDERS OF VALUE PARTNERS “A” FUND 

We have audited the accounts on pages 10 to 30 which have been prepared in accordance with 

International Accounting Standards. 

Respective responsibilities of the Trustee, Manager and Auditors 

The responsibilities of the Trustee in connection with the conduct of the management of the Fund and 

the Trustee’s report to unitholders are set out on pages 7 and 8 respectively. 

As described on page 7 the Manager of the Fund is responsible for the preparation of accounts which 

give a true and fair view. It is our responsibility to form an independent opinion, based on our audit, 

on those accounts and to report our opinion to you. 

Basis of opinion 

We conducted our audit in accordance with International Standards on Auditing. An audit includes 

examination, on a test basis, of evidence relevant to the amounts and disclosures in the accounts. It 

also includes an assessment of the significant estimates and judgments made by the Manager in the 

preparation of the accounts, and of whether the accounting policies are appropriate to the Fund’s 

circumstances, consistently applied and adequately disclosed. 

We planned and performed our audit so as to obtain all the information and explanations which we 

considered necessary in order to provide us with sufficient evidence to give reasonable assurance as to 

whether the accounts are free from material misstatement. In forming our opinion we also evaluated 

the overall adequacy of the presentation of information in the accounts. We believe that our audit 

provides a reasonable basis for our opinion. 

Opinion 

In our opinion the accounts of the Fund, which have been properly prepared in accordance with the 

relevant provisions of the Trust Deed dated 26 October 1993, as amended, and the Hong Kong Code 

on Unit Trusts and Mutual Funds, give, on that basis, a true and fair view of the disposition of the 

Fund at 31 December 2002 and of the transactions and cash flows for the year then ended. 

Moore Stephens (Cayman Islands) Ltd. 

George Town 

Grand Cayman 

17 April 2003 

9



STATEMENT OF NET ASSETS 

AS AT 31 DECEMBER 2002 

Note 2002 2001 

US$ 

US$ 

ASSETS 

Listed and unlisted investments 196,393,650 77,741,590 

Dividends and other receivables 578,277 510,417 

Amounts due from brokers 355,245 375,182 

Prepayments – 1,783 

Amount due from connected party 326,317 – 

Amounts due from unitholders 1,196,190 – 

Bank balances and deposits 10,430,569 5,548,038 

209,280,248 84,177,010 

LIABILITIES 

Accounts payable and other accruals 5,182,101 4,203,394 

Amount due to fund manager 2,453 5,286 

Amounts due to brokers 1,607,541 303,149 

Amounts due to unitholders 479,554 – 

7,271,649 4,511,829 

NET ASSETS 202,008,599 79,665,181 

Representing: 

CAPITAL ACCOUNT 188,986,732 68,855,924 

ACCUMULATED NET INCOME 13,021,867 10,809,257 

202,008,599 79,665,181 

UNITS IN ISSUE 6 

“A” units 2,401,483 2,126,001 

“B” units 4,684,714 177,001 

NET ASSET VALUE PER UNIT 

“A” units 43.51 36.03 

“B” units 20.82 17.28 





. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Manager 

Trustee 

The notes and information on pages 14 to 30 form part of these accounts. 

10



STATEMENT OF INCOME AND EXPENDITURE 

FOR THE YEAR ENDED 31 DECEMBER 2002 

Note 2002 2001 

US$ 

US$ 

INCOME 

Dividends on listed investments 7,904,726 3,097,043 

Interest on bonds 665,209 232,325 

Refund of management fees 5(g) 348,760 – 

Interest on deposits 83,963 77,118 

Others 692 – 

9,003,350 3,406,486 

EXPENDITURE 

Performance fee 4,907,957 4,062,002 

Manager’s fee 1,381,577 511,454 

Trustee’s fee 175,966 80,261 

Registrar fee 130,806 57,511 

Other expenses 106,742 34,207 

Accounting and professional fees 30,416 – 

Bank charges 24,759 7,719 

Transaction handling fees 17,004 13,037 

Auditors’ remuneration 13,311 13,115 

Stamp duty 1,735 – 

Interest expenses 467 286 

6,790,740 4,779,592 

NET INCOME/(LOSS) FOR THE YEAR 2,212,610 (1,373,106) 


11



STATEMENT OF MOVEMENTS IN CAPITAL ACCOUNT AND ACCUMULATED NET INCOME 


2002 2001 

US$ 

US$ 

Capital account brought forward 68,855,924 38,645,975 

Net proceeds on issue of units 129,701,950 12,831,932 

Less: Redemption of units (25,062,882) (5,397,280) 

173,494,992 46,080,627 

Unrealised gain in value of investments 

At the beginning of the year 8,437,248 4,506,618 

At the end of the year 15,796,554 8,437,248 

7,359,306 3,930,630 

Realised gain on sale of investments 8,094,323 18,886,470 

Exchange gain/(loss) 38,111 (41,803) 

Capital account carried forward 188,986,732 68,855,924 

Net income/(loss) for the year 2,212,610 (1,373,106) 

Accumulated net income brought forward 10,809,257 12,182,363 

Accumulated net income carried forward 13,021,867 10,809,257 

Value of the Fund carried forward 202,008,599 79,665,181 


12



CASH FLOW STATEMENT 


Note 2002 2001 

US$ 

US$ 

NET CASH INFLOW FROM OPERATING 

ACTIVITIES 8 2,834,201 1,742,216 

INVESTING ACTIVITIES 

Purchase of investments (193,418,117) (71,893,719) 

Sale of investments 91,544,015 67,242,976 

NET CASH OUTFLOW FROM 

INVESTING ACTIVITIES (101,874,102) (4,650,743) 

CASH FLOWS FROM FINANCING ACTIVITIES 

Subscription of units 128,505,760 12,831,932 

Redemption of units (24,583,328) (5,397,280) 

NET CASH INFLOW FROM 

FINANCING ACTIVITIES 103,922,432 7,434,652 

Increase in cash and bank balances 4,882,531 4,526,125 

Cash and bank balances at 31 December 2001 5,548,038 1,021,913 

CASH AND BANK BALANCES 

31 DECEMBER 2002 10,430,569 5,548,038 


13



NOTES TO THE ACCOUNTS OF THE FUND 

1 GENERAL 

Value Partners “A” Fund was established by the Trust Deed dated 26 October 1993, as amended, 

and registered under section 4(3) of the Mutual Funds Laws of the Cayman Islands. 

The Fund was authorised by the Securities and Futures Commission on 13 July 1994. 

On 12 March 2002, Value Partners Limited issued a notice to notify all unitholders that with 

effect from 12 April 2002, the acceptance of application for “A” units was suspended. 

2 PRINCIPAL ACCOUNTING POLICIES 

(a) 

Accounting standards 

The accounts have been prepared in accordance with International Accounting Standards. 

(b) 

Accounting convention 

The accounts have been prepared under the historical cost convention, as modified by the 

revaluation of investments. 

(c) 

Investments 

Listed investments are stated at the last traded price where they are listed on a recognised 

Stock Exchange. If no price is available, the Fund relies upon one or more brokers for 

confirmation of the price. Unlisted investments are stated at fair value as deemed appropriate 

by the Manager. Investments in open ended unit trusts and mutual funds are valued at their 

respective net asset values. 

Dividends on listed investments are stated net of withholding and other taxes and are included 

in the Statement of Income and Expenditure when the relevant investments are first listed exdividend. 

Other income is recognised on an accrual basis. 

Profits and losses on realisation of investments together with the unrealised appreciation and 

diminution on revaluation of investments at the balance sheet date are dealt with in the capital 

account. 

14



NOTES TO THE ACCOUNTS OF THE FUND (Continued) 

2 PRINCIPAL ACCOUNTING POLICIES (continued) 

(d) 

Translation of foreign currencies 

Monetary assets and liabilities expressed in foreign currencies at the year end are translated 

into United States Dollars at the rates of exchange ruling at the balance sheet date: 

US$1 = HK$7.7986 

US$1 = AUD1.7668 

US$1 = KRW1,186.0000 

US$1 = TWD34.7700 

US$1 = CAD1.575 

US$1 = SGD1.7378 

US$1 = JPY118.5250 

US$1 = THB43.1400 

Transactions in foreign currencies during the year are translated into United States Dollars at 

the rates of exchange ruling at the transaction dates. Unrealised and realised gains and losses 

on translation of transactions and balances denominated in foreign currencies are dealt with in 

the capital account. 

(e) 

Connected parties 

A connected party is a director or a party connected with a director of the Manager of the 

Fund. 

3 DISTRIBUTION 

The Manager of the Fund recommends that no final distribution be made at 31 December 2002 

(2001: Nil) and that the accumulated net income be carried forward. 

4 TAXATION 

By virtue of the Fund’s registration with the Securities and Futures Commission, the Fund’s 

current source of income is exempt from Hong Kong profits tax under Section 26A(1A) of the 

Inland Revenue Ordinance. 

The Fund is not subject to tax in the Cayman Islands. The Fund has obtained from the 

Governor-in-Council of the Cayman Islands an undertaking that it will not be chargeable to 

tax in the Cayman Islands on its income or its capital gains arising in the Cayman Islands or 

elsewhere for a minimum period of fifty years from the date on which the Fund is established. 

15




5 TRANSACTIONS WITH THE MANAGER, TRUSTEE AND CONNECTED PARTIES 

The following is a summary of transactions with the Manager, Trustee and connected parties 

in the year. All such transactions were entered into the ordinary course of business and on 

normal commercial terms. 

(a) 

Subscriptions and Redemptions of the Fund 

(i) 

With the Manager 

Unit holdings Subscriptions Redemptions Unit holdings 

as at during during as at 

31.12.2001 the year the year 31.12.2002 

Unit Unit Unit Unit 

“A” units 

Value Partners Limited 43,295 – – 43,295 

(ii) 

With connected parties of the Manager 

“A” units 


(staff account) 5,595 – – 5,595 

Cheah Cheng Hye 90,844 – – 90,844 

HC Capital Limited 80,569 – – 80,569 

V-Nee Yeh 107,478 – – 107,478 

To Hau Yin 6,615 – – 6,615 

Chung David Kuohsien – 3,019 – 3,019 

“B” units 


(staff account) 5,348 – – 5,348 

Ho Man Kei, Norman 4,850 2,450 – 7,300 

To Hau Yin 1,992 – – 1,992 

Cheah Cheng Hye – 2,571 – 2,571 

(b) 

For the year ended 31 December 2002, income accruing to the Manager relating to subscription 

and redemption charges of the Fund amounted to US$38,561 and US$119,621 for “A” and 

“B” units respectively (2001: US$8,770 and US$6,586 for “A” and “B” units respectively). 

16




5 TRANSACTIONS WITH THE MANAGER, TRUSTEE AND CONNECTED PARTIES 

(continued) 

(c) 

(d) 

(e) 

(f) 

(g) 

(h) 

Trustee’s fee, comprising fixed amount of US$3,000 per annum and 0.15% per annum for the 

first US$10 million, 0.125% per annum for the next US$20 million and the remaining balance 

thereafter at 0.1% per annum of the net asset value of the Fund, was paid to Bank of Bermuda 

(Cayman) Limited. 

Accounting fees, valuation fees, registrar and transfer agent fees, handling fees and 

administration fees totalling US$147,810 (2001: US$73,606) were paid to Bank of Bermuda 

(Cayman) Limited and Bermuda Trust (Far East) Limited. 

Performance fee payable to the Manager, Value Partners Limited, calculated at 15% of the 

product of i) the average number of units in issue during the year and ii) the excess of net 

asset value per unit between the end of the base year and the current year, was US$4,907,957 

(2001: US$4,062,002). The base year is defined as the financial year in which the performance 

fee is last paid. 

Manager’s fee of 0.75% and 1% per annum on the net asset value of the Fund attributable to 

the “A” and “B” units respectively was paid to Value Partners Limited. 

During the year, the Fund acquired 4,432 units in Value Partners Asia Recovery Fund 

(“VPARF”). At 31 December 2002, the Fund held 4,432 units with a market value of 

US$6,188,046 (2001: Nil unit) in VPARF. Value Partners Limited is the fund manager of 

VPARF. As Value Partners Limited would manage units in VPARF held by the Fund free of 

charge, Value Partners Limited refunded the relevant portion of performance fee and manager’s 

fee in the total of US$348,760 (2001: US$Nil) earned from VPARF to the Fund. 

During the year, the Fund transacted in shares in Leefung-Asco Printers Holdings Limited and 

realised a gain of US$20,336 in these transactions. At 31 December 2002, the Fund held 

7,510,000 shares with a market value of US$857,064 (2001: 7,856,000 shares with a market 

value of US$876,640) in this company. Mr. Ho Man Kei, Norman was a director of this 

company and resigned on 12 December 2002. 

17




6 ALLOTMENTS AND REDEMPTIONS 

2002 2001 

“A” Units “B” Units “A” Units “B” Units 

Total allotments 456,142 5,341,876 361,941 36,353 

Total redemptions (180,660) (834,163) (156,344) (24,669) 

275,482 4,507,713 205,597 11,684 

Nature of Units 

Under the Trust Deed the Manager is entitled to issue units of two classes, “A” units and “B” 

units. 

With effect from 12 April 2002, the acceptance of application of “A” units was suspended. 

29,216 “B” units were first issued on 15 May 1996 at a price of US$10 per unit which was 

also the net asset value per unit on that date. The net asset value per unit of “A” units on 15 

May 1996 was US$20.57. Following the issue of “B” units, the net asset value per unit of each 

“A” and “B” class units is determined in each week by reference to the net assets of the Fund 

attributable to each class of units and the number of units of each class issued. In determining 

the net assets of the Fund attributable to the “A” units and “B” units, charges such as 

management fee, preliminary charges and realisation charges relating to the units of each class 

are computed separately in accordance with the rates applicable to each class of units. 

“A” units are freely transferrable while “B” units may only be transferred with the prior 

written consent of the Manager. 

7 SOFT COMMISSION ARRANGEMENTS 

The Fund generally pays brokerages at customary institutional brokerage rates. The Manager 

and its connected parties may not retain cash commission rebates from brokers or dealers in 

respect of transactions for the Fund but may enter into soft commission arrangements for the 

provision to the Manager and its connected parties, services and other benefits which are of 

demonstrable benefit to the Fund as a whole. Execution of transactions are consistent with 

best execution standards. 

The Manager had received services and benefits from brokers in the form of soft commission 

in the year ended 31 December 2002. Nature of such services and benefits are as follows: 

• market analysis, data and quotation services; 

• computer hardware and software incidental to the above services; and 

• investment-related publications. 

18




8 NOTE ON CASH FLOW STATEMENT 

Reconciliation of net income/(loss) for the year to net cash inflow from operating activities 

2002 2001 

US$ 

US$ 

Net income/(loss) for the year 2,212,610 (1,373,106) 

Adjustment for: 

Exchange gain/(loss) 38,111 (41,803) 

Interest income (749,172) (309,443) 

Interest expenses 467 286 

Dividends on listed investments (7,904,726) (3,097,043) 

Operating loss before working capital changes (6,402,710) (4,821,109) 

Decrease/(increase) in prepayments 1,783 (1,783) 

Increase in amount due from connected party (326,317) – 

Increase in accounts payable and other accruals 978,707 3,534,231 

(Decrease)/increase in amount due to fund manager (2,833) 5,286 

Cash used in operations (5,751,370) (1,283,375) 

Interest received 838,490 52,213 

Interest paid (467) (286) 

Dividends on listed investments 7,747,548 2,973,664 

Net cash inflow from operating activities 2,834,201 1,742,216 

9 APPROVAL OF ACCOUNTS 

The accounts were approved and authorised for issue on 17 April 2003. 

19



INVESTMENT PORTFOLIO AS AT 31 DECEMBER 2002 

Market 

LISTED AND UNLISTED INVESTMENTS (97.22%) Holdings value % of NAV 

Share/Unit US$ 

EQUITIES (91.10%) 

CANADIAN (LISTED) (0.51%) 

IVANHOE MINES LTD 493,400 1,024,392 0.51 

CAYMAN ISLANDS (UNLISTED) (3.06%) 

VALUE PARTNERS ASIA RECOVERY FUND 4,432 6,188,046 3.06 

CHINA (LISTED) (1.46%) 

CHINA VANKE CO LTD – B SHARE 1,731,745 1,216,880 0.60 

FOSHAN ELECTRICAL AND LIGHTING CO LTD 

– B SHARE 1,399,838 1,206,231 0.60 

SHANGHAI SHANGLING ELECTRIC APPLIANCE 

– B SHARE 687,548 519,099 0.26 

2,942,210 1.46 

GREAT BRITAIN (LISTED) (0.04%) 

WORLDSEC LTD 100,000 76,183 0.04 

HONG KONG (LISTED) (75.63%) 

ALCO HOLDINGS LTD 210,000 31,236 0.01 

ANGANG NEW STEEL CO – H SHARE 7,540,000 1,082,861 0.54 

ANHUI EXPRESSWAY CO LTD – H SHARE 22,186,000 4,807,830 2.38 

APT SATELLITE HOLDINGS LTD 2,050,000 378,529 0.19 

ARCONTECH CORPORATION LTD 6,066,000 161,011 0.08 

ARTS OPTICAL INTL HOLDINGS LTD 1,894,000 516,086 0.25 

ASIA ALUMINUM HOLDINGS LTD 30,536,000 2,466,812 1.22 

ASIA SATELLITE TELECOMMUNICATIONS 

HOLDINGS LTD 1,107,500 1,299,416 0.64 

BANK OF EAST ASIA LTD 445,400 762,456 0.38 

BRIGHT INTL GROUP LTD 10,864,000 1,323,417 0.65 

BRILLIANCE CHINA AUTOMOTIVE 

HOLDINGS LTD 38,700,000 7,046,649 3.49 

20



INVESTMENT PORTFOLIO AS AT 31 DECEMBER 2002 (Continued) 

Market 




CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 5,357,000 9,170,358 4.54 

CHINA AGROTECH HOLDINGS LTD 1,136,200 69,933 0.03 

CHINA PHARMACEUTICAL ENT & INV CORP 9,016,000 1,618,547 0.80 

CHUN WO HOLDINGS LTD 16,032,000 505,715 0.25 

CITY TELECOM (HK) LTD 8,732,000 1,511,579 0.75 

CLP HOLDINGS LTD 771,500 3,106,340 1.54 

ELEC & ELTEK INTL HOLDINGS LTD 7,775,000 957,095 0.47 

ELEGANCE INTL HOLDINGS LTD 2,564,000 598,374 0.30 

EURO-ASIA AGRICULTURAL HOLDINGS CO LTD 19,590,000 477,278 0.24 

FAR EAST PHARMACEUTICAL TECH CO LTD 11,352,000 2,576,493 1.27 

FIRST MOBILE GROUP HOLDINGS LTD 32,760,000 1,449,260 0.72 

FONG’S INDUSTRIES CO LTD 14,306,000 3,989,889 1.98 

FOUNTAIN SET (HOLDINGS) LTD 23,918,000 13,187,931 6.53 

FOUR SEAS EFOOD HOLDINGS LTD 8,128,000 573,231 0.28 

FUJIKON IND HOLDINGS LTD 14,146,000 1,959,029 0.97 

GLOBAL BIO-CHEM TECHNOLOGY GROUP CO LTD 3,282,000 873,253 0.43 

GLORIOUS SUN ENTERPRISES LTD 18,029,000 3,606,447 1.78 

GOLDEN RESOURCES DEV INTL LTD 3,784,000 140,712 0.07 

GUANGDONG INVESTMENT LTD 5,308,000 660,216 0.33 

GUOCO GROUP LTD 693,000 4,069,884 2.01 

HENDERSON INVESTMENT LTD 4,300,000 3,969,943 1.96 

HIGH FASHION INTL LTD 250,900 26,381 0.01 

HONG KONG AIRCRAFT ENGINEERING CO LTD 599,200 1,767,189 0.87 

HOPEWELL HOLDINGS LTD 7,841,000 5,127,728 2.54 

HOPSON DEV. HOLDINGS LTD 7,344,000 1,082,964 0.54 

HUNG HING PRINTING GROUP LTD 3,780,000 2,423,512 1.20 

IDT INTERNATIONAL LTD 17,398,000 1,695,494 0.84 

KARRIE INTL HOLDINGS LTD 11,444,000 2,538,676 1.26 

KIN YAT HOLDINGS LTD 11,746,000 2,108,635 1.04 

LEEFUNG-ASCO PRINTERS HOLDINGS LTD 7,510,000 857,064 0.42 

LUK FOOK HOLDINGS INTL LTD 18,654,000 1,913,574 0.95 

MIRABELL INTL HOLDINGS LTD 3,932,000 443,690 0.22 

NGAI LIK INDUSTRIAL HOLDINGS 6,974,000 1,770,641 0.88 

ORIENT POWER HOLDINGS LTD 12,274,000 613,810 0.30 

ORIENT OVERSEAS INTL LTD 9,524,000 4,640,730 2.30 

PACIFIC ANDES INTL HOLDING LTD 18,676,000 1,939,779 0.96 

PACIFIC ANDES INTERNATIONAL HOLDINGS 

(WARRANT) 25/3/2004 1,398,800 15,246 0.01 

21




Market 




PAUL Y-ITC CONSTRUCTION HOLDINGS LTD 5,604,000 215,577 0.11 

PETROCHINA CO LTD – H SHARE 63,100,000 12,541,354 6.21 

ROAD KING INFRASTRUCTURE LTD 8,581,000 3,933,664 1.95 

SHANGHAI INDUSTRIAL HOLDINGS LTD 1,683,000 2,319,936 1.15 

SHENZHEN INVESTMENT LTD 20,804,000 2,827,718 1.40 

SHUI ON CONSTRUCTION & MATERIALS LTD 388,000 189,060 0.09 

SINGAMAS CONTAINER HOLDINGS LTD 90,000 18,465 0.01 

SINO GOLF HOLDINGS LTD 4,304,000 496,705 0.25 

SINOLINK WORLDWIDE HOLDINGS LTD 28,451,600 1,933,597 0.96 

SINOPEC KANTONS HOLDINGS LTD 6,478,000 647,916 0.32 

SKYWORTH DIGITAL HOLDINGS LTD 45,298,000 4,762,952 2.36 

SUN EAST TECHNOLOGY HOLDINGS LTD 22,606,000 1,797,210 0.89 

SUN HING VISION GROUP HOLDINGS LTD 8,582,000 3,108,782 1.54 

TOP FORM INTERNATIONAL LTD 24,438,000 1,457,142 0.72 

TRAVELSKY TECHNOLOGY LTD – H SHARE 2,850,000 1,973,431 0.98 

TUNGTEX HOLDING CO LTD 3,342,000 932,071 0.46 

VICTORY CITY INTERNATIONAL HOLDINGS LTD 16,840,000 2,828,764 1.40 

VS INTERNATIONAL GROUP 18,758,000 1,106,440 0.55 

YUE YUEN INDUSTRIAL (HOLDINGS) LTD 1,783,000 5,784,359 2.86 

152,788,066 75.63 

SOUTH KOREA (LISTED) (2.04%) 

HANDSOME CO LTD 230,000 1,619,309 0.80 

HYUNDAI MOTOR CO LTD 61,800 1,445,995 0.72 

NONG SHIM CO LTD 17,400 1,056,324 0.52 

4,121,628 2.04 

SINGAPORE (LISTED) (5.46%) 

ELEC & ELTEK INTERNATIONAL CO LTD 474,000 853,200 0.42 

IDT HOLDINGS SINGAPORE LTD 649,000 433,214 0.21 

JARDINE MATHESON HOLDINGS LTD 875,133 5,469,581 2.71 

UNITED FOOD HOLDINGS LTD 21,253,000 4,280,441 2.12 

22 

11,036,436 5.46




Market 



TAIWAN (LISTED) (1.48%) 

TAINAN ENTERPRISES CO LTD 2,588,950 2,993,264 1.48 

THAILAND (LISTED) (1.39%) 

COMPASS EAST INDUSTRY (THAILAND) 

PUBLIC CO LTD (FOR) 2,335,000 1,474,936 0.73 

MBK DEVELOPMENT PUBLIC CO LTD (FOR) 1,689,700 1,331,706 0.66 

2,806,642 1.39 

UNITED STATES OF AMERICA (LISTED) (0.03%) 

ASAT HOLDINGS LTD – ADR 61,921 48,918 0.02 

CITY TELECOM (HK) LTD – ADR 3,000 9,300 0.01 

58,218 0.03 

EQUITIES TOTAL 184,035,085 91.10 

FOREIGN CURRENCY OPTION (UNLISTED) (0.09%) 

USD CALL/HKD PUT 8.0 06/10/2003 43,000,000 103,200 0.05 

USD CALL/HKD PUT 8.2 07/10/2003 48,700,000 85,225 0.04 

FOREIGN CURRENCY OPTION TOTAL 188,425 0.09 

BONDS (6.03%) 

HONG KONG (UNLISTED) (5.74%) 

KOWLOON-CANTON RAILWAY 7.25% 270709 1,170,000 1,365,449 0.68 

MASS TRANSIT RAILWAY 7.5% 081110 1,340,000 1,596,878 0.79 

PCCW-HKT CAPITAL LTD 7.75% 151111 (REG S) 7,000,000 7,533,750 3.73 

ROAD KING INFRASTRUCTURE 

9.5% 150707 144A 1,000,000 1,085,000 0.54 

23 

11,581,077 5.74




Market 



UNITED STATES OF AMERICA (UNLISTED) (0.29%) 

ASAT FINANCE LLC 12.5% 011106 1,450,000 589,063 0.29 

BONDS TOTAL 12,170,140 6.03 

TOTAL LISTED AND UNLISTED 

INVESTMENT PORTFOLIO 196,393,650 97.22 

NET CURRENT ASSETS 5,614,949 2.78 

NET ASSETS 202,008,599 100.00 

The cost of listed and unlisted investments as at 31 December 2002 was US$180,597,096 (2001: 

US$69,304,342). 

24



STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS 


EQUITIES: 

CANADIAN (LISTED) 

Adjustment 

Holdings as at for Holdings as at 

1 January 2002 Additions Disposals bonus/splits 31 December 2002 

Share/Unit Share/Unit Share/Unit Share/Unit Share/Unit 

IVANHOE MINES LTD – 504,400 11,000 – 493,400 

CAYMAN ISLANDS (UNLISTED) 

TARGET ASIA FUND LTD 10,120 – 10,120 – – 

VALUE PARTNERS ASIA RECOVERY FUND – 4,432 – – 4,432 

CHINA (LISTED) 

CHINA VANKE CO LTD – B SHARE 756,734 1,710,600 735,589 – 1,731,745 

FOSHAN ELECTRICAL AND LIGHTING 

CO LTD – B SHARE – 1,399,838 – – 1,399,838 

GUANGDONG ELECTRIC POWER DEV. 

CO LTD – B SHARE 833,000 – 833,000 – – 

SHANGHAI SHANGLING ELEC 

APPLIANCE – B SHARE 543,244 81,800 – 62,504 687,548 

SHENZHEN CHIWAN WHARF HOLDINGS 

LTD – B SHARE – 246,800 246,800 – – 

GREAT BRITAIN (LISTED) 

WORLDSEC LTD 100,000 – – – 100,000 

HONG KONG (LISTED) 

ALCO HOLDINGS LTD – 210,000 – – 210,000 

ALCO HOLDINGS LIMITED WT01/09/2005 – – 21,000 21,000 – 

ANGANG NEW STEEL CO LTD – H SHARE – 7,540,000 – – 7,540,000 

ANHUI EXPRESSWAY CO LTD – H SHARE 8,626,000 13,560,000 – – 22,186,000 

APT SATELLITE HOLDINGS LTD 2,050,000 – – – 2,050,000 

ARCONTECH CORPORATION LTD 5,246,000 820,000 – – 6,066,000 

ARTS OPTICAL INTL HOLDINGS LTD 8,192,000 862,000 7,160,000 – 1,894,000 

ASIA ALUMINUM HOLDINGS LTD – 30,536,000 – – 30,536,000 

ASIA SATELLITE TELECOM HOLDINGS LTD – 1,107,500 – – 1,107,500 

BANK OF EAST ASIA LTD – 445,400 – – 445,400 

BRIGHT INTL GROUP LTD 5,720,000 5,144,000 – – 10,864,000 

BRILLIANCE CHINA AUTOMOTIVE 

HOLDINGS LTD 12,790,000 26,980,000 1,070,000 – 38,700,000 

CAFE DE CORAL HOLDINGS LTD 5,490,000 – 5,490,000 – – 

CARRY WEALTH HOLDINGS LTD 7,060,000 – 7,060,000 – – 

CHEUNG KONG INFRASTRUCTURE 

HOLDINGS LTD – 5,357,000 – – 5,357,000 

CHINA AGROTECH HOLDINGS LTD 952,000 – 78,000 262,200 1,136,200 

CHINA EASTERN AIRLINES CORP LTD 

– H SHARE – 8,584,000 8,584,000 – – 

CHINA MERCHANTS HOLDINGS (INTL) 

CO LTD – 5,500,000 5,500,000 – – 

CHINA MOBILE (HONG KONG) LTD – 670,000 670,000 – – 

CHINA OVERSEAS LAND & 

INVESTMENT LTD – 1,716,000 1,716,000 – – 

CHINA PHARMACEUTICAL ENT & 

INV CORP – 9,016,000 – – 9,016,000 

CHINA RARE EARTH HOLDINGS LTD 600,000 – 600,000 – – 

25




FOR THE YEAR ENDED 31 DECEMBER 2002 (Continued) 

EQUITIES: 


Adjustment 




CHINA UNICOM LTD – 1,380,000 1,380,000 – – 

CHINA-HONGKONG PHOTO PRODUCTS 

HOLDINGS LTD 3,594,000 850,000 4,444,000 – – 

CHUN WO HOLDINGS LTD – 16,032,000 – – 16,032,000 

CITY TELECOM (HK) LTD – 11,760,000 3,028,000 – 8,732,000 

CLP HOLDINGS LTD – 771,500 – – 771,500 

COFCO INTL LTD 700,000 7,450,000 8,150,000 – – 

DENWAY MOT ORS LTD 2,580,000 10,582,000 13,162,000 – – 

ELEC & ELTEK INTL HOLDINGS LTD 13,893,000 – 6,118,000 – 7,775,000 

ELEGANCE INTL HOLDINGS LTD 1,838,000 726,000 – – 2,564,000 

EURO-ASIA AGRICULTURAL 

HOLDINGS CO LTD – 22,000,000 2,410,000 – 19,590,000 

FAR EAST PHARMACEUTICAL 

TECH CO LTD – 11,352,000 – – 11,352,000 

FAR EASTERN POLYCHEM 

INDUSTRIES LTD 1,298,000 – 1,298,000 – – 

FIRST MOBILE GROUP HOLDINGS LTD – 32,760,000 – – 32,760,000 

FIRST TRACTOR COMPANY LTD 

– H SHARE – 2,870,000 2,870,000 – – 

FONG’S INDUSTRIES CO LTD 4,746,000 9,560,000 – – 14,306,000 

FOUNTAIN SET (HOLDINGS) LTD 23,844,000 1,488,000 1,414,000 – 23,918,000 

FOUR SEAS EFOOD HOLDINGS LTD 376,000 7,752,000 – – 8,128,000 

FOUR SEAS MERCANTILE 

HOLDINGS LTD 2,324,000 – 2,324,000 – – 

FUJIKON IND HOLDINGS LTD 3,196,000 10,950,000 – – 14,146,000 

GLOBAL BIO-CHEM TECHNOLOGY 

GROUP CO LTD – 3,282,000 – – 3,282,000 

GLOBAL GREEN TECH GROUP LTD – 3,134,000 3,134,000 – – 

GLORIOUS SUN ENTERPRISES LTD 8,865,000 9,164,000 – – 18,029,000 

GOLDEN RESOURCES DEV. INTL LTD 8,818,000 6,374,000 11,408,000 – 3,784,000 

GUANGDONG INVESTMENT LTD – 12,138,000 6,830,000 – 5,308,000 

GUANGSHEN RAILWAY CO LTD 

– H SHARE – 7,640,000 7,640,000 – – 

GUANZHOU INVESTMENT CO LTD 4,220,000 5,780,000 10,000,000 – – 

GUOCO GROUP LTD – 693,000 – – 693,000 

HENDERSON INVESTMENT LTD – 9,338,000 5,038,000 – 4,300,000 

HENGAN INTL GROUP CO LTD 158,000 486,000 644,000 – – 

HIGH FASHION INTL LTD 4,934,000 2,456,900 7,140,000 – 250,900 

HONG KONG AIRCRAFT ENGINEERING 

CO LTD 584,400 161,600 146,800 – 599,200 

HOPEWELL HOLDINGS LTD 3,900,000 3,941,000 – – 7,841,000 

HOPSON DEV. HOLDINGS LTD 5,916,000 1,428,000 – – 7,344,000 

HUNG HING PRINTING GROUP LTD 2,182,000 2,098,000 500,000 – 3,780,000 

IDT INTERNATIONAL LTD – 19,558,000 2,160,000 – 17,398,000 

IMI GLOBAL HOLDINGS LIMITED – 28,300,000 28,300,000 – – 

JUSCO STORES (HK) CO LTD 2,762,000 – 2,762,000 – – 

KARRIE INTERNATIONAL HOLDINGS LTD 5,680,000 5,764,000 – – 11,444,000 

KERRY PROPERTIES LTD – 814,500 814,500 – – 

KIN YAT HOLDINGS LTD 2,036,000 9,710,000 – – 11,746,000 

KINGBOARD CHEMICAL HOLDINGS LTD 2,892,000 698,000 3,590,000 – – 

KINGMAKER FOOTWEAR HOLDINGS LTD 1,076,400 – 1,076,400 – – 

LEEFUNG-ASCO PRINTERS 

HOLDINGS LTD 7,856,000 – 346,000 – 7,510,000 

LUK FOOK HOLDINGS INTL LTD 14,510,000 4,144,000 – – 18,654,000 

26





EQUITIES: 


Adjustment 




LUNG KEE (BERMUDA) HOLDINGS LTD 6,322,000 – 6,322,000 – – 

MAINLAND HEADWEAR HOLDINGS LTD 2,130,000 – 2,130,000 – – 

MIRABELL INTL HOLDINGS LTD 3,692,000 240,000 – – 3,932,000 

NGAI LIK INDUSTRIAL HLDG – 6,974,000 – – 6,974,000 

ORIENT POWER HOLDINGS LTD – 12,274,000 – – 12,274,000 

ORIENT OVERSEAS INTL LTD 1,954,000 7,570,000 – – 9,524,000 

ORIENTAL WATCH HOLDINGS LTD 4,800,000 1,948,000 6,748,000 – – 

PACIFIC ANDES INTL HOLDING LTD 170,000 18,506,000 – – 18,676,000 

PACIFIC ANDES INTERNATIONAL HOLDINGS 

(WARRANT) 25/03/2004 – – 1,884,400 3,283,200 1,398,000 

PACIFIC CENTURY CYBERWORKS LTD 2,702,000 11,596,000 14,298,000 – – 

PAUL Y-ITC CONSTRUCTION HOLDINGS LTD – 23,208,000 17,604,000 – 5,604,000 

PEACE MARK (HOLDINGS) LTD – 1,400,000 1,400,000 – – 

PEACE MARK (HOLDINGS) LIMITED 

NIL PAID RIGHS 20/08/2002 – – 860,000 860,000 – 

PETROCHINA CO LTD – H SHARE 18,250,000 44,850,000 – – 63,100,000 

QINGLING MOTORS CO LTD – H SHARE 18,028,000 10,674,476 28,702,476 – – 

REGAL HOTELS INTL HOLDING LTD 13,346,000 – 13,346,000 – – 

ROAD KING INFRASTRUCTURE LTD 3,027,000 5,554,000 – – 8,581,000 

SA SA INTERNATIONAL HOLDINGS LTD – 5,516,000 5,516,000 – – 

SATELLITE DEVICES CORPORATION – – 539,600 539,600 – 

SHANDONG INTL POWER DEV. CO LTD 

– H SHARE 6,900,000 10,040,000 16,940.000 – – 

SHANGHAI INDUSTRIAL HOLDINGS LTD – 1,805.000 122,000 – 1,683,000 

SHENZHEN INVESTMENT LTD 9,896,000 5,248,000 2,596,000 8,256,000 20,804,000 

SHANGRI-LA ASIA LTD – 1,608,000 1,608,000 – – 

SHAW BROTHERS (HONG KONG) LTD – 355,000 355,000 – – 

SHUI ON CONSTRUCTION & 

MATERIALS LTD – 388,000 – – 388,000 

SINGAMAS CONTAINER HOLDINGS LTD – 90,000 – – 90,000 

SIIC MEDICAL SCIENCE AND 

TECHNOLOGY (GROUP) LTD 2,473,000 122,000 2,595,000 – – 

SINO GOLF HOLDINGS LTD 4,520,000 856,000 1,072,000 – 4,304,000 

SINOLINK WORLDWIDE HOLDINGS LTD 9,729,600 22,326,000 3,604,000 – 28,451,600 

SINOLINK WORLDWIDE HOLDINGS LTD 

(WT 29/11/2003) – – 2,725,760 2,725,760 – 

SINOPEC KANTONS HOLDINGS LTD 16,260,000 1,900,000 11,682,000 – 6,478,000 

SKYWORTH DIGITAL HOLDINGS LTD – 45,298,000 – – 45,298,000 

SUN EAST TECHNOLOGY HOLDINGS LTD – 22,606,000 – – 22,606,000 

SUN HING VISION GROUP HOLDINGS LTD 8,362,000 220,000 – – 8,582,000 

TCC INTERNATIONAL HOLDINGS LTD – 2,042,000 2,042,000 – – 

TECHTRONIC INDUSTRIES CO LTD 10,164,000 – 10,164,000 – – 

TIAN AN CHINA INVESTMENTS CO LTD 8,620,000 – 8,620,000 – – 

TOP FORM INTERNATIONAL LTD – 24,438,000 – – 24,438,000 

TRAVELSKY TECHNOLOGY LTD – H SHARE – 2,850,000 – – 2,850,000 

TUNGTEX HOLDING CO LTD – 3,342,000 – – 3,342,000 

U-RIGHT INTERNATIONAL HOLDINGS LTD – 9,388,000 9,388,000 – – 

VICTORY CITY INTERNATIONAL HOLDINGS LTD – 16,840,000 – – 16,840,000 

VS INTERNATIONAL GROUP – 18,758,000 – – 18,758,000 

WONG’S INTERNATIONAL (HOLDINGS) LTD – 2,031,000 2,031,000 – – 

YANZHOU COAL MINING CO LTD 

– H SHARE 2,210,000 238,000 2,448,000 – – 

YUE YUEN INDUSTRIAL (HOLDINGS) LTD – 2,015,000 232,000 – 1,783,000 

27





EQUITIES: 

MALAYASIA (LISTED) 

Adjustment 




KUALA LUMPUR KEPONG – 1,556,000 1,556,000 – – 

PERUSAHAAN OTOMOBIL NASIONAL 

BHD (PROTON) – 334,000 334,000 – – 

SOUTH KOREA (LISTED) 

DAEWOONG CO LTD – 100,000 100,000 – – 

HANDSOME CO LTD 264,860 155,140 190,000 – 230,000 

HYUNDAI MOTOR CO LTD 40,600 21,200 – – 61,800 

NONG SHIM COMPANY LTD – 17,400 – – 17,400 

SAMSUNG ELECTRONICS CO LTD – 2,700 2,700 – – 

SAMIL PHARMACEUTICAL CO LTD – 33,100 33,100 – – 

YOUNGONE CORPORATION – 1,784,210 1,784,210 – – 

SINGAPORE (LISTED) 

ASIA DEKOR HOLDINGS LTD 3,680,000 – 3,680,000 – – 

DAIRY FARM INTL HOLDINGS LTD – 311,400 311,400 – – 

ELEC & ELTEK INTL CO LTD 641,000 251,000 418,000 – 474,000 

IDT HOLDINGS SINGAPORE LTD – 649,000 – – 649,000 

JARDINE STRATEGIC HOLDINGS LTD – 832,500 832,500 – – 

JARDINE MATHESON HOLDINGS LTD – 875,133 – – 875,133 

UNITED FOOD HOLDINGS LTD 3,652,000 17,601,000 – – 21,253,000 

TAIWAN (LISTED) 

GLOBE UNION INDUSTRIAL CORP – 287,000 287,000 – – 

TAINAN ENTERPRISES CO LTD – 2,466,000 – 122,950 2,588,950 

THAILAND (LISTED) 


PUBLIC CO LTD (FOR) – 233,500 – 2,101,500 2,335,000 


PUBLIC CO LTD (LOC) – 138,500 138,500 – – 

MBK DEVELOPMENT PUBLIC 

COMPANY LTD (FOR) – 1,689,700 – – 1,689,700 

UNITED STATES OF AMERICA (LISTED) 

ASAT HOLDINGS LTD-ADR 49,100 45,145 32,324 – 61,921 

CITY TELECOM (HK) LTD-ADR – 3,000 – – 3,000 

FOREIGN CURRENCY OPTION (UNLISTED) 

USD CALL/HKD PUT 7.8 25/04/2002 3,300,000 – 3,300,000 – – 

USD CALL/HKD PUT 8.0 06/10/2003 – 43,000,000 – – 43,000,000 

USD CALL/HKD PUT 8.2 07/10/2003 – 48,700,000 – – 48,700,000 

28





BONDS: 

CHINA (UNLISTED) 

Adjustment 




GUANGZHOU SHENZHEN 

SUPERHIGHWAY 10.25% 150807 1,600,000 – 1,600,000 – – 

GUANGZHOU SHENZHEN 

SUPERHIGHWAY 9.875% 150804 400,000 – 400,000 – – 

QINGLING MOTORS LTD CONV 

3.5% 220102 (REG S) 3,000,000 – 3,000,000 – – 

HONG KONG (UNLISTED) 

KOWLOON-CANTON RAILWAY 

7.25% 270709 1,170,000 – – – 1,170,000 

MASS TRANSIT RAILWAY 7.5% 081110 1,340,000 – – – 1,340,000 

PCCW – HKT CAPITAL LTD 

7.75% 151111 (REG S) – 7,000,000 – – 7,000,000 

ROAD KING INFRASTRUCTURE 

9.5% 150707 144A 1,000,000 – – – 1,000,000 

UNITED STATES OF AMERICA (UNLISTED) 

ASAT FINANCE LLC 12.5% 011106 – 1,450,000 – – 1,450,000 

FUTURE COMMODITIES: 


HANG SENG INDEX FUTURES JAN 2002 (53) 53 – – – 

HANG SENG INDEX FUTURES FEB 2002 – 99 99 – – 

HANG SENG INDEX FUTURES MAR 2002 – 112 112 – – 

HANG SENG INDEX FUTURES APR 2002 – 110 110 – – 

HANG SENG INDEX FUTURES MAY 2002 – 44 44 – – 

29



PERFORMANCE RECORD 

NET ASSET VALUES 

Net asset 

Net asset 

value per unit 

value of 

“A” unit “B” unit the Fund 

US$ US$ US$ 

As at 

31 December 2002 43.51 20.82 202,008,599 

31 December 2001 36.03 17.28 79,665,181 

31 December 2000 25.42 12.22 50,828,338 

HIGHEST AND LOWEST PRICES 

Financial year ended 

Highest price 

Lowest price 

“A” unit “B” unit “A” unit “B” unit 

US$ US$ US$ US$ 

31 December 2002 47.20 22.61 36.03 17.28 

31 December 2001 37.60 18.05 25.12 12.07 

31 December 2000 27.26 13.12 21.73 10.47 

31 December 1999 22.75 10.97 13.78 6.65 

31 December 1998 23.14 11.20 13.49 6.52 

31 December 1997 27.26 13.21 20.99 10.17 

31 December 1996 23.45 11.38 17.47 10.00 

31 December 1995 17.39 – 13.30 – 

31 December 1994 16.71 – 14.12 – 

31 December 1993 (inception year) 17.09 – 10.00 – 

30


 

 

 

89 

2 1806-08 

(852) 2880 9263 (852) 2565 7975 

vpl@vp.com.hk 

www.valuepartners.com.hk


 

 

 

 

89 

1806-08 

 

 

 

 

 

Brian J. Doyle 

Whitney Strategic Partners III, L.P 

 


36C Bermuda House, 3rd Floor 

P.O. Box 513GT 

Dr. Roys Drive, George Town 

Grand Cayman, Cayman Islands 


 

 

15 

39 

1


 

 

 

 

 

10 

17 

 

Maples and Calder Asia 

1 

1504 

 

Moore Stephens (Cayman Islands) Limited 

3 rd Floor, Block A 

West Wind Building 

George Town 

P.O. Box 1782 GT 

Grand Cayman 


 

 

89 

1806-08 

(852) 2880 9263 

(852) 2565 7975 

vpl@vp.com.hk 

www.valuepartners.com.hk 

2


 

 

Value Partners “A”200220.8% 

 

 

Value Partners “A” Fund 

2002 20.8% 18.2% 11.0% 

2001 41.7% 24.5% 4.2% 

2000 14.0% 11.0% 37.8% 

Bloomberg 

 

199341335.1% 

16.3%4.1% 

200210 31LipperValue Partners "A" 

Fund 

 

 

 

 

20021120Value Partners “A” Fund 

 

Morningstar 

 

 

Value Partners AFundBenchmark 

MorningstarMorningstar 

 

Value Partners AFund 

 

 

 

 

 

3


 

 

 

 

 

 

2002 

500 

1276%B 

3% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4


 

 


 

Micropal 

No. 1 in Micropal One-year Offshore Territories Hong Kong equities 

sector out of 28 funds 

Micropal 

 

 

 

 

Offshore Financial Review 

 

 

Micropal 

 

Micropal 

 

 

 

 

 

 

Executive Summary* 

 

Benchmark 

 

Morningstar 

 

 

 

 

 

Benchmark 

* AA 

 

Reuters Survey 

Reuters Survey 

 

 

5


 

 


 

 

 

43.51“A” 

35% 

 

30% “A” Fund 

 

25% 

20% 

15% 

10% 

5% 

0% 

-5% 

-10% 

-15% 

-20% 

25% 

+20.8% 

31/12/2001 

8/1/2002 

15/1/2002 

22/1/2002 

29/1/2002 

5/2/2002 

11/2/2002 

19/2/2002 

26/2/2002 

5/3/2002 

12/3/2002 

19/3/2002 

26/3/2002 

2/4/2002 

9/4/2002 

17/4/2002 

24/4/2002 

2/5/2002 

8/5/2002 

15/5/2002 

22/5/2002 

29/5/2002 

5/6/2002 

12/6/2002 

19/6/2002 

26/6/2002 

30/6/2002 

3/7/2002 

10/7/2002 

17/7/2002 

24/7/2002 

31/7/2002 

7/8/2002 

14/8/2002 

21/8/2002 

28/8/2002 

4/9/2002 

11/9/2002 

18/9/2002 

25/9/2002 

2/10/2002 

9/10/2002 

16/10/2002 

23/10/2002 

30/10/2002 

6/11/2002 

13/11/2002 

20/11/2002 

27/11/2002 

4/12/2002 

11/12/2002 

18/12/2002 

27/12/2002 

31/12/2002 

-18.2% 

Bloomberg 


400% 

350% 

300% 

250% 

200% 

150% 

100% 

50% 

 

“A” Fund 

 

+335.1% 

+45.9% 

0% 

1/4/1993 

28/9/1993 

29/3/1994 

27/9/1994 

28/3/1995 

26/91995 

26/3/1996 

24/9/1996 

25/3/1997 

23/9/1997 

31/3/1998 

29/9/1998 

30/3/1999 

28/9/1999 

28/3/2000 

26/9/2000 

27/3/2001 

25/9/2001 

26/3/2002 

25/9/2002 

31/12/2002 

Bloomberg 

 

6


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7


 

“” 

 

 

 

BANK of BERMUDA (CAYMAN) LIMITED 

 

 

8


 

“” 

1030 

 

78 

7 

 

 

 

 

 

 

 

 

 

 

 

 

 

Moore Stephens (Cayman Islands) Ltd. 

George Town 

Grand Cayman 

 

9


 

 

 

 

 

 

196,393,650 77,741,590 

578,277 510,417 

355,245 375, 182 

1,783 

326,317 

1,196,190 

10,430,569 5,548,038 

209,280,248 84,177,010 

 

5,182,101 4,203,394 

2,453 5,286 

1,607,541 303,149 

479,554 

7,271,649 4,511,829 

202,008,599 79,665,181 

 

188,986,732 68,855, 924 

13,021,867 10,809, 257 

202,008,599 79,665,181 

6 

A 2,401,483 2,126,001 

B 4,684,714 177,001 

 

A 43.51 36.03 

B 20.82 17.28 

 

 

 


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

 

 

1430 

10


 

 

 

 

 

 

7,904,726 3,097,043 

665,209 232,325 

5(g) 348,760 

83,963 77,118 

692 

9,003,350 3,406,486 

 

4,907,957 4,062,002 

1,381,577 511,454 

175,966 80,261 

130,806 57,511 

106,742 34,207 

30,416 

24,759 7,719 

17,004 13,037 

13,311 13,115 

1,735 

467 286 

6,790,740 4,779, 592 

2,212,610 (1,373,106) 

1430 

11


 

 

 

 

 

 

 

68,855,924 38,645,975 

129,701,950 12,831,932 

(25,062,882) (5,397,280) 

173,494,992 46,080,627 

 

8,437,248 4,506,618 

15,796,554 8,437,248 

7,359,306 3,930,630 

8,094,323 18,886,470 

38,111 (41,803) 

188,986,732 68,855,924 

2,212,610 (1,373,106) 

10,809,257 12,182,363 

13,021,867 10,809,257 

202,008,599 79,665,181 

1430 

12


 

 

 

 

 

8 2,834,201 1,742,216 

 

(193,418,117) (71,893,719) 

91,544,015 67,242,976 

(101,874,102) (4,650,743) 

 

128,505,760 12,831,932 

(24,583,328) (5,397,280) 

103,922,432 7,434,652 

4,882,531 4,526,125 

 

5,548,038 1,021,913 

 

10,403,569 5,548,038 

1430 

13


 

 

 

 

Value Partners AFund 

4(3) 

 

 

A 

 

 

(a) 

 

 

(b) 

 

 

(c) 

 

 

 

 

 

 

 

14


 

 

 

 

(d) 

 

 

17.7986 

11.7668 

11,186.0000 

134.7700 

11.575 

11.7378 

1118.5250 

143.1400 

 

 

(e) 

 

 

 

 

 

 

 

 

26A(1A) 

 

 

 

 

15


 

 

 

 

 

 

(a) 

 

 

 

 

 

 

 

(i) 

 

A 

43,295 43,295 

(ii) 

 

A 

 

5,595 5,595 

90,844 90,844 

HC Capital Limited 80,569 80,569 

107,478 107,478 

6,615 6,615 

3,019 3,019 

B 

 

5,348 5,348 

4,850 2,450 7,300 

1,992 1,992 

2,571 2,571 

(b) 

AB 

38,561119,621AB 

8,7706,586 

16


 

 

 

 

(c) 

Bank of Bermuda (Cayman) Limited 3,000 

10,000,0000.15%20,000,000 

0.125%0.1% 

(d) 


147,810 

73,606 

(e) 

4,907,957 4,062,002 

(i)(ii) 

15% 

(f) 

AB0.75%1% 

 

(g) 

Value Partners Asia Recovery FundVPARF4,432 

VPARF6,188,046 

4,432VPARF 

VPARF 

VPARF348,760 

(h) 

 

20,336857,064 

876,6407,856,000 7,510,000 

 

17


 

 

 

 

 

 

A B A B 

456,142 5,341,876 361,941 36,353 

(180,660) (834,163) (156,344) (24,669) 

275,482 4,507,713 205,597 11,684 

 

AB 

A 

10 

29,216BA20.57 

BAB 

AB 

 

 

AB 

 

 

 

 

 

 

 

 

 

 

 

 

 

18


 

 

 

 

 

 

 

 

 

2,212,610 (1,373,106) 

 

38,111 (41,803) 

(749,172) (309,443) 

467 286 

(7,904,726) (3,097,043) 

(6,402,710) (4,821,109) 

1,783 (1,783) 

(326,317) 

978,707 3,534,231 

(2,833) 5,286 

(5,751,370) (1,283,375) 

838,490 52,213 

(467) (286) 

7,747,548 2,973,664 

2,834,201 1,742,216 

 

 

 

19


 

 

 

 

 

(91.10%) 

(0.51%) 

IVANHOE MINES LTD 493,400 1,024,392 0.51 

(3.06%) 

VALUE PARTNERS ASIA 

RECOVERY FUND 4,432 6,188,046 3.06 

(1.46%) 

B 1,731,745 1,216,880 0.60 

B 1,339,838 1,206,231 0.60 

B 687,548 519,099 0.26 

2,942,210 1.46 

(0.04%) 

WORLDSEC LTD 100,000 76,183 0.04 

(75.63%) 

210,000 31,236 0.01 

H 7,540,000 1,082,861 0.54 

H 22,186,000 4,807,830 2.38 

2,050,000 378,529 0.19 

6,066,000 161,011 0.08 

1,894,000 516,086 0.25 

30,536,000 2,466,812 1.22 

1,107,500 1,299,416 0.64 

445,400 762,456 0.38 

10,864,000 1,323,417 0.65 

38,700,000 7,046,649 3.49 

20


 

 

 

 

 

(75.63%) 

5,357,000 9,170,358 4.54 

1,136,200 69,933 0.03 

9,016,000 1,618,547 0.80 

16,032,000 505,715 0.25 

8,732,000 1,511,579 0.75 

771,500 3,106,340 1.54 

7,775,000 957,095 0.47 

2,564,000 598,374 0.30 

19,590,000 477,278 0.24 

11,352,000 2,576,493 1.27 

32,760,000 1,449,260 0.72 

14,306,000 3,989,889 1.98 

23,918,000 13,187,931 6.53 

8,128,000 573,231 0.28 

14,146,000 1,959,029 0.97 

3,282,000 873,253 0.43 

18,029,000 3,606,447 1.78 

3,784,000 140,712 0.07 

5,308,000 660,216 0.33 

693,000 4,069,884 2.01 

4,300,000 3,969,943 1.96 

250,900 26,381 0.01 

599,200 1,767,189 0.87 

7,841,000 5,127,728 2.54 

7,344,000 1,082,964 0.54 

3,780,000 2,423,512 1.20 

17,398,000 1,695,494 0.84 

11,444,000 2,538,676 1.26 

11,746,000 2,108,635 1.04 

7,510,000 857,064 0.42 

18,654,000 1,913,574 0.95 

3,932,000 443,690 0.22 

6,974,000 1,770,641 0.88 

12,274,000 613,810 0.30 

9,524,000 4,640,730 2.30 

18,676,000 1,939,779 0.96 

 

25/3/2004 1,398,800 15,246 0.01 

21


 

 

 

 

 

(75.63%) 

5,604,000 215,577 0.11 

H 63,100,000 12,541,354 6.21 

8,581,000 3,933,664 1.95 

1,683,000 2,319,936 1.15 

20,804,000 2,827,718 1.40 

388,000 189,060 0.09 

90,000 18,465 0.01 

4,304,000 496,705 0.25 

28,451,600 1,933,597 0.96 

6,478,000 647,916 0.32 

45,298,000 4,762,952 2.36 

22,606,000 1,797,210 0.89 

8,582,000 3,108,782 1.54 

24,438,000 1,457,142 0.72 

H 2,850,000 1,973,431 0.98 

3,342,000 932,071 0.46 

16,840,000 2,828,764 1.40 

18,758,000 1,106,440 0.55 

1,783,000 5,784,359 2.86 

152,788,066 75.63 

(2.04%) 

HANDSOME CO LTD 230,000 1,619,309 0.80 

HYUNDAI MOTOR CO LTD 61,800 1,445,995 0.72 

NONG SHIM CO LTD 17,400 1,056,324 0.52 

(5.46%) 

4,121,628 2.04 

474,000 853,200 0.42 

IDT HOLDINGS SINGAPORE LTD 649,000 433,214 0.21 

JARDINE MATHESON HOLDINGS LTD 875,133 5,469,581 2.71 

UNITED FOOD HOLDINGS LTD 21,253,000 4,280,441 2.12 

22 

11,036,436 5.46


 

 

 

 

 

(1.48%) 

TAIWAN ENTERPRISES CO LTD 2,588,950 2,993,264 1.48 

(1.39%) 

COMPASS EAST INDUSTRY 

(THAILAND) PUBLIC CO LTD (FOR) 2,335,000 1,474,936 0.73 

MBK DEVELOPMENT 

PUBLIC CO LTD (FOR) 1,689,700 1,331,706 0.66 

(0.03%) 

2,806,642 1.39 

ASAT HOLDINGS LTDADR 61,921 48,918 0.02 

CITY TELECOM (HK) LTD ADR 3,000 9,300 0.01 

58,218 0.03 

184,035,085 91.10 

(0.09%) 

USD CALL/ HKD PUT 8.0 06/10/2003 43,000,000 103,200 0.05 

USD CALL/ HKD PUT8.2 07/10/2003 48,700,000 85,225 0.04 

188,425 0.09 

(6.03%) 

(5.74%) 

7.25 270709 1,170,000 1,365,449 0.68 

7.5 081110 1,340,000 1,596,878 0.79 

-HKT CAPITAL LTD 

7.75% 151111(REG S) 7,000,000 7,533,750 3.73 

9.5 150707 114A 1,000,000 1,085,000 0.54 

11,581,077 5.74 

23


 

 

 

 

 

(0.29%) 

ASAT FINANCE LLC 12.5% 011106 1,450,000 589,063 0.29 

12,170,140 6.03 

196,393,650 97.22 

5,614,949 2.78 

202,008,599 100.00 

180,597,096 

69,304,342 

24


 

 

 

 

 

 

 

 

 

 

 

IVANHOE MINES LTD 504,400 11,000 493,400 

 

TARGET ASIA FUND LTD 10,120 10,120 

VALUE PARTNERS ASIA 

RECOVERY FUND 4,432 4,432 

 

B 756,734 1,710,600 735,589 1,731,745 

B 1,399,838 1,399,838 

B 833,000 833,000 

B 543,244 81,800 62,504 687,548 

B 246,800 246,800 

 

WORLDSEC LTD 100,000 100,000 

 

210,000 210,000 

WT01/09/2005 21,000 21,000 

7,540,000 7,540,000 

8,626,000 13,560,000 22,186,000 

2,050,000 2,050,000 

5,246,000 820,000 6,066,000 

8,192,000 862,000 7,160,000 1,894,000 

30,536,000 30,536,000 

1,107,500 1,107,500 

445,400 445,400 

5,720,000 5,144,000 10,864,000 

12,790,000 26,980,000 1,070,000 38,700,000 

5,490,000 5,490,000 

7,060,000 7,060,000 

5,357,000 5,357,000 

952,000 78,000 262,200 1,136,200 

 

H 8,584,000 8,584,000 

5,500,000 5,500,000 

670,000 670,000 

1,716,000 1,716,000 

9,016,000 9,016,000 

600,000 600,000 

25


 

 

 

 

 

 

 

 

 

 

 

1,380,000 1,380,000 

3,594,000 850,000 4,444,000 

16,032,000 16,032,000 

11,760,000 3,028,000 8,732,000 

771,500 771,500 

700,000 7,450,000 8,150,000 

2,580,000 10,582,000 13,162,000 

13,893,000 6,118,000 7,775,000 

1,838,000 726,000 2,564,000 

22,000,000 2,410,000 19,590,000 

11,352,000 11,352,000 

1,298,000 1,298,000 

32,760,000 32,760,000 

H 2,870,000 2,870,000 

4,746,000 9,560,000 14,306,000 

23,844,000 1,488,000 1,414,000 23,918,000 

376,000 7,752,000 8,128,000 

2,324,000 2,324,000 

3,196,000 10,950,000 14,146,000 

3,282,000 3,282,000 

3,134,000 3,134,000 

8,865,000 9,164,000 18,029,000 

8,818,000 6,374,000 11,408,000 3,784,000 

12,138,000 6,830,000 5,308,000 

H 7,640,000 7,640,000 

4,220,000 5,780,000 10,000,000 

693,000 693,000 

9,338,000 5,038,000 4,300,000 

158,000 486,000 644,000 

4,934,000 2,456,900 7,140,000 250,900 

584,400 161,600 146,800 599,200 

3,900,000 3,941,000 7,841,000 

5,916,000 1,428,000 7,344,000 

2,182,000 2,098,000 500,000 3,780,000 

19,558,000 2,160,000 17,398,000 

IMI GLOBAL HOLDINGS LTD 28,300,000 28,300,000 

2,762,000 2,762,000 

5,680,000 5,764,000 11,444,000 

814,500 814,500 

2,036,000 9,710,000 11,746,000 

2,892,000 698,000 3,590,000 

1,076,400 1,076,400 

7,856,000 346,000 7,510,000 

14,510,000 4,144,000 18,654,000 

26


 

 

 

 

 

 

 

 

 

 

 

6,322,000 6,322,000 

2,130,000 2,130,000 

3,692,000 240,000 3,932,000 

6,974,000 6,974,000 

12,274,000 12,274,000 

1,954,000 7,570,000 9,524,000 

4,800,000 1,948,000 6,748,000 

170,000 18,506,000 18,676,000 

 

25/03/2004 1,884,400 3,283,200 1,398,000 

2,702,000 11,596,000 14,298,000 

23,208,000 17,604,000 5,604,000 

1,400,000 1,400,000 

 

NIL PAID RIGHTS 20/08/2002 860,000 860,000 

H 18,250,000 44,850,000 63,100,000 

H 18,028,000 10,674,476 28,702,476 

13,346,000 13,346,000 

3,027,000 5,554,000 8,581,000 

5,516,000 5,516,000 

539,600 539,600 

 

H- 6,900,000 10,040,000 16,940.000 

1,805.000 122,000 1,683,000 

9,896,000 5,248,000 2,596,000 8,256,000 20,804,000 

1,608,000 1,608,000 

355,000 355,000 

388,000 388,000 

90,000 90,000 

2,473,000 122,000 2,595,000 

4,520,000 856,000 1,072,000 4,304,000 

9,729,600 22,326,000 3,604,000 28,451,600 

(WT 29/11/2003) 2,725,760 2,725,760 

16,260,000 1,900,000 11,682,000 6,478,000 

45,298,000 45,298,000 

22,606,000 22,606,000 

8,362,000 220,000 8,582,000 

2,042,000 2,042,000 

10,164,000 10,164,000 

8,620,000 8,620,000 

24,438,000 24,438,000 

H 2,850,000 2,850,000 

3,342,000 3,342,000 

9,388,000 9,388,000 

16,840,000 16,840,000 

18,758,000 18,758,000 

2,031,000 2,031,000 

H 2,210,000 238,000 2,448,000 

2,015,000 232,000 1,783,000 

27


 

 

 

 

 

 

 

 

 

 

 

KUALA LUMPUR KEPONG 1,556,000 1,556,000 

PERUSAHAAN OTOMOBIL 

NASIONAL BHD (PROTON) 334,000 334,000 

 

DAEWOONG CO LTD 100,000 100,000 

HANDSOME CO LTD 264,860 155,140 190,000 230,000 

HYUNDAI MOTOR CO LTD 40,600 21,200 61,800 

NONG SHIM COMPANY LTD 17,400 17,400 

SAMSUNG ELECTRONICS CO LTD 2,700 2,700 

SAMIL PHARMACEUTICAL CO LTD 33,100 33,100 

YOUNGONE CORPORATION 1,784,210 1,784,210 

 

ASIA DEKOR HOLDINGS LTD 3,680,000 3,680,000 

DAIRY FARM INTL HOLDINGS LTD 311,400 311,400 

641,000 251,000 418,000 474,000 

IDT HOLDINGS SINGAPORE LTD 649,000 649,000 

JARDINE STRATEGIC HOLDINGS LTD 832,500 832,500 

JARDINE MATHESON HOLDINGS LTD 875,133 875,133 

UNITED FOOD HOLDINS LTD 3,652,000 17,601,000 21,253,000 

 

GLOBE UNION INDUSTRIAL CORP 287,000 287,000 

TAINAN ENTERPRISES CO LTD 2,466,000 122,950 2,588,950 

 


PUBLIC CO LTD (FOR) 233,500 2,101,500 2,335,000 


PUBLIC CO LTD (LOC) 138,500 138,500 

MBK DEVELOPMENT PUBLIC 

COMPANY LTD (FOR) 1,689,700 1,689,700 

 

ASAT HOLDINGS LTDADR 49,100 54,145 32,324 61,921 

CITY TELECOM (HK) LTD ADR 3,000 3,000 

 

USD CALL/ HKD PUT 

7.8 25/04/2002 3,300,000 3,300,000 


8.0 06/10/2003 43,000,000 43,000,000 


8.2 07/10/2003 48,700,000 48,700,000 

28


 

 

 

 

 

 

 

 

 

 

 

 

10.25% 150807 1,600,000 1,600,000 

 

9.875% 150804 400,000 400,000 

 

3.5% 220102 (REG S) 3,000,000 3,000,000 

 

7.25% 270709 1,170,000 1,170,000 

7.5% 081110 1,340,000 1,340,000 

 

-HKT CAPITAL LTD 

7.75% 151111(REG S) 7,000,000 7,000,000 

9.5% 

150707 144A 1,000,000 1,000,000 

 

ASIA FINANCE LLC 

12.5% 011106 1,450,000 1,450,000 

 

 

(53) 53 

99 99 

112 112 

110 110 

44 44 

29


 

 

 

 

A B 

 

 

43.51 20.82 202,008,599 

36.03 17.28 79,665,181 

25.42 12.22 50,828,338 

 

 

 

 

A B A B 

 

47.20 22.61 36.03 17.28 

37.60 18.05 25.12 12.07 

27.26 13.12 21.73 10.47 

22.75 10.97 13.78 6.65 

23.14 11.20 13.49 6.52 

27.26 13.21 20.99 10.17 

23.45 11.38 17.47 10.00 

17.39 13.30 

16.71 14.12 

17.09 10.00 

 

30

Value Partners “A” Fund - Offshore-Rebates

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