GREAT WALL MOTOR COMPANY LIMITED*
2333
A A
2020
2020 2 28 2020 3 13 A
A
2020 4 15 2 3 4 2266
H A H
2020 2 28 2020 3
13 A A 2020
2020 3 13
H
H 183
17M H
24
H
*
2020 3 25
.......................................................... 1
..................................................... 6
1. ................................................. 6
2. A A ....... 7
3. 2020
.................................. 23
4. ......................... 23
5. ............................. 23
6. ............................... 24
7. ........................................ 24
8. .............................................. 25
9. ........................... 25
10. .............................................. 26
2020
................... I-1
2020
................... II-1
............................................... III-1
........................... IV-1
–i–
A 1.00
601633
A A
A A
2020
A H
H A
–1–
2020 4 15 2
2020
H 1.00
2333
H H
H H
–2–
2020
A
2020 3 20
–3–
A
571
A H
A H
–4–
–5–
GREAT WALL MOTOR COMPANY LIMITED*
2333
2266
A A
2020
1.
2020 3 13 A
A
*
–6–
2020 4 15 2 3 4
2266 H
A
A A
2020 3 12
2020 A A
2. A A
2019 9 6 2019 9 27 2019 10
9 A A
2019 10 25 H A
H A
A
2020 1 30 A A
2020 3 13
2020
2
2020
8% 2019 2020 1% 9
2020 2020
–7–
2020 2021 2022
2021 2022
1,966 294
1,672 17,834.99
1.954% 6,844.09 0.750%
10,990.90 1.204 %
1,958
290 1,668 17,717.82
1.941% 6,742.08
0.739% 10,975.74 1.203%
8
1
(1)
6,742.08
912,726.90 0.739% 5,393.66
80% 912,726.90
0.591% 1,348.42 20%
912,726.90 0.148%
–8–
23,570.29
(2)
# 200.00 2.97% 0.022%
# 138.00 2.05% 0.015%
# 43.00 0.64% 0.005%
# 25.00 0.37% 0.003%
* 40.00 0.59% 0.004%
* 40.00 0.59% 0.004%
* 126.00 1.87% 0.014%
283 4,781.66 70.92% 0.524%
1,348.42 20.00% 0.148%
6,742.08 100.00% 0.739%
*
#
1
1% A
H 10%
2 5%
–9–
2
(1)
10,975.74
912,726.90 1.203% 8,780.59
80% 912,726.90
0.962% 2,195.15 20%
912,726.90 0.241%
1 A
(2)
1,668 8,780.59 80% 0.962%
2,195.15 20% 0.241%
10,975.74 100% 1.203%
– 10 –
1
2020 4 2020 1 23
21,791.57
21,466.77
5,475.27
21,791.57 2020 2023
2020 2021 2022 2023
5,475.27 21,791.57 10,411.53 8,353.44 2,542.35 484.26
(1)
(2)
(3)
5,393.66
21,466.77 2020 2023
2020 2021 2022 2023
5,393.66 21,466.77 10,256.34 8,228.93 2,504.46 477.04
– 11 –
(1)
(2)
(3)
2
2020 4 Black-Scholes
2020 1 23 8,792.72
8,792.72
12,589.20
2,930.91 1.21 3,558.96
2,930.91 1.51 4,411.40
2,930.91 1.58 4,618.84
a) 8.35 2020 1 23
b) 8.73
– 12 –
c) 1 2 3
d) 43.83% 39.08% 34.65%
1 2 3 Wind
e) 2.18% 2.48% 2.59% 1
2 3
f) 3.47% 12
2020 4 Black-Scholes
2020 1 23
8,780.59 8,780.59
12,571.83
2,926.86 1.21 3,554.05
2,926.86 1.51 4,405.31
2,926.86 1.58 4,612.47
g) 8.35 2020 1 23
h) 8.73
– 13 –
i) 1 2 3
j) 43.83% 39.08% 34.65%
1 2 3 Wind
k) 2.18% 2.48% 2.59% 1
2 3
l) 3.47% 12
8,792.72 12,589.20
2020 2023
2020 2021 2022 2023
12,589.20 4,869.51 4,931.63 2,274.85 513.20
8,780.59 12,571.83
2020 2023
2020 2021 2022 2023
12,571.83 4,862.79 4,924.83 2,271.71 512.50
– 14 –
1
2020 2022
65% 35% –
∑ ×
2020 2020 ≥1
111 47
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
– 15 –
65% 35% –
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
≥1
– 16 –
2020-2022
40% 60% –
∑ ×
2020 2020 ≥1
102 40.5
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
– 17 –
40% 60% –
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
≥1
– 18 –
2
2020 2022
65% 35% –
∑ ×
2020 2020 ≥1
111 47
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
– 19 –
65% 35% –
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
≥1
– 20 –
2020-2022
40% 60% –
∑ ×
2020 2020 ≥1
102 40.5
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
– 21 –
40% 60% –
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
≥1
2020
2020
2020
– 22 –
3. 2020
2020
4.
2020 3 12
5.
2020 4 15 2 3 4
2266 H
A H
2020 3 13
A
– 23 –
H
H
2020 3 13
2020 3 13
H
H
6.
2020 3 14 2020 4 15
H H 2020 3
13 H H
H H H
H
H
183 17 1712-1716 2020
3 13
7.
13.39
13.39(5)
– 24 –
H
H
H
H H
H 24
H
183 17M
8.
9.
(i)
A (ii)
– 25 –
10.
2020 3 25
– 26 –
2020
2020
– I-1 –
2020
– I-2 –
2020
2020
A
17,717.82 A
912,726.90 1.941%
14,174.25 80%
912,726.90 1.553% 3,543.57
20%
912,726.90 0.388%
10%
1%
6,742.08
A
912,726.90 0.739% 5,393.66
80%
– I-3 –
2020
912,726.90 0.591% 1,348.42
20% 912,726.90
0.148%
10,975.74
A
912,726.90 1.203% 8,780.59
80%
912,726.90 0.962% 2,195.15
20% 912,726.90
0.241%
1 A
4.37
8.73
– I-4 –
2020
48
1,958
5%
A H
A H
12
12
50% 30% 20% 12
50%
12
1/3 12
50%
– I-5 –
2020
40% 60% –
∑ ×
2020 2020 ≥1
102 40.5
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
– I-6 –
2020
40% 60% –
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
36
– I-7 –
2020
12
12
12
A H
A H 60
– I-8 –
2020
60
A H 12
– I-9 –
2020
........................................................... I-2
........................................................ I-3
.................................................... I-11
................................... I-13
..................................... I-14
................................. I-15
..................................... I-17
................................... I-56
............................. I-62
............................. I-64
.................................................... I-68
– I-10 –
2020
2020
– I-11 –
2020
1
2
– I-12 –
2020
– I-13 –
2020
A H
– I-14 –
2020
1. 12
2. 12
3. 12
4.
5.
6.
5%
– I-15 –
2020
1,958
5%
A H
12
12
A H
10
– I-16 –
2020
A H 5
48
17,717.82
A 912,726.90 1.941%
14,174.25 80%
912,726.90 1.553% 3,543.57
20% 912,726.90 0.388%
A
– I-17 –
2020
6,742.08
912,726.90 0.739% 5,393.66
80% 912,726.90
0.591% 1,348.42 20%
912,726.90 0.148%
200.00 2.97% 0.022%
138.00 2.05% 0.015%
43.00 0.64% 0.005%
25.00 0.37% 0.003%
40.00 0.59% 0.004%
40.00 0.59% 0.004%
126.00 1.87% 0.014%
4,781.66 70.92% 0.524%
283
1,348.42 20.00% 0.148%
6,742.08 100.00% 0.739%
– I-18 –
2020
1
1%
A H 10%
2 5%
1.
48
2.
A H
A H 60
60
60 30
60
– I-19 –
2020
30
10
2
60
6
6
3.
12 24 36
12 24
– I-20 –
2020
4.
12 50%
24
24 30%
36
36 20%
48
– I-21 –
2020
2021
12 50%
24
24 50%
36
5.
1)
25%
2) 6
6
– I-22 –
2020
3)
1.
4.37
4.37
2.
1) 1 50%
4.23
2) 120 50%
4.37
3.
1) 1
50%
2) 20 60
120 50%
– I-23 –
2020
1.
1)
36
2)
12
12
12
– I-24 –
2020
2.
1)
36
– I-25 –
2020
2)
12
12
12
1
1
2
– I-26 –
2020
3)
2020-2022
40% 60% –
∑ ×
2020 2020 ≥1
40.5
102
2021 2021 ≥1
50
121
2022 2022 ≥1
55
135
– I-27 –
2020
40% 60% –
2021 2021 ≥1
50
121
2022 2022 ≥1
55
135
≥1
– I-28 –
2020
4)
A B C D E
A B C D E
100% 0%
5)
– I-29 –
2020
1.
1)
Q Q0× 1 n
Q0 n
Q
– I-30 –
2020
2)
Q Q0×P1×(1+n)÷ P1+P2×n
Q0 P1
P2 n
Q
3)
Q=Q0×n
Q0 n 1
n Q
4)
2.
1)
P=P0÷(1+n)
P0 n
P
2)
P=P0× P1+P2×n ÷[P1×(1+n)]
– I-31 –
2020
P0 P1 P2
n P
3)
P=P0÷n
P0 n P
4)
P=P0-V
P0 V P
P 1
5)
3.
– I-32 –
2020
11 22
1.
1)
2)
3)
2.
11 22
– I-33 –
2020
=
2020 4 2020 1 23
21,466.77
5,393.66
21,466.77 2020 2023
2020 2021 2022 2023
5,393.66 21,466.77 10,256.34 8,228.93 2,504.46 477.04
(1)
(2)
(3)
– I-34 –
2020
3.
1.
2.
1)
Q Q0× 1 n
Q0 n
Q
– I-35 –
2020
2)
Q Q0×P1×(1+n)÷ P1+P2×n
Q0 P1
P2 n
Q
3)
Q=Q0×n
Q0 n 1
n Q
4)
3.
1)
P=P0÷(1+n)
P0 n
P
– I-36 –
2020
2)
P=P0× P1+P2×n ÷[P1×(1+n)]
P1 P2 n
3)
P=P0÷n
P0 n 1
n P
4)
P=P0-V
P0 V
P P 1
5)
4.
1)
2)
– I-37 –
2020
5.
1)
A H
2)
3)
A
10,975.74
912,726.90 1.203% 8,780.59
80% 912,726.90
0.962% 2,195.15 20%
912,726.90 0.241%
1 A
– I-38 –
2020
1,668 8,780.59 80% 0.962%
2,195.15 20% 0.241%
10,975.74 100% 1.203%
1.
1%
A H 10%
2. 5%
1.
48
– I-39 –
2020
2.
A H
A H 60
60
60 30
60
30
– I-40 –
2020
3.
12 24 36 12 24
4.
A H
12
60 30
60
30
12 36
– I-41 –
2020
12 1/3
24
24 1/3
36
36 1/3
48
12 1/2
24
24 1/2
36
– I-42 –
2020
5.
1)
25%
2) 6
6
3)
1.
8.73
– I-43 –
2020
2.
1) 1 8.45
2) 120
8.73
3.
1) 1
2) 20 60
120
1.
1)
– I-44 –
2020
36
2)
12
12
12
– I-45 –
2020
2.
1)
36
2)
12
12
12
– I-46 –
2020
1
2
3)
2020-2022
40% 60% –
∑ ×
2020 2020 ≥1
40.5
102
– I-47 –
2020
2021 2021 ≥1
50
121
2022 2022 ≥1
55
135
40% 60% –
2021 2021 ≥1
50
121
– I-48 –
2020
2022 2022 ≥1
55
135
≥1
4)
A B C D E
A B C D E
100% 0%
– I-49 –
2020
5)
– I-50 –
2020
1.
1)
Q Q0× 1 n
Q0 n
Q
2)
Q Q0×P1×(1+n)÷ P1+P2×n
Q0 P1
P2 n
Q
3)
Q=Q0×n
Q0 n 1
n Q
4)
– I-51 –
2020
2.
1)
P=P0÷(1+n)
P0 n
P
2)
P=P0× P1+P2×n ÷[P1×(1+n)]
P0 P1 P2
n P
3)
P=P0÷n
P0 n P
4)
P=P0-V
P0 V P
P 1
– I-52 –
2020
3.
11 22
1.
1)
Black-Scholes
2)
3)
– I-53 –
2020
4)
2.
2020 4 Black-Scholes
2020 1 23
8,780.59 8,780.59
12,571.83
2,926.86 1.21 3,554.05
2,926.86 1.51 4,405.31
2,926.86 1.58 4,612.47
a) 8.35 2020 1 23
b) 8.73
c) 1 2 3
d) 43.83% 39.08% 34.65%
1 2 3 Wind
– I-54 –
2020
e) 2.18% 2.48% 2.59% 1
2 3
f) 3.47% 12
3.
8,780.59 12,571.83
2020 2023
2020 2021 2022 2023
12,571.83 4,862.79 4,924.83 2,271.71 512.50
Black
Scholes
4.
– I-55 –
2020
2
6
A H
10
A H 5
– I-56 –
2020
A H
A
H
2/3
5%
A H
A H
A H
A H
60
A H
– I-57 –
2020
A H
60
60
3
– I-58 –
2020
A H 12
12
– I-59 –
2020
1.
2.
1)
2)
3.
4.
– I-60 –
2020
1.
2.
3.
4.
3
– I-61 –
2020
– I-62 –
2020
A H
– I-63 –
2020
1.
2.
1.
2.
3. 36
4.
5.
– I-64 –
2020
3
A.
– I-65 –
2020
B.
C.
3
A. 1 A-C
B.
C.
D.
– I-66 –
2020
60
– I-67 –
2020
A H
2020 3 13
– I-68 –
2020
2020
2020
2020
– II-1 –
2020
5%
2020 2022
– II-2 –
2020
40% 60% –
∑ ×
2020 2020 ≥1
102 40.5
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
– II-3 –
2020
40% 60% –
2021 2021 ≥1
121 50
2022 2022 ≥1
135 55
≥1
– II-4 –
2020
A B C D E
100% 0%
2020 2022
– II-5 –
2020
1.
5
2. 10
2
3.
1.
2.
3. 5
– II-6 –
2020
A H
2020 3 13
– II-7 –
1.
2.
XV
XV 7 8
352
A H
(%) (%) (%)
5,115,000,000 84.86 – 56.04
(L) A
30,018,500 – 0.97 0.33
(L) H
5,145,018,500 – – 56.37
(L) A H
(L)
– III-1 –
5,115,000,000 A
XV
XV 7
8
352
3.
336
A H
(%) (%) (%)
5,115,000,000 84.86 – 56.04
1 (L) A
5,145,018,500 – – 56.37
2 (L) A H
Citigroup Inc. 242,318,897 – 7.81(L) 2.65(L)
(L) H 2.65(S) 0.90(S)
82,301,439 5.13(P) 1.74(P)
(S) H
159,121,306
(P) H
– III-2 –
A H
(%) (%) (%)
JPMorgan Chase & Co. 184,358,897 – 5.94(L) 2.02(L)
(L) H 1.72(S) 0.59(S)
53,471,294 3.30(P) 1.12(P)
(S) H
102,439,088
(P) H
BlackRock, Inc. 166,893,160 – 5.38(L) 1.83(L)
(L) H 1.51(S) 0.51(S)
46,873,500
(S) H
3 5,115,000,000 84.86 – 56.04
(L) A
5,115,000,000 84.86 – 56.04
(L) A
4
(L)
(S)
(A)
(1) 2005 12 1
2066
62.854%
0.125% 0.001% 37.02%
99% 1%
(2) 62.854%
30,018,500 H
(3) 0.001% 1%
(4) 37.02%
– III-3 –
336
4.
2018 12
31
5.
13.68
6.
(a)
(b)
(c) 2018 12 31
– III-4 –
7.
6
(i)
(ii)
(iii) 2018 12 31
8.
(a) 2266
(b)
183 17 1712-1716
(c)
(d)
(e)
– III-5 –
9.
14
15 23
(a)
(b)
(c)
(d)
(e)
(f) 2018 2017 2016
(g)
(h)
– III-6 –
2019
2020
1,250,330
1 100,000
2 100,000
3 90,000
4 10,000
5 10,000
6 50,000
7 70,000
8 10,000
9 10,000
10 200,000
1,250,330
2020
2020
– IV-1 –
2,400.00
61 406B
100%
2019 12 31
2,382,484,122
2,262,576,963
119,970,159
94.97%
11,558,963
2,251,018,000
2019 1-12
200,614,549
15,054,982
– IV-2 –
190,000
868
100%
2019 12 31
5,600,460,137.55
3,775,431,851.17
1,825,028,286.38
67.41%
3,438,071,264.08
0.00
2019 1-12
3,789,478,543.39
184,198,286.38
– IV-3 –
45,000.00
868
100%
2019 12 31
389,584,032.98
234,948,217.68
154,635,815.30
60.31%
123,477,109.49
0.00
2019 1-12
3,856,952.71
-11,954,184.70
– IV-4 –
35,000.00
75
100%
2019 12 31
73,340,403.28
52,084,756.31
21,255,646.97
71.02%
52,084,756.31
0.00
2019 1-12
4,477,451.81
-9,764,353.03
– IV-5 –
20,000.00
868
100%
2019 12 31
79,465,866.39
41,166,408.98
38,299,457.41
51.80%
38,166,408.98
0.00
2019 1-12
24,205,483.00
-6,000,542.59
– IV-6 –
10,000.00
868
100%
2019 12 31
1,184,252,546.05
1,100,881,924.63
83,370,621.42
92.96%
827,291,470.80
1,230,000.00
2019 1-12
114,980,723.92
-16,629,378.58
– IV-7 –
100,000
2288
100%
2019 12 31
7,496,189,058.94
4,323,734,676.14
3,172,454,382.80
57.68%
3,989,655,739.13
0.00
2019 1-12
6,323,553,116.05
750,914,499.42
– IV-8 –
10,000.00
299
100%
2019 12 31
133,825,094.94
46,965,748.37
86,859,346.57
35.09%
46,965,748.37
0.00
2019 1-12
66,872,015.44
-985,878.27
– IV-9 –
30,000.00
299
100%
2019 12 31
819,955,357.13
534,410,040.74
285,545,316.39
65.18%
496,053,488.89
0.00
2019 1-12
836,587,192.52
100,647,201.43
– IV-10 –
2019 2020
1,025,791.20 2020
506,117
19.47%
2,276,121.20 43.20%
0
14 14A
1 2020 3 13 1
=7.8226
2 2020 3 13 1
=7.0033
– IV-11 –