GREAT WALL MOTOR COMPANY LIMITED*
2333
2021 A
2021 A
2021
2021
2021 7 22 2 3 4 2266
H A
H
2021 6 24
H
H
183 17M
H 24
H
*
2021 6 24
.............................................................. 1
........................................................ 6
1. ...................................................... 6
2. 2021 A ........................ 7
3. 2021 A .......................... 43
4. 2021 ............. 78
5. 2021 .............. 78
6.
2021 .................. 78
7. .............................................. 84
8. ................................. 84
9. ................................... 85
10. ............................................ 85
11. ................................................. 86
12. ................................................. 86
................................................. 87
...................................................... 89
–i–
2021 ......... I-1
2021 ........... II-1
2021 III-1
2021 .. IV-1
............................................. V-1
................................................. VI-1
– ii –
A 1.00
601633
A A
A A
2021
2021
A H
H A
–1–
2021 7 22 2
2021 2021
H 1.00
2333
H H
–2–
H H
2021
2021
A
2021 6 18
–3–
A
571
A H
A H
–4–
–5–
GREAT WALL MOTOR COMPANY LIMITED*
2333
2266
2021 A
2021 A
2021
2021
1.
2021 7 22 2 3 4
2266 H
A
*
–6–
2. 2021 A
2021 5 25 2021 A
1
2
3
–7–
1
2
3
A H
–8–
1.
12
12
–9–
12
5%
2.
586
5%
– 10 –
A H
12
12
3.
A H
10
A H 5
1.
A
2.
4,318.40
919,916.0569 0.469% 3,454.70
80%
919,916.0569 0.376% 863.70
– 11 –
20% 919,916.0569
0.094%
* 20.00 0.463% 0.002%
* 20.00 0.463% 0.002%
* 20.00 0.463% 0.002%
* 8.00 0.185% 0.001%
* 25.00 0.579% 0.003%
* 12 45.00 1.042% 0.005%
* 17.80 0.412% 0.002%
* 10.40 0.241% 0.001%
*#
12 12.00 0.278% 0.001%
#
18.00 0.417% 0.002%
3,258.50 75.456% 0.354%
576
863.70 20.000% 0.094%
586 4,318.40 100.000% 0.469%
– 12 –
* 12
12
#
1%
A H
10%
5%
2020
2020
2,998.586
2021
A
– 13 –
1.
48
2.
A H
A H 60
60
60 30
60
30
10
– 14 –
2
60
6
6
3.
12 24 36 12 24
– 15 –
4.
12 40%
24
24 30%
36
36 30%
48
12 50%
24
24 50%
36
– 16 –
5.
25%
6 6
1.
16.78
16.78 A
– 17 –
2.
1 50%
16.78
20 50%
16.55
3.
1
50%
20 60
120 50%
2021 5 25 A
35.30 2021 5 25 H
20.65
4.
581,024,280
– 18 –
1.
36
12
12
12
– 19 –
2.
36
12
12
12
– 20 –
1
1
2
2021-2023
(P)
(X)
55% 45%
(P) ∑ ×
2021 149 2021 68
2022 190 2022 82
– 21 –
2023 280 2023 115
55% 45%
(P) ∑ ×
2022 190 2022 82
2023 280 2023 115
(P) P ≥ 100% X=100%
85%≤P<100% X=(P-85%)/15%×20%+80%
P<85% X=0
– 22 –
A B C D E
(N)
A B C D E
100% 100% 80% 0%
(N)
= ×
(X)× (N)
3.
– 23 –
1.
Q=Q0× 1+n
Q0 n
Q
Q=Q0×P1×(1+n)÷ P1+P2×n
– 24 –
Q0 P1
P2 n
Q
Q=Q0×n
Q0 n 1
n Q
2.
P=P0÷(1+n)
P0 n
P
P=P0× P1+P2×n ÷[P1×(1+n)]
P0 P1 P2
n P
– 25 –
P=P0÷n
P0 n P
P=P0-V
P0 V P
P 1
3.
11 22
– 26 –
1.
2.
11 22
=
2021 7 2021 5 25
63,981.04
– 27 –
3,454.70
63,981.04 2021 2024
2021 2022 2023 2024
3,454.70 63,981.04 24,259.48 26,658.77 10,396.92 2,665.88
3.
1.
2021
2021
– 28 –
2
6
A H
10
A H 5
– 29 –
A H
A H
2/3
5%
A H
A H
A H
A H
60
2.
A H
– 30 –
A H
60
60
3
A H
12 12
– 31 –
3.
4.
1.
2.
1)
2)
3.
– 32 –
4.
5.
1.
2.
3.
4.
5.
3
1.
– 33 –
2.
– 34 –
A H
1.
– 35 –
36
2.
– 36 –
A.
B.
A.
B.
A.
B.
C.
D.
– 37 –
3.
60
1.
– 38 –
2.
Q=Q0× 1+n
Q0 n
Q
Q=Q0×P1×(1+n)÷ P1+P2×n
Q0 P1
P2 n
Q
Q=Q0×n
Q0 n 1
n Q
– 39 –
3.
P=P0÷(1+n)
P0 n
P
P=P0× P1+P2×n ÷[P1×(1+n)]
P0 P1
P2 n
P
P=P0÷n
P0 n 1
n P
P=P0-V
P0 V
P P 1
– 40 –
4.
5.
2021
2020 4 15 2020 2020 H
2020 A 2020
2020 2020 4 27
2020 2021 1 28
– 41 –
2020 2021 5
25 4.2 2020
2021 5 25
H A
55.60%
62.854%
99%
1991
2003
2006
– 42 –
2006
12
2000
1999
2001
12
2007
2014 10 2019 5 2019 5
2021
3. 2021 A
2021 5 25 2021 A
– 43 –
1
2
3
1
– 44 –
2
3
1.
2.
A H
3.
4.
– 45 –
1.
12
12
12
– 46 –
5%
2.
8,784
5%
A H
12
12
3.
A H
10
– 47 –
A H 5
1.
A
2.
39,710.10
919,916.0569 4.317% 31,768.10
80%
919,916.0569 3.453% 7,942.00
20% 919,916.0569
0.863%
* 10.00 0.025% 0.001%
* 10.70 0.027% 0.001%
* 6.20 0.016% 0.001%
31,741.20 79.932% 3.450%
8,781
7,942.00 20.000% 0.863%
8,784 39,710.10 100.000% 4.317%
– 48 –
* 12
#
1%
A H
10%
5%
A
30%
A
1.
48
2.
A H
A H 60
60
– 49 –
60 30
60
30
10
2
60
6
6
3.
12 24
36 12 24
– 50 –
4.
A H
12
60 30
60
30
10
2
5.
12 36
– 51 –
12 1/3
24
24 1/3
36
36 1/3
48
12 1/2
24
24 1/2
36
– 52 –
6.
25%
6 6
1.
33.56
33.56 1
2.
1 33.56
20 33.10
– 53 –
3.
1) 1
2) 20 60
120
1.
36
– 54 –
12
12
12
2.
36
– 55 –
12
12
12
1
2
2021-2023
(P) (X)
55% 45%
(P) ∑ ×
– 56 –
2021 149 2021
68
2022 190 2022
82
2023 280 2023
115
55% 45%
(P) ∑ ×
2022 190 2022
82
2023 280 2023
115
– 57 –
(X)
P ≥ 100% X=100%
(P) 85%≤P 100% X=(P-85%)/15%×20%+80%
P 85% X=0
A B C D E
(N)
A B C D E
100% 100% 80% 0%
= ×
(X)× (N)
3.
– 58 –
1.
Q=Q0×(1+n)
– 59 –
Q0 n
Q
Q=Q0×P1×(1+n)÷(P1+P2×n)
Q0 P1
P2 n
Q
Q=Q0×n
Q0 n 1
n Q
2.
P=P0÷(1+n)
P0 n
P
– 60 –
P=P0×(P1+P2×n)÷[P1×(1+n)]
P0 P1 P2
n P
P=P0÷n
P0 n P
P=P0-V
P0 V P
P 1
3.
17
– 61 –
11 22
1.
Black-Scholes
2.
2021 7 Black-Scholes
2021 5 25
31,768.10 31,768.10
204,475.44
10,589.37 5.36 56,709.43
10,589.37 6.39 67,674.76
10,589.37 7.56 80,091.25
– 62 –
a) 35.3 2021 5 25
b) 33.56
c) 1.5 2.5 3.5
d) 25.87% 24.38% 25.10%
1 2 3 wind
e) 2.35% 2.62% 2.74% 1
2 3
f) 1.49% 12
3.
31,768.10 204,475.44
2021 -2024
2021 2022 2023 2024
31,768.10 204,475.44 68,392.27 84,163.39 40,795.99 11,123.78
Black-Scholes
– 63 –
4.
1.
2021
2021
2
6
– 64 –
A H
10
A H 5
A H
A H
2/3
5%
A H
A H
A H
A H
60
– 65 –
2.
A H
2021
2021
A H
60
60
3
– 66 –
A H
12 12
3.
4.
– 67 –
1
2
5.
3
– 68 –
1.
2.
– 69 –
A H
2021
1.
– 70 –
36
– 71 –
2.
A.
B.
A.
B.
A.
B.
– 72 –
3
A.
B.
3.
60
– 73 –
2021
H A
2021
A
– 74 –
(1) A
17
A
A 12
12
A
A
A
A
(i) A
1,450,000 A
0.016%
A (ii)
A 3,452,977 A
0.038%
A
A
– 75 –
(2) A
17
14A.92(3)(a)
17.03(9) (1)
(i) (ii)
19A.39C
17.03(9) 1
(i) (ii)
17.03(9) (1)
(i)
A
(ii)
A (iii) A
H
H (iv)
17 (v)
– 76 –
17.03(13)
17.03(13) 17.03(13)
2005 9 5 17.03(13)
(I) 17.03(13)
(II)
(III)
17.03(13)
(i)
A (ii)
48 (iii)
H
– 77 –
H
(iv)
A
1,512,043 A
0.016% A
4. 2021
2021
5. 2021
2021
6. 2021
2021 2021
– 78 –
2021 2021
2021
2021
2021
2021
2021
2021
– 79 –
2021
– 80 –
2021
2021
2021
2021
2021
2021
– 81 –
2021
2021
2021
– 82 –
2021
2021
2021
2021
2021
2021
– 83 –
2021
2021
7.
(www.hkexnews.hk)
(www.sse.com.cn) (www.gwm.com.cn)
2020 6 19 (www.hkexnews.hk) (www.
sse.com.cn) (www.gwm.com.cn)
8.
2021 7 22 2 3 4
2266 H
A H
2021 6 24
2021 2021
A
– 84 –
H
H 2021 6
24
2021 6 24
H
H
9.
2021 7 13 2021 7 22
H H 2021 7
12 H H
H H H
H
H
183 17 1712-1716 2020
7 12
10.
13.39
13.39(5)
– 85 –
H
H
H
H H
H 24
H
183 17M
11.
12.
2021 6 24
– 86 –
GREAT WALL MOTOR COMPANY LIMITED*
2333
2021 6 24
2021 A 12
12
A
2021 A
A 12
12 A
A A A
*
– 87 –
2021 A A
12 12
A
2021
A A 12
12 A
2021 6 24
– 88 –
88 173
12 1209
2021 A
A
2021 6
24
2021 5 25
(i)2021 A
(ii)2021 A
– 89 –
43,184,000
9,199,160,569 0.469% 34,547,000
80% 8,637,000
20%
34,547,000 (i) 1,782,000
(ii) 32,765,000
577
397,101,000
9,199,160,569 4.317% 317,681,000
80% 79,420,000
20%
A
(i)
(ii)
(iii)
– 90 –
(i) A
2019 10 9 2020 2 28
(ii) A 2020
11 27 (iii) A
2021 2 26
13.84
13.80
– 91 –
1.
– 92 –
2020 4 15 2020 H
A
2020 6 4 49,303,500 281
281 47 87,065,300
1,651 2021 5 13
149 1,149,150 149 106
497 15,721,000
(i)
(ii)
2020 2020
400,000
400,000
700,000
600,000
– 93 –
2020 2020
12 150,000
12
1991
2003
2006
2006
– 94 –
12 2000
1999
2001
12 2007
2014 10 2019 5 2019 5
2021
4 26 2021 5 25
(i) (ii)
(iii)
– 95 –
2.
2.
2021 A
1,782,000
%
200,000 0.002
200,000 0.002
200,000 0.002
80,000 0.001
250,000 0.003 100,000
450,000 0.005
178,000 0.002 107,000
104,000 0.001 62,000
120,000 0.001
1,782,000 0.019 269,000
2020
2020
– 96 –
2021 4 26 2021 5 25
A 14
14
(i) 1 A
A (ii)
20 60 A
120 A
– 97 –
2021 4 26 50% 12 0.007% 0.034%
(SH600521) 24
36
2021 4 27 50% 12 0.01% 0.03%
(SH601609) 24
36
2021 4 27 50% 12 0.02%
(SH603267) 24
36
2021 4 27 50% 12 0.004%
(SH603707) 24
36
(i) 1 A
A (ii)
20 60 A
120 A
2021 4 27 50% 12 0.02%
(SH603728) 24
36
2021 4 28 12 0.02%
(SH603587) 24
– 98 –
36
2021 4 28 50% 12 0.07% 0.19%
(SH603676) 24
2021 4 28 50% 12 0.05%
(SH605183) 24
36
2021 4 29 50% 12 0.03% 0.07%
(SH600718) 24
36
2021 4 29 50% 12 0.0018% 0.0021%
(SH603195) 24
36
(i) 1 A
A (ii)
20 60 A
120 A
2021 4 30 50% 12 0.003% 0.021%
(SH603799) 24
36
2021 5 11 50% 12 0.09% 0.52%
(SH605277) 24
– 99 –
2021 5 14 50% 12 0.01% 0.06%
(SH601500) 24
36
2021 5 19 50% 12
(SH603456) 24
36
A 20.70 48.31%
http://www.cninfo.com.cn/
A 0.0018% 0.52%
0.001% 0.005%
A
A
16.78
16.78
2021 A
(i) 1 50%
16.78 (ii) 20
50% 16.55
(i) (ii) (a)A
1 50% (b)A
20 60 120 50%
A A
50%
(i) 1 A
(ii) 20 60 120 A
– 100 –
48
12
24 36 12 24
(i) A
12 (ii) 1
2 2 3 A 12 2021
A
– 101 –
A
A
A
(i)
(ii)
3.
1,782,000
0.019%
– 102 –
(i)
(ii)
2021 6 24
6 25
– 103 –
2021
2021
– I-1 –
2021
– I-2 –
2021
2021
A
4,318.40
A 919,916.0569
0.469% 3,454.70
80% 919,916.0569 0.367%
863.70 20%
919,916.0569 0.094%
10%
1%
– I-3 –
2021
16.78
48
586
5%
A H
A H
12
12 36
40% 30% 30%
12 50%
– I-4 –
2021
36
12
12
12
– I-5 –
2021
A H
A H 60
60
60
A H
12
– I-6 –
2021
.............................................................. I-2
.......................................................... I-3
...................................................... I-8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-14
. . . . . . . . . . . . . I-16
. . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-20
. . . . . . . . . . . . . . . . . . . . . . . . . . I-26
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-29
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-31
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-36
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-38
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-41
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-44
– I-7 –
2021
2021
– I-8 –
2021
1
2
– I-9 –
2021
1
2
3
1
2
3
– I-10 –
2021
A H
– I-11 –
2021
1. 12
2. 12
3. 12
4.
5.
6.
5%
– I-12 –
2021
586
5%
A H
12
12
A H
10
A H 5
– I-13 –
2021
A
4,318.40
919,916.0569 0.469% 3,454.70
80% 919,916.0569
0.376% 863.70 20%
919,916.0569 0.094%
*
20.00 0.463% 0.002%
*
20.00 0.463% 0.002%
*
20.00 0.463% 0.002%
*
8.00 0.185% 0.001%
*
25.00 0.579% 0.003%
*
12 45.00 1.042% 0.005%
*
17.80 0.412% 0.002%
*
10.40 0.241% 0.001%
– I-14 –
2021
*#
12 12.00 0.278% 0.001%
#
18.00 0.417% 0.002%
3,258.50 75.456% 0.354%
576
863.70 20.000% 0.094%
586 4,318.40 100.000% 0.469%
1
1%
A H 10%
2 5%
– I-15 –
2021
48
A H
A H 60
60
60 30
60
30
10
2
– I-16 –
2021
60
6
6
12 24 36
12 24
12 40%
24
24 30%
36
36 30%
48
– I-17 –
2021
12 50%
24
24 50%
36
1
25%
2 6
6
3
– I-18 –
2021
16.78
16.78 A
1) 1 50%
16.78
2) 20 50% 16.55
1) 1
50%
2) 20 60 120
50%
– I-19 –
2021
1)
36
2)
12
12
12
– I-20 –
2021
1)
36
2)
12
12
12
– I-21 –
2021
1
1
2
3)
2021-2023
(P) (X)
55% 45%
(P) ∑ ×
2021 2021
149 68
2022 2022
190 82
2023 2023
280 115
– I-22 –
2021
55% 45%
(P) ∑ ×
2022 2022 82
190
2023 2023 115
280
(P) P ≥ 100% X=100%
85%≤P 100% X=(P-85%)/15%*20%+80%
P 85% X=0
– I-23 –
2021
4)
A B C D E
(N)
A B C D E
(N) 100% 100% 80% 0%
×
(X)× (N)
– I-24 –
2021
– I-25 –
2021
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-26 –
2021
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
5)
– I-27 –
2021
– I-28 –
2021
11 22
1)
2)
3)
– I-29 –
2021
11 22
=
2021 7 2021 5 25
63,981.04
3,454.70 63,981.04
2021 2024
2021 2022 2023 2024
3,454.70 63,981.04 24,259.48 26,658.77 10,396.92 2,665.88
(1)
(2)
(3)
– I-30 –
2021
2021
2021
2
6
A H
10
– I-31 –
2021
A H 5
A H
A
H
2/3
5%
A H
A H
A H
A H
60
– I-32 –
2021
A H
A H
60
60
3
– I-33 –
2021
( )
A H 12
12
1.
2.
1)
– I-34 –
2021
2)
3.
4.
1.
2.
3.
4.
5.
3
– I-35 –
2021
– I-36 –
2021
A H
– I-37 –
2021
1.
2.
1.
2.
3. 36
4.
5.
– I-38 –
2021
A.
B.
1
2
A.
B.
– I-39 –
2021
C.
D.
60
– I-40 –
2021
1.
2.
1)
Q Q0× 1 n
Q0 n
Q
2)
Q Q0×P1×(1+n)÷ P1+P2×n
Q0 P1 P2
n Q
– I-41 –
2021
3)
Q=Q0×n
Q0 n 1 n
Q
4)
3.
1)
P=P0÷(1+n)
P0 n
P
2)
P=P0× P1+P2×n ÷[P1×(1+n)]
P1 P2 n
– I-42 –
2021
3)
P=P0÷n
P0 n 1 n
P
4)
P=P0-V
P0 V P
P 1
5)
4.
1)
2)
5.
1)
2)
3)
– I-43 –
2021
A H
2021 5 25
– I-44 –
2021
2021
– II-1 –
2021
– II-2 –
2021
2021
A
39,710.10 A
919,916.0569 4.317%
31,768.10 80%
919,916.0569 3.453% 7,942.00
20%
919,916.0569 0.863%
10%
1%
33.56
– II-3 –
2021
48
8,784
5%
A H
A H
12
12
1/3 1/3 1/3 12
50%
– II-4 –
2021
36
12
12
12
– II-5 –
2021
A H
A H 60
60
60
A H 12
– II-6 –
2021
.............................................................. II-2
.......................................................... II-3
...................................................... II-8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-14
. . . . . . . . . . . . . . . . . II-16
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-20
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-21
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-27
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-30
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-32
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-37
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-39
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-42
– II-7 –
2021
2021
– II-8 –
2021
1
2
– II-9 –
2021
1
2
3
1
2
3
– II-10 –
2021
A H
– II-11 –
2021
1. 12
2. 12
3. 12
4.
5.
6.
5%
– II-12 –
2021
8,784
5%
A H
12
12
A H
10
A H 5
– II-13 –
2021
A
39,710.10
919,916.0569 4.317% 31,768.10
80% 919,916.0569
3.453% 7,942.00 20%
919,916.0569 0.863%
*
10.00 0.025% 0.001%
*
10.70 0.027% 0.001%
*
6.20 0.016% 0.001%
31,741.20 79.932% 3.450%
8,781
7,942.00 20.000% 0.863%
8,784 39,710.10 100.000% 4.317%
– II-14 –
2021
1
1%
A H 10%
2 5%
– II-15 –
2021
48
A H
A H 60
60
60 30
60
30
10
2
– II-16 –
2021
60
6
6
12 24 36
12 24
A H
12
60 30
60
30
10
2
– II-17 –
2021
12 36
12 1/3
24
24 1/3
36
36 1/3
48
12 1/2
24
24 1/2
36
– II-18 –
2021
1
25%
2 6
6
3
– II-19 –
2021
33.56
33.56 1
1) 1 33.56
2) 20 33.10
1) 1
2) 20 60 120
– II-20 –
2021
1)
36
2)
12
12
12
– II-21 –
2021
1)
36
2)
12
12
12
– II-22 –
2021
1
2
3)
2021-2023
(P) (X)
55% 45%
(P) ∑ ×
2021 2021
149 68
2022 2022
190 82
2023 2023
280 115
– II-23 –
2021
55% 45%
(P) ∑ ×
2022 2022
190 82
2023 2023
280 115
(X)
P ≥ 100% X=100%
(P) 85%≤P 100% X=(P-85%)/15%*20%+80%
P 85% X=0
– II-24 –
2021
4)
A B C D E
(N)
A B C D E
(N) 100% 100% 80% 0%
× (X) ×
(N)
– II-25 –
2021
– II-26 –
2021
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)
– II-27 –
2021
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
– II-28 –
2021
5)
– II-29 –
2021
11 22
1)
Black-Scholes
2)
3)
4)
2021 7 Black-Scholes
2021 5 25 31,768.10
31,768.10
204,475.44
10,589.37 5.36 56,709.43
10,589.37 6.39 67,674.76
10,589.37 7.56 80,091.25
– II-30 –
2021
a) 35.3 2021 5 25
b) 33.56
c) 1.5 2.5 3.5
d) 25.87% 24.38% 25.10%
1 2 3 wind
e) 2.35% 2.62% 2.74% 1 2
3
f) 1.49% 12
31,768.10 204,475.44 2021
2024
2021 2022 2023 2024
31,768.10 204,475.44 68,392.27 84,163.39 40,795.99 11,123.78
Black-Scholes
– II-31 –
2021
2021
2021
2
6
A H
10
– II-32 –
2021
A H 5
A H
A
H
2/3
5%
A H
A H
A H
A H
60
– II-33 –
2021
A H
2021
2021
A H
60
60
3
– II-34 –
2021
A H 12
12
– II-35 –
2021
1
2
1.
2.
3
3.
4.
– II-36 –
2021
– II-37 –
2021
A H
2021
– II-38 –
2021
1.
2.
1.
2.
3. 36
4.
5.
– II-39 –
2021
A.
B.
A.
B.
– II-40 –
2021
A.
B.
3
A.
B.
– II-41 –
2021
60
A H
2021 5 25
– II-42 –
2021
2021
2021
– III-1 –
2021
5%
2021-2023
(P) (X)
55% 45%
∑ ×
(P)
– III-2 –
2021
2021
2021 68
149
2022
2022 82
190
2023
2023 115
280
55% 45%
∑ ×
(P)
2022
2022 82
190
2023
2023 115
280
(X)
P≥100% X=100%
(P) 85%≤P 100% X=(P-85%)/15%*20%+80%
P 85% X=0
– III-3 –
2021
A B C D E
(N)
A B C D E
(N) 100% 100% 80% 0%
×
(X)× (N)
2021-2023
– III-4 –
2021
1.
5
2. 10
2
3.
1.
2.
3. 5
A H
2021 5 25
– III-5 –
2021
2021
2021
– IV-1 –
2021
5%
2021-2023
(P) (X)
55% 45%
∑ ×
(P)
2021
2021 68
149
2022
2022 82
190
2023
2023 115
280
– IV-2 –
2021
55% 45%
∑ ×
(P)
2022
2022 82
190
2023
2023 115
280
(X)
P≥100% X=100%
(P) 85%≤P 100% X=(P-85%)/15%*20%+80%
P 85% X=0
A B C D E
(N)
A B C D E
(N) 100% 100% 80% 0%
– IV-3 –
2021
× (X) ×
(N)
2021-2023
1.
5
2. 10
2
3.
– IV-4 –
2021
1.
2.
3. 5
A H
2021 5 25
– IV-5 –
12 12
– V-1 –
– V-2 –
1.
XV
XV 7 8
352
A H
(%) (%) (%)
5,115,000,000 83.86 – 55.60
(L) A
37,998,500 – 1.23 0.41
(L) H
5,152,998,500 – – 56.02
(L) A H
(L)
– VI-1 –
5,115,000,000 A
XV
XV 7
8
352
2.
336
A H
(%) (%) (%)
5,115,000,000 83.86 – 55.60
1 (L) A
5,152,998,500 – – 56.02
2 (L) A H
Schroders Plc 302,095,000(L) – 9.75(L) 3.28(L)
H
– VI-2 –
A H
(%) (%) (%)
BlackRock, Inc. 169,326,259(L) – 5.46(L) 1.84(L)
H
17,755,500(S) – 0.57(S) 0.19(S)
H
Citigroup Inc. 165,229,478(L) – 5.33(L) 1.80(L)
H
25,096,631(S) – 0.80(S) 0.81(S)
H
137,300,019(P) – 4.42(P) 2.25(P)
H
3 5,115,000,000 83.86 – 55.60
(L) A
5,115,000,000 83.86 – 55.60
(L) A
4
(L)
(S)
(P)
(1) 2005 12 1
2066
62.854%
0.125% 0.001% 37.02%
99% 1%
(2) 62.854%
37,998,500 H
– VI-3 –
(3) 0.001% 1%
(4) 37.02%
336
3.
2020 12
31
4.
13.68
5.
(a)
(b)
(c) 2020 12 31
– VI-4 –
6.
6
(i)
(ii)
(iii) 2020 12 31
7.
(a) 2266
(b)
183 17 1712-1716
(c)
(d)
– VI-5 –
(e)
8.
14
8 26
(a)
(b)
(c)
(d)
(e)
(f) 2020 2019 2018
(g)
(h)
– VI-6 –
GREAT WALL MOTOR COMPANY LIMITED*
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2021
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(A) 2021 7 13 2021 7 22
2021 7 12
H
2021
7 12 H
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1712-1716
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(86-312)2197813
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(C) H
(D)
(E)
24
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– EGM-3 –
(G) 2021 7 22
2266
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– EGM-4 –
H
GREAT WALL MOTOR COMPANY LIMITED*
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2021 7 22
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– HSCM-2 –
H
3. H
(1) H
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2021 7 15
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2021 7 13 2021 7 22
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– HSCM-3 –
GREAT WALL MOTOR COMPANY LIMITED*
2333
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2021 7 22 2 2266
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