(前称宏昌国际投资控股有限公司)

LIMITEDAnnualReport20079/F,WincomeCentre,No.39-41DesVoeuxRoadCentral,HongKongANNUALREPORT2007ANNUALREPORT2007formerlyknownasVentureInternationalInvestmentHoldingsLimited(incorporatedinBermudawithlimitedliability)LIMITEDStockCode:61SUCCESSSUCCESSFORSUCCESSSOWINGTHESEEDSSOWINGTHESEEDSFORFOR1GREENGLOBALRESOURCESLIMITED2007Contents2Chairman’sStatement7ManagementDiscussion&Analysis22CorporateInformation24Directors’&Management’sProfile28ReportoftheDirectors39CorporateGovernanceReport47IndependentAuditor’sReport49ConsolidatedIncomeStatement50ConsolidatedBalanceSheet52ConsolidatedStatementofChangesinEquity53ConsolidatedCashFlowStatement55NotestotheConsolidatedFinancialStatements2GREENGLOBALRESOURCESLIMITED2007Chairman’sStatementSowingtheSeedsforSuccessIampleasedtoreportthat2007wasapivotalyearforourCompany.Duringtheyear,wecriticallyassessedourexistingbusinesses,commencedtherationalizationofsomeofourGroup’sactivities,andestablishedthenecessaryfoundationfortransformingourCompanyintoamorefocusedandeconomicallyvibrantinvestmentholdingflagship.Theyearwasmarkedbyanumberofpioneering,strategicinvestmentsintheagro-conservationandbio-energysectors.Notonlydothesesectorsholdsignificantcommercialpotentialforus,butouruniquepublic-privatepartnership(“PPP”)businessmodelalsoensuresthatsuchcommercialinterestsareinharmonywiththeenvironmentalandsocio-economicconcernsofthecountriesinwhichweconductourbusinessactivities.Suchharmonyiscrucialtoensuringthatthesuccessweaimtoachieveissustainable.NameChangeInlinewithourtransformation,wehavechangedthenameofourCompanyto“GreenGlobalResourcesLimited”(“”).OurnewnameepitomizesourCompany’sfocusanddirection:“Green”emphasizesourdedicationtoenvironmentalprotectionandconservation;“Global”reflectsourcommitmenttoactivelyengageinbusinessesinavarietyofgloballocations,continuingonourexistinginvestmentsinChinaandLaos;and“Resources”evidencesourvisiontobealeadingproducerofregenerativeorrenewableresourcesthatwillpropagateexcitingandsustainablefinancialgrowthandshareholdervalueforourCompanyandshareholders.Mr.TseMichaelNamChairman3GREENGLOBALRESOURCESLIMITED2007Chairman’sStatementBoardandManagementChangesDuringtheyear,theCompanyalsoexperiencedsubstantialchangesinthecompositionofitsboardofdirectors(the“Board”)andseniormanagement.IjoinedtheBoardasChairmaninFebruary2007andbroughttotheCompanymyextensiveexperienceintheagro-economicsector,havingheldkeymanagementpositionswithseveralagriculturalcompaniesaswellasbeingatechnicaladvisortovariousorganizationsandgovernmentalbureaus,includingHawaiianAgronomic(International)Inc.,theThaiTradeCommission,andprojectsfundedbymultinationalorganizationssuchastheAsianDevelopmentBank(“ADB”).Mr.PuongpunSananikone,whojoinedtheBoardasanIndependentNon-ExecutivedirectorinJuly2007andwhosubsequentlybecameanExecutiveDirector,isalsoamemberoftheEast-WestCenterBoardofGovernors,aneducationandresearchorganizationestablishedbytheUnitedStatesCongressin1960tostrengthenrelationsandunderstandingamongthepeoplesandnationsofAsia,thePacific,andtheUnitedStates.Mr.Sananikone,hasawealthofexperienceinthefieldsofagro-conservationandsocio-economicdevelopment.HeisawellknownandrespectedfigureintheAsianeconomicdevelopmentandagriculturalsectors,particularlyintheGreaterMekongSub-region(“GMS”)(Laos,Cambodia,Vietnam,Thailand,Myanmar,andtheYunnanProvinceofChina),havingassistedtheADB,theWorldBank,theUnitedStatesAgencyforInternationalDevelopment(USAID),andotherorganizationsandinstitutionstofinanceandestablishsocio-economicandruraldevelopmentprojects.TheBoardalsohasthreenewIndependentNon-ExecutiveDirectorsandseveralnewkeymanagementstaff.ThereconstitutedBoardandmanagementarefocusedontransformingtheGroupintoahighlyprofitableagro-conservationandbio-energyconglomeratewhichisalsocommittedtotheenvironment,goodcorporategovernancepractices,andtransparency.HawaiianAgronomic(International)Inc.PuongpunSananikoneSananikone4GREENGLOBALRESOURCESLIMITED2007Chairman’sStatementUniqueBusinessModelUnderthenewBoard’sdirection,theCompanyhasinstitutedanexcitingnewbusinessmodelwhichseekstoformmutuallydesirablepublic-privatepartnerships(“PPP”)betweentheCompanyandlocalgovernments,institutions,civicgroups,andprivateentrepreneurs.OurPPPbusinessmodelprovidesabridgebetweentheprivateandthepublicsectorsbyassistingtheprivatesectortopenetrateintohighlyrestrictivesectorsoftheeconomywhileenablingsocialandacademicinstitutionsandlocalgovernmentstofulfilltheirinstitutionalorgovernmentalpoliciesinrelationtolandprotectionandconservationofnaturalresourcesforfuturegenerations.Wearedelightedtoreportanumberof“break-through”agro-conservationandbio-energyinvestmentsfortheCompanyinInnerMongolia,Hainan,andLaosutilizingthisPPPbusinessmodel.Ourwholly-ownedsubsidiary,HugeValueDevelopmentLimited(toberenamedasGreenGlobalLicoriceChinaLimited),madetheGroup’sfirstinvestmentinChina’sagro-conservationsectorin2007.ThisinvestmentbyGreenGlobalLicoriceChinaLimitedgivesthecompanyaccesstolanduserightsforthecultivationoflicoriceon1,000,000Chinesemu(~67,000hectares)oflandinInnerMongolia.Durin