2007 Interim Report 1
The Board of Directors (the “Board”) of ENM Holdings Limited (the “Company”) herein present the unaudited condensed
consolidated interim results of the Company and its subsidiaries (collectively, the “Group”) for the six months ended 30
June 2007, together with the unaudited comparative amounts for the corresponding period in 2006.
This interim financial report has not been audited, but has been reviewed by the Company’s audit committee and the
Company’s auditors.
CONDENSED CONSOLIDATED INCOME STATEMENT

For the six months ended 30 June 2007
(Expressed in Hong Kong dollars)
Six months ended 30 June
Notes 2007 2006
(Unaudited) (Unaudited)
$’000 $’000
Revenue 3 118,944 102,488
Cost of sales (48,998) (42,139)
Gross profit 69,946 60,349
Other income and gains 4 2,720 1,635
Selling and distribution costs (39,790) (33,326)
Administrative expenses (31,896) (33,982)
Other operating income, net 28,993 3,691
Fair value gains/(losses) and write-back of deficits on
revaluation of properties, net (3,986) 2,218
Finance costs 5 (627) (459)
Share of profits and losses of associates (2,495) (2,351)
Profit/(loss) before tax 6 22,865 (2,225)
Tax 7 — —
Profit/(loss) for the period 22,865 (2,225)
Attributable to:
Equity holders of the Company 24,813 552
Minority interests (1,948) (2,777)
22,865 (2,225)
Earnings per share attributable to ordinary equity
holders of the Company 8
– Basic 1.50 cents 0.03 cents
– Diluted N/A N/A
Dividend per share 9 Nil Nil
The notes on pages 6 to 16 form part of this interim financial report.

ENM Holdings Limited2
CONDENSED CONSOLIDATED BALANCE SHEET

As at 30 June 2007
(Expressed in Hong Kong dollars)
30 June 31 December
Notes 2007 2006
(Unaudited) (Audited)
$’000 $’000
Non-current assets
Property, plant and equipment 81,564 84,638
Investment properties 121,280 123,900
Prepaid land premiums 3,023 3,063
Goodwill 6,610 6,610
Interests in jointly-controlled entities — —
Interests in associates 19,017 20,511
Available-for-sale investments 10 35,503 35,503
Total non-current assets 266,997 274,225
Current assets
Inventories 42,727 37,481
Trade receivables 11 5,483 8,701
Prepayments, deposits and other receivables 51,208 33,267
Prepaid land premiums 77 77
Equity investments at fair value through profit or loss 183,122 154,612
Derivative financial instruments — 104
Pledged deposits 342 342
Time deposits 470,699 495,074
Cash and bank balances 28,351 27,148
Total current assets 782,009 756,806
Current liabilities
Trade and other payables 12 39,199 47,662
Interest-bearing bank and other borrowings 11,220 9,268
Current portion of debentures 13 3,505 4,102
Other loans 18(b) 5,276 5,304
Tax payable 5,497 5,497
Total current liabilities 64,697 71,833
Net current assets 717,312 684,973
Total assets less current liabilities – page 3 984,309 959,198

2007 Interim Report 3
CONDENSED CONSOLIDATED BALANCE SHEET (CONTINUED)
As at 30 June 2007
(Expressed in Hong Kong dollars)
30 June 31 December
Notes 2007 2006
(Unaudited) (Audited)
$’000 $’000
Total assets less current liabilities – page 2 984,309 959,198
Non-current liabilities
Debentures 13 3,781 3,754
Interest-bearing bank and other borrowings 160 206
Deferred income 24,385 25,821
Total non-current liabilities 28,326 29,781
Net assets 955,983 929,417
EQUITY

Equity attributable to equity holders of the Company
Issued capital 15 16,507 16,507
Reserves 16 913,911 885,397
930,418 901,904

Minority interests 16 25,565 27,513
Total equity 955,983 929,417
The notes on pages 6 to 16 form part of this interim financial report.

ENM Holdings Limited4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2007
(Expressed in Hong Kong dollars)
Six months ended 30 June
Note 2007 2006
(Unaudited) (Unaudited)
$’000 $’000
Total equity at 1 January 929,417 919,342
Changes in equity during the period:
Exchange differences on translation of financial statements of
foreign operations 16 3,701 1,145
Net gains recognised directly in equity 3,701 1,145
Profit/(loss) for the period 22,865 (2,225)
Total recognised income and expense for the period 26,566 (1,080)
Total equity at 30 June 955,983 918,262
Total recognised income and expense for
the period attributable to:
Equity holders of the Company 28,514 1,697
Minority interests (1,948) (2,777)
26,566 (1,080)
The notes on pages 6 to 16 form part of this interim financial report.

2007 Interim Report 5
CONDENSED CONSOLIDATED CASH FLOW STATEMENT

For the six months ended 30 June 2007
(Expressed in Hong Kong dollars)
Six months ended 30 June
2007 2006

(Unaudited) (Unaudited)
$’000 $’000
Net cash outflow from operating activities (21,795) (7,003)
Net cash inflow/(outflow) from investing activities 38,404 (31,730)
Net cash inflow/(outflow) from financing activities 790 (4,393)
Net increase/(decrease) in cash and cash equivalents 17,399 (43,126)
Cash and cash equivalents at beginning of period 27,148 126,829
Effect of foreign exchange rate changes, net — 4
Cash and cash equivalents at end of period 44,547 83,707
Analysis of balances of cash and cash equivalents
Cash and bank balances 28,351 32,251
Non-pledged time deposits with original maturity of less than
three months when acquired 16,196 51,456
44,547 83,707

The notes on pages 6 to 16 form part of this interim financial report.

ENM Holdings Limited6
NOTES ON THE UNAUDITED INTERIM FINANCIAL REPORT

(Expressed in Hong Kong dollars)
1 BASIS OF PREPARATION AND IMPACT OF NEW AND REVISED HONG KONG FINANCIAL REPORTING
STANDARDS

The condensed consolidated interim financial statements have been prepared in accordance with Hong Kong
Accounting Standard (“HKAS”) 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public
Accountants and Appendix 16 of the Rules Governing the Listing of Securities on
SCOPE OF REVIEW

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim
Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified
Public Accountants. A review of interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less
in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly we do not express an audit opinion.
CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is
not prepared, in all material respects, in accordance with HKAS 34.
Ernst & Young
Certified Public Accountants
18/F, Two International Finance Centre
8 Finance Street, Central
Hong Kong
14 September 2007

ENM Holdings Limited18
INTERIM DIVIDEND

The directors do not recommend the payment of an interim dividend for the reporting period (2006: Nil).
CHIEF EXECUTIVE’S STATEMENT
FINANCIAL REVIEW

For the period under review, the Group reported a turnover of HK$118,944,000 (2006: HK$102,488,000) which represents
an increase of 16% as compared to the corresponding period in 2006. Consolidated profit attributable to equity holders
of the Company amounted to HK$24,813,000 (2006: HK$552,000) for the period ended 30 June 2007.
LIQUIDITY AND FINANCIAL POSITION

The Group was in solid financial position with cash and deposit holdings of HK$499,050,000 (31 December 2006:
HK$522,222,000). At 30 June 2007, total borrowings amount to HK$23,942,000 (31 December 2006: HK$22,634,000)
with HK$20,001,000 (31 December 2006: HK$18,674,000) repayment falling due within one year. The Group’s gearing
ratio (a comparison of total borrowings with equity attributable to equity holders of the Company) was 2.6% at the
interim period end date (31 December 2006: 2.5%). The current ratio at 30 June 2007 was 12.1 times (31 December
2006: 10.5 times).
At 30 June 2007, the Group’s borrowings and bank balances were primarily denominated in Hong Kong dollars and
United States dollars and exchange differences were reflected in the interim financial report. All borrowings of the Group
are either interest free or on a floating rate basis.
The Group’s imported purchases are mainly denominated in Euros and United States dollars. The Group will from time
to time review its foreign exchange position and market conditions to determine if any hedging is required.
PLEDGE OF ASSETS

Pledges of the Group’s fixed deposits of US$44,000 (31 December 2006: US$44,000) were given to banks to secure
general banking facilities to the extent of US$44,000 as at 30 June 2007 (31 December 2006: US$44,000).
EMPLOYEE AND REMUNERATION POLICIES

At the date of this report, the Group employs a total of 261 full time staff with its main workforce stationed in the Group’s
offices in Hong Kong. The Group’s remuneration policies are performance based and are in line with the salary trends in
the respective locations. The Group provides employee benefits such as staff insurance schemes, provident and pension
funds, discretionary performance bonus, external training support, and a performance based share option scheme.

2007 Interim Report 19
BUSINESS REVIEW

Resort and Recreational Club Operations
VivaSha Club Resort (“VivaSha”)
VivaSha, comprising a 4-star Hotel with 320 rooms, a Clubhouse and an International Convention Center, is located in
the Putao district of Shanghai. Club Management has further refined the facilities and strengthened staff training since
the Club’s soft opening in 2006. Overall performance of VivaSha has been satisfactory. Club Management plans to
redesign 44,000 square feet of the Clubhouse into a spa which is expected to enhance Club membership sales and help
promote the Club’s group tourist and corporate conference business.
Hong Kong Hilltop Country Club
The 10th anniversary celebration of the establishment of HKSAR did not bring in as much business as forecasted, and
total turnover for the interim period is below that of last year. Business has also been affected by a new supply of 4 to 5-
star hotels in the Tsuen Wan area.
Despite these factors, club operations have remained steady. Management expects to take advantage of the urban
renewal of Tsuen Wan by focussing on the Club’s membership activities and conferencing capabilities.
Telecommunications & Technologies
SinoPay.com Holdings Limited (“SinoPay”)
SinoPay’s main business is providing B2C electronic payment and intra-bank fund transfer solution services in the PRC
through its Joint Venture with China UnionPay, Chinapay e-Payment Service Ltd (“the JV”) in Shanghai. In order to
diversify its income contribution sources, the JV has this year developed on-line mutual fund trading. In the first half of
2007, the JV recorded profits of RMB16,855,000.
The proposed merger between Chinapay e-Payment Service Ltd and Easylink, a counterpart of the JV in Guangdong,
was suspended. All shareholders of SinoPay have instead signed a Memorandum of Understanding to launch a
restructuring of SinoPay. After the restructuring, all JV shares held by SinoPay will be transferred to their ultimate
shareholders.
Beijing Smartdot Technologies Co. Ltd. (“Smartdot”)
Smartdot is engaged in the development of software and solution projects in the PRC. Its core businesses are
e-government projects and office automation.
Standard industry practice is for the majority of new contracts and projects to be signed and started during the second
half of the year. This led to accounting losses during the first half of the year although management believes that there
will be a significant improvement in earnings in the second half of the year.
Wireless Network Card Business
Apart from the wireless network card business with China Unicom and China Mobile, Shanghai ENM Telecom & Technology
Limited has started to expand its sales mix to include other electronic and telecommunication products, such as the
POS machine. With the sales of the new products, management expects to expand the business’ customer base.

ENM Holdings Limited20
Retail Fashion
The Swank Shop Limited (“Swank”)
The relocation of a number of shops at the end of 2006, coupled with a strong retail environment, has increased sales
turnover from the same period last year. Gross profit has also shown improvement. Although shop occupancy costs
have increased with the market, overall performance has improved since last year.
Swank is also revamping its marketing strategy, focussing both its advertising and promotion activities on further enhancing
the brand image.
Bio-Medical
Genovate Biotechnology Company Limited (“Genovate”)
Genovate is a fully integrated pharmaceutical company which encompasses new drug development and new formulation
capabilities, clinical trials for local and international pharmaceutical companies, drug manufacturing, drug marketing and
distribution in Taiwan and the region.
Genovate’s two major new drug products – Urotrol for the treatment of urinary incontinence and Diabetrol Slow Release
(“SR”) for the treatment of diabeties, have been well received by the market. To increase its manufacturing output,
Genovate filed an AFM (Accredit for Foreign Manufacture) with the Japanese health authority in March 2007, which is
expected to be approved by the end of 2007 and will kick off OEM business with Japanese pharmaceutical companies.
Genovate is also exploring an OEM partnership with one of the largest drug distributors in the US.
In the field of new drug development, Genovate has research programs in collaboration with government institutes
including the Industrial Technology Research Institute (ITRI) of Taiwan and the National Health Research Institute (NHRI).
These research programs focus on specialty drugs for the treatment of gout, obesity and vomiting.
AUDIT COMMITTEE

The Company has an audit committee which was established pursuant to the requirements of the Listing Rules for the
purpose of reviewing and providing supervision over the Group’s financial reporting process and internal controls. The
audit committee comprises of one non-executive director and three independent non-executive directors of the Company.
The interim financial report for the six months ended 30 June 2007 has been reviewed by the Audit Committee.
REMUNERATION COMMITTEE

The Company has a remuneration committee which was established pursuant to the requirements of the Listing Rules.
The remuneration committee comprises of two independent non-executive directors namely Dr Cecil Sze Tsung CHAO
and Mr. Ian Grant ROBINSON and one executive director namely Mr. Joseph Wing Kong LEUNG.

2007 Interim Report 21
DIRECTORS’ INTERESTS IN SHARES
At 30 June 2007, the interest of a director in the shares of the Company or its associated corporations (within the
meaning of Part XV of the Securities and Futures Ordinance (the “SFO”)), as recorded in the register required to be kept
by the Company pursuant to Section 352 of the SFO, or as otherwise notified to the Company and 01 each of the Company:
Number of shares Percentage of
held through the Company’s
a controlled issued share
Name of director corporation capital
Mr. Joseph Wing Kong LEUNG 200,000 0.012%
Save as disclosed above, as at 30 June 2007, none of the directors had registered an interest or short position in the
shares, underlying shares or debentures of the Company or any of its associated corporations that was required to be
recorded pursuant to Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange
pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers.

ENM Holdings Limited22
SHARE OPTION SCHEME

In an Extraordinary General Meeting of the Company held on 14 June 2002, the shareholders of the Company formally
approved the termination of the share option scheme adopted on 30 December 1997 (the “Old Scheme”) and the
adoption of a new share option scheme (the “New Scheme”), in compliance with the amended Chapter 17 of the Listing
Rules and for the purpose of providing the Company with flexible means of providing incentives and rewards to executive
directors and employees for their contribution to the Group. A summary of the principal terms of the New Scheme was
sent to the shareholders of the Company in a circular dated 28 May 2002. All new options shall be granted under the
terms and conditions of the New Scheme. No options have yet been granted under the New Scheme.
All outstanding options granted under the Old Scheme shall remain valid and exercisable under the provisions of the Old
Scheme.
Details of the outstanding share options as at 30 June 2007 were as follows:
Number Number Number
of options of options of options Price per
outstanding at lapsed outstanding share on
the beginning during at the Date exercise
of the period the period period end granted of options
Granted under the Old Scheme:
Employees 312,000 — 312,000 1 December 1999 HK$0.63 to
to 1 August 2000 HK$1.804
Share options under the Old Scheme are exercisable before 29 December 2007.
Save as disclosed above, at no time during the period were rights to acquire benefits by means of the acquisition of
shares in or debentures of the Company granted to any director or their respective spouse or minor children, or were any
such rights exercised by them; or was the Company or any of its subsidiaries a party to any arrangement to enable the
directors to acquire such rights in any other body corporate.

2007 Interim Report 23
SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN SHARES
At 30 June 2007, the following interests of 5% or more of the issued share capital of the Company were recorded in the
register of interests required to be kept by the Company pursuant to Section 336 of the SFO:
Long positions in ordinary shares of HK$0.01 each of the Company:
Percentage of
the Company’s
Direct Indirect Number of issued share
Name interests interests shares held capital
Diamond Leaf Limited 162,216,503 — 162,216,503 9.8%
Solution Bridge Limited 408,757,642 — 408,757,642 24.8%
Ms Nina KUNG (deceased) (Note) — 570,974,145 570,974,145 34.6%
Note: The interest disclosed under Ms Nina KUNG (deceased) represents her deemed interests in the shares of the Company by
virtue of her interests in Diamond Leaf Limited and Solution Bridge Limited.
Save as disclosed above, as at 30 June 2007, no person had registered an interest in the shares of the Company that
was required to be recorded pursuant to Section 336 of the SFO.
PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY

Neither the Company, nor any of its subsidiaries purchased, redeemed or sold any of the Company’s listed securities
during the six months ended 30 June 2007.
CODE ON CORPORATE GOVERNANCE PRACTICES

None of the directors of the Company are aware of any information that would reasonably indicate that the Company is
not or was not for any part of the six months ended 30 June 2007 in compliance with the Code Provisions of the Code
on Corporate Governance Practices (the “CG Code”) as set out in Appendix 14 of the Listing Rules except for the
deviation in respect of the service term of directors under Code Provision A.4.1 of the CG Code.
Under Code Provision A.4.1 of the CG Code, non-executive directors should be appointed for a specific term and
subject to re-election. None of the existing non-executive and independent non-executive directors of the Company is
appointed for a specific term. However, all of the non-executive and independent non-executive directors are subject to
retirement by rotation in accordance with the Company’s Articles of Association.

ENM Holdings Limited24
MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model
Code”) as set out in Appendix 10 of the Listing Rules as the Company’s code of conduct for dealings in securities of the
Company by the directors. Based on specific enquiry of all directors, all directors have complied with the required
standard set out in the Model Code during the six months ended 30 June 2007.
BOARD OF DIRECTORS

As at the date of this report, the executive directors of the Company are Mr. Joseph Wing Kong LEUNG (Chairman), Mr.
James C. NG (Chief Executive Officer), Mr. Derek Wai Choi LEUNG and Mr. Wing Tung YEUNG; the non-executive
director of the Company is Mr. Raymond Wai Pun LAU; and the independent non-executive directors of the Company
are Dr. Cecil Sze Tsung CHAO, Dr. Jen CHEN and Mr. Ian Grant ROBINSON.
By order of the Board
James C. Ng
Chief Executive
Hong Kong, 14 September 2007