1 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Management Discussion and Analysis 2019 2 March 2020 KEY EVENT IN 2019 In 2019, UWC announced a corporate restructuring, which featured in changing in many
changing in many key management positions and business strategies in order to enhance efficiency and growth. Under new structure, UWC shifted the focus from less competent business such as renewable energy
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+ Time value 𝑆 − 𝐾 for call option 𝑐ℎ𝑎𝑛𝑐𝑒 𝑜𝑓 𝑆 − 𝐾 𝑏𝑒𝑓𝑜𝑟𝑒 𝑒𝑥𝑝𝑖𝑟𝑦 Too complicated for or misunderstood by naive investors. Fixed at issue and then guided when trading by Brokerage
commitment specified in its application unless where there is a difference in the details which does not cause such qualification demonstrated in the application process changing materially, and the SEC Office
elaborate commitment specified in its application unless where there is a difference in the details which does not cause such qualification demonstrated in the application process changing materially, and the
application process changing materially, and the SEC Office has passed such preparedness; (2) maintaining qualifications and keeping its characteristics as demonstrated in Clause 4 throughout undertaking
qualification demonstrated in the application process changing materially, and the SEC Office has passed such preparedness; (2) maintaining qualifications and keeping its characteristics as demonstrated in Clause
qualification demonstrated in the application process changing materially, and the SEC Office has passed such preparedness; (2) maintaining qualifications and keeping its characteristics as demonstrated in Clause
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