<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
Zindart Limited (formerly Zindart Industrial Company, Ltd.)
- --------------------------------------------------------------------------------
(Name of Issuer)
American Depositary Shares
- --------------------------------------------------------------------------------
(Title of Class of Securities)
989597-10-9
- --------------------------------------------------------------------------------
(CUSIP Number)
Law Offices of Ben Greenspan
160 Sansome Street, 18th Floor
San Francisco, CA 94104
(415) 276-8888
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 17, 1998
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box
[ ].
Check the following box if a fee is being paid with the statement
[ ]. (A fee is not required only if the reporting person: (1) has
a previous statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent or
less of such class.) (See Rule 13d-7.)
(Continued on following pages)
(Page 1 of 16 Pages)
<PAGE> 2
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------- ----------------------------
CUSIP NO. 989597-10-9 13D Page 2 of 16 Pages
----------------------------------------------------------------------------------- ----------------------------
<S> <C>
----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
ChinaVest IV, L.P. 98-0136337
----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X] (b) [ ]
----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,485,911
BENEFICIALLY
OWNED BY
REPORTING
PERSON WITH
----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
2,890,594*
----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,485,911
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,890,594*
----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,890,594*
----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES
[ ]
----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
35.5%
----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
----------------------------------------------------------------------------------------------------------------------
</TABLE>
* See Item 2, below.
2.
<PAGE> 3
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------- ----------------------------
CUSIP NO. 989597-10-9 13D Page 3 of 16 Pages
----------------------------------------------------------------------------------------------------------------------
<S> <C>
----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
ChinaVest IV-A, L.P. 98-0132132
----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X] (b)[_]
----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
REPORTING 286,169
PERSON WITH
----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
2,890,594*
----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
286,169
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,890,594*
----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,890,594*
----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES
[ ]
----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
35.5%
----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
----------------------------------------------------------------------------------------------------------------------
</TABLE>
* See Item 2, below.
3.
<PAGE> 4
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------- ----------------------------
CUSIP NO. 989597-10-9 13D Page 4 of 16 Pages
----------------------------------------------------------------------------------------------------------------------
<S> <C>
----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
ChinaVest IV-B, L.P.
----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X] (b)[_]
----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
REPORTING 118,549
PERSON WITH
----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
2,890,594*
----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
118,514
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,890,594*
----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,890,594*
----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES
[ ]
----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
35.5%
----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
----------------------------------------------------------------------------------------------------
</TABLE>
* See Item 2, below.
4.
<PAGE> 5
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------- ----------------------------
CUSIP NO. 989597-10-9 13D Page 5 of 16 Pages
----------------------------------------------------------------------------------------------------------------------
<S> <C>
----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
ChinaVest Partners IV
----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X] (b)[ ]
----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY 7 SOLE VOTING POWER
REPORTING
PERSON WITH 2,772,080
----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
2,890,594*
----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,772,080
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,890,594*
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,890,594*
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES
[ ]
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
35.5%
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
* See Item 2, below.
5.
<PAGE> 6
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------- ----------------------------
CUSIP NO. 989597-10-9 13D Page 6 of 16 Pages
----------------------------------------------------------------------------------------------------------------------
<S> <C>
----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
ChinaVest Management Ltd.
----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X] (b) [ ]
----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
REPORTING 118,514
PERSON WITH
----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
2,890,594*
----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
118,514
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,890,594*
----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,890,594*
----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES
[ ]
----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
35.5%
----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
----------------------------------------------------------------------------------------------------------------------
</TABLE>
* See Item 2, below.
6.
<PAGE> 7
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------- ----------------------------
CUSIP NO. 989597-10-9 13D Page 7 of 16 Pages
----------------------------------------------------------------------------------------------------------------------
<S> <C>
----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Robert A. Theleen ###-##-####
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X] (b) [ ]
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [_]
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
REPORTING 4,000
PERSON WITH
----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
2,890,594*
----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,000
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,890,594*
- -----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,894,594*
- -----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
35.5%
- -----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
*See Item 2, below.
7.
<PAGE> 8
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------- ----------------------------
CUSIP NO. 989597-10-9 13D Page 8 of 16 Pages
----------------------------------------------------------------------------------------------------------------------
<S> <C>
----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Edward B. Collins ###-##-####
----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X] (b) [ ]
----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
REPORTING 3,000
PERSON WITH
----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
2,890,594*
----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,000
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,890,594*
----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,893,594*
----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES
[ ]
----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
35.5%
----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
----------------------------------------------------------------------------------------------------------------------
</TABLE>
*See Item 2, below.
8.
<PAGE> 9
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------- ----------------------------
CUSIP NO. 989597-10-9 13D Page 9 of 16 Pages
----------------------------------------------------------------------------------------------------------------------
<S> <C>
----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Patrick L. Keen ###-##-####
----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X] (b) [ ]
----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
REPORTING 2,000
PERSON WITH
----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
2,890,594*
----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,000
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,890,594*
----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,892,594*
----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES
[ ]
----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
35.5%
----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
----------------------------------------------------------------------------------------------------------------------
</TABLE>
*See Item 2, below.
9.
<PAGE> 10
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------- ----------------------------
CUSIP NO. 989597-10-9 13D Page 10 of 16 Pages
----------------------------------------------------------------------------------------------------------------------
<S> <C>
----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Dennis M. Smith ###-##-####
----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X] (b) [ ]
----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
REPORTING 1,000
PERSON WITH
----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
2,890,594*
----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,000
----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,890,594*
----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,891,594*
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES
[ ]
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
35.5%
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
*See Item 2, below.
10.
<PAGE> 11
Item 1: Security and Issuer.
Class of Securities: American Depositary Shares, which represent
Ordinary Shares par value $0.0646 per share (the "Ordinary Shares"), of
Issuer.
Issuer: Zindart Limited ("Issuer")
Principal Address: Flat C & D, 25F, Block 1
Tai Ping Industrial Centre,
57, Ting Kok Road
Tai Po, N.T., Hong Kong
Telephone: 011-852-2666-1742
Item 2: Identity and Background.
(a) Reporting Persons:
i. ChinaVest IV, L.P. ("Fund IV");
ii. ChinaVest IV-A ("Fund IV-A");
iii. ChinaVest IV-B ("Fund IV-B");
iv. ChinaVest Partners IV ("Partners");
v. ChinaVest Management Ltd. ("Management");
vi. Robert A. Theleen ("Theleen");
vii. Edward B. Collins ("Collins");
viii. Patrick L. Keen ("Keen"); and
ix. Dennis M. Smith ("Smith")
Other persons for whom information must be filed:
x. Alexander M.K. Ngan ("Ngan"); and
xi. Jenny Hsui Theleen ("Hsui")
Each of Partners, Management, Theleen, Ngan, Collins, Keen, Hsui
and Smith disclaim beneficial ownership of the Ordinary Shares,
except, or applicable, to the extent of their pecuniary interest
in Funds IV, IV-A and IV-B and to the extent of those Ordinary
Shares over which they have sole voting and despositive power.
Partners is the general partner of Funds IV and IV-A. Theleen,
Ngan, Collins, Keen, Hsui and Smith are the general partners of
Partners.
Management is the general partner of Fund IV-B.
Fund IV, Fund IV-A, Fund IV-B, Partners and Management are
collectively referred to herein as the "ChinaVest Funds."
(b) Principal Business Address:
c/o The Law Offices of Benjamin Greenspan
160 Sansome Street, 18th Floor
11.
<PAGE> 12
San Francisco, CA 94104
(c) Principal Occupation/Principal Business:
Fund IV: Investments
Fund IV-A: Investments
Fund IV-B: Investments
Partners: Investments
Management: Investments
Theleen: Investments
Ngan: Investments
Collins: Investments
Keen: Investments
Keen: Investments
Smith: Investments
(d) None.
(e) None.
(f) Theleen: United States
Collins: United States
Keen: United States
Smith: United States
Item 3: Source and Amount of Funds or Other Consideration.
The Ordinary Shares of Issuer reported as beneficially owned prior to
February 13, 1998 by the Reporting Persons in Item 5 were purchased with fund
proceeds of Funds IV, IV-A and IV-B prior to Issuer's initial public offering,
which took place in March of 1997. Prior to February 13, 1998, the Reporting
Persons beneficially owned a total of 3,800,000 Ordinary Shares of Issuer.
During the 60-day period ending February 13, 1998, the Reporting Persons
acquired, as beneficial owners, 279,487 Ordinary Shares of Issuer in the
transaction as described below:
12.
<PAGE> 13
<TABLE>
<CAPTION>
Date of Purchase Number of Shares(1) Total Cost(2)
- ---------------- ------------------- -------------
<S> <C> <C>
February 13, 1998 279,487 $3,912,818
</TABLE>
As of March 16, 1998, the Reporting Persons are deemed to beneficially
own an aggregate of 2,890,594 ordinary shares as a result of a sale by ZIC
Holdings Limited, in whom the Reporting Persons hold shares, of 1,888,889
Ordinary Shares as part of a public offering by Issuer of a total of 3,000,000
Ordinary Shares which closed March 16, 1998.
As of September 17, 1998, the individuals listed below purchased the
number of Ordinary Shares set forth opposite their name for $8.375 per share.
<TABLE>
<CAPTION>
Purchaser Number of Shares Total Cost
- --------- ---------------- ----------
<S> <C> <C>
Theleen 4,000 $33,500
Collins 3,000 $25,125
Keen 2,000 $16,750
Smith 1,000 $ 8,375
</TABLE>
Item 4: Purpose of Transaction.
Reporting Persons acquired the securities of Issuer for purposes of
investment.
Each of Funds IV, IV-A and IV-B propose to sell 1,471,593, 169,404 and
70,157 Ordinary Shares, respectively, pursuant to a Registration Statement dated
February 17, 1998 and filed with the Securities and Exchange Commission.
- --------
(1) Excludes the Earn-Out-Shares (as defined below).
(2) The dollar amount given for "Total Cost" represents the aggregate value
of Issuer's Ordinary Shares acquired by the Reporting Persons in the acquisition
described below (based on the price per Ordinary Share of $14, which was the
last sale price on February 12, 1998, as reported on Nasdaq National Market
under the symbol ZNDTY).
On February 13, 1998, Issuer entered into the Exchange Agreement with
Hua Yang Holdings Co., Ltd. ("Parent"), Hua Yang Printing Holdings Co., Limited
("Subsidiary"), HYP Holdings Limited ("HYP"), Karl Chan (BVI) Holdings Limited
("Chan Holdings"), Karl Chan ("Chan") (HYP, Chan Holdings and Chan are sometimes
hereinafter collectively referred to as the "Hua Yang Shareholders"), certain
investment funds operated by, among other entities, Funds IV, IV-A and IV-B that
are shareholders of HYP (the "Principal HYP Shareholders") and ChinaVest
Management Limited, as the Agent on behalf of the Hua Yang Shareholders and the
Principal HYP Shareholders. Pursuant to the Exchange Agreement, the Hua Yang
Shareholders exchanged all of Parent's outstanding ordinary shares and preferred
shares for $35.0 million in cash and up to 1,000,000 Ordinary Shares
(collectively, the "Acquisition Consideration"). Of the 1,000,000 Ordinary
Shares, 666,667 were issued at the closing of the Hua Yang Acquisition and
placed in escrow for a period of six months to secure the indemnification and
obligations of, among other entities, Hua Yang, the Hua Yang Shareholders and
ChinaVest under the Exchange Agreement. The remaining 333,333 Ordinary Shares
(the "Earn-Out-Shares") will remain unissued until completion of an independent
audit of Hua Yang's financial results for the two-year period ending March 31,
1999 and will be issued only in the event that the operating results of Hua Yang
meet specified thresholds. Of the 666,667 Ordinary Shares issued, Funds IV, IV-A
and IV-B received 279,487 Ordinary Shares.
13.
<PAGE> 14
Subject to applicable legal requirements, Reporting Persons may purchase
additional Ordinary Shares from time to time in open market or in private
transactions, depending on their evaluation of Issuer's business, prospects and
financial condition, the market for the Ordinary Shares, other developments
concerning Issuer, the reaction of Issuer to Reporting Person's ownership of
Ordinary Shares, other opportunities available to Reporting Persons, and general
economic, money market and stock market conditions. In addition, depending upon
the factors referred to above, Reporting Persons may dispose of all or a portion
of their Ordinary Shares at any time.
Other than as described in this Item 4, Reporting Persons do not have
any plan or proposal relating to, or that would result in, any event described
in (a)-(j) of this Item 4.
Item 5: Interest in Securities of the Issuer.
<TABLE>
<CAPTION>
===================================================================================================
NUMBER OF PERCENTAGE ORDINARY ORDINARY ORDINARY ORDINARY
ORDINARY OF ORDINARY SHARES SHARES SHARES SHARES
SHARES SHARES SUBJECT TO SUBJECT TO SUBJECT TO SUBJECT TO
BENEFICIALLY BENEFICIALLY SOLE SHARED SOLE SHARED
OWNED OWNED VOTING VOTING DISPOSITIVE DISPOSITIVE
POWER POWER POWER POWER
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fund IV: 2,890,594 35.5% 2,485,911 2,890,594 2,485,911 2,890,594
- ---------------------------------------------------------------------------------------------------
Fund IV-A: 2,890,594 35.5% 286,169 2,890,594 286,169 2,890,594
- ---------------------------------------------------------------------------------------------------
Fund IV-B: 2,890,594 35.5% 118,514 2,890,594 118,514 2,890,594
- ---------------------------------------------------------------------------------------------------
Partners: 2,890,594 35.5% 2,772,080 2,890,594 2,772,080 2,890,594
- ---------------------------------------------------------------------------------------------------
Management: 2,890,594 35.5% 118,514 2,890,594 118,514 2,890,594
- ---------------------------------------------------------------------------------------------------
Theleen: 2,894,594 35.5% 4,000 2,890,594 4,000 2,890,594
- ---------------------------------------------------------------------------------------------------
Collins: 2,893,594 35.5% 3,000 2,890,594 3,000 2,890,594
- ---------------------------------------------------------------------------------------------------
Keen: 2,892,594 35.5% 2,000 2,890,594 2,000 2,890,594
- ---------------------------------------------------------------------------------------------------
Smith: 2,891,594 35.5% 1,000 2,890,594 1,000 2,890,594
- ---------------------------------------------------------------------------------------------------
Ngan: 2,890,594 35.5% 0 2,890,594 0 2,890,594
- ---------------------------------------------------------------------------------------------------
Hsui: 2,890,594 35.5% 0 2,890,594 0 2,890,594
===================================================================================================
</TABLE>
Because Reporting Persons may be deemed to comprise a "group" for
purposes of this report, each of them may be deemed to own beneficially all of
the shares owned by the ChinaVest Funds. The following table identifies the
actual individual ownership of each Reporting Person.
<TABLE>
<CAPTION>
SHARES OWNED PERCENTAGE OF CLASS
------------ -------------------
<S> <C> <C>
Fund IV 2,485,911 30.5%
Fund IV-A 286,169 3.5%
</TABLE>
14.
<PAGE> 15
<TABLE>
<S> <C> <C>
Fund IV-B 118,514 1.5%
Partners 2,772,080(3) 34.0%
</TABLE>
<TABLE>
<CAPTION>
SHARES OWNED PERCENTAGE OF CLASS
------------ -------------------
<S> <C> <C>
Management 118,514(4) 1.5%
Theleen 4,000 .05%
Collins 3,000 .04%
Keen 2,000 .02%
Smith 1,000 .01%
</TABLE>
(c) See Item 3 above.
(d) Not applicable.
(e) Not applicable.
Item 6: Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Theleen, Collins, Keen, Smith, Ngan and Hsui are the general partners of
Partners, the general partner of Funds IV and IV-A named in response to Item 2
above. Management is the general partner of Fund IV-B named in response to Item
2 above. With this exception, to the best knowledge of the undersigned, there
are no contracts, arrangements, understandings or relationships (legal or
otherwise) among the persons named in Item 2 and between such persons and any
person with respect to any securities of the Issuer, including but not limited
to transfer or voting of any of the securities, finder's fees, joint ventures,
loan or option agreements, puts or calls, guarantees of profits, division of
profits or loss, or the giving or withholding of proxies.
Item 7: Material to be Filed as Exhibits.
None.
- ---------
3 Includes all of the shares held by Funds IV and IV-A.
4 Includes all of the Ordinary Shares held by Fund IV-B.
15.
<PAGE> 16
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: __________________, 1998
CHINAVEST IV, L.P.
<TABLE>
<S> <C>
ROBERT A. THELEEN
By: /s/ Robert A. Theleen /s/ Robert A. Theleen
--------------------- ---------------------
Its: General Partner
CHINAVEST IV-A, L.P. EDWARD B. COLLINS
By: /s/ Robert A. Theleen /s/ Edward B. Collins
--------------------- ---------------------
Its: General Partner
CHINAVEST IV-B, L.P. PATRICK L. KEEN
By: /s/ Robert A. Theleen /s/ Patrick L. Keen
--------------------- ---------------------
Its: General Partner
CHINAVEST PARTNERS IV DENNIS M. SMITH
By: /s/ Robert A. Theleen /s/ Dennis M. Smith
--------------------- ---------------------
Its: General Partner
CHINAVEST MANAGEMENT LTD.
By: /s/ Robert A. Theleen
---------------------
Its: General Partner
</TABLE>
16.
