Luxey International (Holdings) Limited 薈萃國際(控股)有限公司
SFC obtains disqualification orders against former directors of Luxey (8041)
| Judgment
SFC, 24-May-2023
Webb-site first blew the whistle about this wrong-doing back in 2012. It took the SFC until 2019 to bring this action. In our view, It was and is too little, too late.
SFC, 24-May-2023
Webb-site first blew the whistle about this wrong-doing back in 2012. It took the SFC until 2019 to bring this action. In our view, It was and is too little, too late.
SFC action is too little, too late for minority shareholders of Luxey (8041)
The SFC seeks disqualification of 2 ex-directors, but fails to seek any recovery of Luxey's HK$350m, 7-fold overpayment in an acquisition from an alleged nominee of then Chairman Joseph Lau. We first documented this case and numerous other suspicious transactions involving Luxey and other listed companies in a series of articles in 2012. This is the only one to see any action, and it falls far short of what is needed to provide a deterrent. (14-Apr-2019)
The SFC seeks disqualification of 2 ex-directors, but fails to seek any recovery of Luxey's HK$350m, 7-fold overpayment in an acquisition from an alleged nominee of then Chairman Joseph Lau. We first documented this case and numerous other suspicious transactions involving Luxey and other listed companies in a series of articles in 2012. This is the only one to see any action, and it falls far short of what is needed to provide a deterrent. (14-Apr-2019)
HKICPA fines Wong Wing Hong HK$60k over Luxey (8041) 2009 audit
HKICPA, 25-Oct-2016
Mr Wong is also prohibited from practising for 2016 and 2017. This is the third time he has been sanctioned and the second in 1 year.
HKICPA, 25-Oct-2016
Mr Wong is also prohibited from practising for 2016 and 2017. This is the third time he has been sanctioned and the second in 1 year.
Leslie Cheng, Burkes and Turks
It appears that the FRC and HKICPA, in its recent action against Leslie Cheng & Co, missed the elephant in the accounts of Luxey (8041). 6 listed companies are keeping him on board, 3 as chairman of their audit committees. And then there's his doctorate... (16-Jan-2016)
It appears that the FRC and HKICPA, in its recent action against Leslie Cheng & Co, missed the elephant in the accounts of Luxey (8041). 6 listed companies are keeping him on board, 3 as chairman of their audit committees. And then there's his doctorate... (16-Jan-2016)
HKICPA fines Leslie Cheng Chi Pang and his firm over Luxey (8041) 2009 audit
HKICPA, 8-Jan-2016
Luxey was the first and only HK-listed audit client of Leslie Cheng & Co. The case was referred by the Financial Reporting Council which has yet to publish the report of its Audit Investigation Board dated 8-Aug-2013. Mr Cheng is an INED or NED of 6 listed companies. He was the Engagement Quality Control Reviewer in this audit. The engagement partner, Wong Wing Hong, was convicted in 2012 of defrauding Toys R Us and on 5-Dec-2013, HKICPA removed him for 6 months for that.
HKICPA, 8-Jan-2016
Luxey was the first and only HK-listed audit client of Leslie Cheng & Co. The case was referred by the Financial Reporting Council which has yet to publish the report of its Audit Investigation Board dated 8-Aug-2013. Mr Cheng is an INED or NED of 6 listed companies. He was the Engagement Quality Control Reviewer in this audit. The engagement partner, Wong Wing Hong, was convicted in 2012 of defrauding Toys R Us and on 5-Dec-2013, HKICPA removed him for 6 months for that.
Excel Courage Holdings Ltd & another v Wong Sin Lai/Lei (fka Wong Tam Yee) & others
HK Court of First Instance, 16-Nov-2015
HK Court of First Instance, 16-Nov-2015
Excel Courage Holdings Ltd & another v Wong Sin Lai/Lei (fka Wong Tam Yee) & others
HK Court of First Instance, 25-Aug-2015
HK Court of First Instance, 25-Aug-2015
Excel Courage Holdings Ltd & another v Wong Sin Lai/Lei (fka Wong Tam Yee) & others
HK Court of First Instance, 15-Dec-2014
HK Court of First Instance, 15-Dec-2014
Patrick Ng Wing Hang, MD of Pan-China (H.K.) CPA, fined HK$70k for failings in 2006 and 2007 audits of Luxey (8041)
HKICPA, 29-Sep-2014
His firm Patrick Ng & Co was reorganised into a company now named Pan-China (H.K.) CPA Ltd in 2008. He is an INED and audit committee chairman of Far East Hotels and Entertainment (0037) and Shenyin Wanguo (H.K.) (0218). The case was investigated by the Financial Reporting Council and referred to the HKICPA on 18-Sep-2012 but was not referred to a disciplinary panel until 22-Oct-2013. Why should the HKICPA hang on to its disciplinary role?
HKICPA, 29-Sep-2014
His firm Patrick Ng & Co was reorganised into a company now named Pan-China (H.K.) CPA Ltd in 2008. He is an INED and audit committee chairman of Far East Hotels and Entertainment (0037) and Shenyin Wanguo (H.K.) (0218). The case was investigated by the Financial Reporting Council and referred to the HKICPA on 18-Sep-2012 but was not referred to a disciplinary panel until 22-Oct-2013. Why should the HKICPA hang on to its disciplinary role?
Louis Tang Wai Hung & W.H. Tang & Partners CPA Ltd, fined HK$50k for failings in 2008 audit of Luxey (8041)
HKICPA, 29-Sep-2014
HKICPA, 29-Sep-2014
Excel Courage Holdings Ltd & another v Wong Sin Lai/Lei (fka Wong Tam Yee) & others
HK Court of First Instance, 14-Aug-2014
HK Court of First Instance, 14-Aug-2014
Excel Courage Holdings Ltd & another v Wong Sin Lai/Lei (fka Wong Tam Yee) & others
HK Court of Appeal, 30-May-2014
Para 4: "[Hung Ka Leung] is a business man who has been investing in the property and stock market in Hong Kong. He comes from a well-off family and his father is a person of influence in Xiamen, China."
HK Court of Appeal, 30-May-2014
Para 4: "[Hung Ka Leung] is a business man who has been investing in the property and stock market in Hong Kong. He comes from a well-off family and his father is a person of influence in Xiamen, China."
Raking muck, Part 5
In the penultimate episode, we look at a transaction in progress by Railsmedia (0745) and how it connects with CPEC (8041), COMG (0254) and 3 shells. We also introduce a 10th listed company to the story, Zhi Cheng (8130) which has such a track record of value destruction that it has consolidated its shares by 200,000 to 1 since 2007. (11-Mar-2012)
In the penultimate episode, we look at a transaction in progress by Railsmedia (0745) and how it connects with CPEC (8041), COMG (0254) and 3 shells. We also introduce a 10th listed company to the story, Zhi Cheng (8130) which has such a track record of value destruction that it has consolidated its shares by 200,000 to 1 since 2007. (11-Mar-2012)
Raking muck, Part 3
We now connect Joseph Lau to Executive Talent, and focus on a series of dubious transactions by Hycomm and the bubble in its stock while it did the coal mine hokey cokey, from which bubble Joseph Lau has profited hugely. We also look at the creation of Inno-Tech and the youngest infant mortality on GEM, Codebank. (5-Mar-2012)
We now connect Joseph Lau to Executive Talent, and focus on a series of dubious transactions by Hycomm and the bubble in its stock while it did the coal mine hokey cokey, from which bubble Joseph Lau has profited hugely. We also look at the creation of Inno-Tech and the youngest infant mortality on GEM, Codebank. (5-Mar-2012)
Raking muck, Part 2
Continuing our series, we look at a set of over-priced acquisitions and questionable transactions by China Post e-Commerce and others, building a matrix which demonstrates the close connections between the persons involved. We call on the SFC to investigate. (27-Feb-2012)
Continuing our series, we look at a set of over-priced acquisitions and questionable transactions by China Post e-Commerce and others, building a matrix which demonstrates the close connections between the persons involved. We call on the SFC to investigate. (27-Feb-2012)
China Post E-Commerce (8041) buys Easy Time Trading Ltd from Frankie Ma Hoi Cheuk
| Circular
Company announcement, 6-Jan-2011
For HK$390m, of which $260m in irredeemable convertible preference shares, $50m in IOUs and $80m in shares. The target is a BVI shell which owns 99% of Rose Knitting. The later circular reveals that Mr Ma acquired Rose Knitting in Sep-2010, 3 months earlier, for only $50.08m. Based on the $20m "profit guarantee", the P/E on the acquisiton was 19.5. Rose Knitting had net assets of $7.55m.
Company announcement, 6-Jan-2011
For HK$390m, of which $260m in irredeemable convertible preference shares, $50m in IOUs and $80m in shares. The target is a BVI shell which owns 99% of Rose Knitting. The later circular reveals that Mr Ma acquired Rose Knitting in Sep-2010, 3 months earlier, for only $50.08m. Based on the $20m "profit guarantee", the P/E on the acquisiton was 19.5. Rose Knitting had net assets of $7.55m.
China Post E-Commerce (8041) buys 40% of iKanTV Ltd from Win Today Ltd
Company announcement, 25-Sep-2009
For HK$77m in shares @$0.55. The announcement fails to disclose who owns the vendor, but subsequent shareholding filings show that it was 100% owned by Vicky Yu Wai Yin. The target is a loss-making startup with net liabilities of $4.26m and prior to this was 51% owned by China Outdoor Media (0254), which is in the process of selling 4% to the Company.
Company announcement, 25-Sep-2009
For HK$77m in shares @$0.55. The announcement fails to disclose who owns the vendor, but subsequent shareholding filings show that it was 100% owned by Vicky Yu Wai Yin. The target is a loss-making startup with net liabilities of $4.26m and prior to this was 51% owned by China Outdoor Media (0254), which is in the process of selling 4% to the Company.
China Post E-Commerce (8041) terminates one of yesterday's deals
Company announcement, 28-Aug-2009
The deal was terminated because under the Listing Rules the company cannot issue shares within 30 days of a repurchase. The deal was resurrected on 25-Sep-2009.
Company announcement, 28-Aug-2009
The deal was terminated because under the Listing Rules the company cannot issue shares within 30 days of a repurchase. The deal was resurrected on 25-Sep-2009.
China Post E-Commerce (8041) buys 4% of iKanTV Ltd from China Outdoor Media (0254) for $9.2m
| China Outdoor Media announcement
Company announcement, 27-Aug-2009
The controlling shareholder of the buyer is also a 24.23% shareholder and CEO of the vendor, but it is not a connected transaction for the buyer under the Listing Rules because he owns less than 30% of the vendor so it is not his "associate". It is an exempt connected transaction for the vendor because it is less than HK$10m. Another deal in the same announcement, to buy 40% from another vendor, was terminated the next day.
Company announcement, 27-Aug-2009
The controlling shareholder of the buyer is also a 24.23% shareholder and CEO of the vendor, but it is not a connected transaction for the buyer under the Listing Rules because he owns less than 30% of the vendor so it is not his "associate". It is an exempt connected transaction for the vendor because it is less than HK$10m. Another deal in the same announcement, to buy 40% from another vendor, was terminated the next day.
Intcera High Tech (8041) controller grants options to Galaxy Asset Management (H.K.) Ltd and Provenance Place Co Ltd
Company announcement, 26-May-2009
The grantor is owned by Joseph Lau Chi Yuen. It doesn't say who owns Galaxy or Provenance Place, but a subsequent disclosure of interests shows that Provenance Place is owned by Eric Chan Man Hon. Galaxy is owned by Joe Chan Man Fai, Eric Chan's brother, so the two grantees are related.
Company announcement, 26-May-2009
The grantor is owned by Joseph Lau Chi Yuen. It doesn't say who owns Galaxy or Provenance Place, but a subsequent disclosure of interests shows that Provenance Place is owned by Eric Chan Man Hon. Galaxy is owned by Joe Chan Man Fai, Eric Chan's brother, so the two grantees are related.
Intcera High Tech (8041) buys 9% of iKanTV Ltd from Mr Kwok Ming Fai for HK$39.84m
Company announcement, 6-Apr-2009
Satisfied by 830m shares @$0.048. The loss-making startup target has net liabilities of $1.3m.
Company announcement, 6-Apr-2009
Satisfied by 830m shares @$0.048. The loss-making startup target has net liabilities of $1.3m.
iKanTV Ltd, subsidiary of China Outdoor Media (0254) agrees exclusive advertising agency rights with Info-Source Media Ltd
Company announcement, 13-Jan-2009
This relates to advertising on LCD displays in the Guangdong Postal Bureau outlets.
Company announcement, 13-Jan-2009
This relates to advertising on LCD displays in the Guangdong Postal Bureau outlets.
Intcera High Tech (8041) buys 10% of Info-Source Media for $28.8m
Company announcement, 12-Jan-2009
Satisfied with 360m shares @$0.08. The vendor is owned by Guangdong Postal Bureau. The target has not commenced business and has a net deficit of HK$3.92m.
Company announcement, 12-Jan-2009
Satisfied with 360m shares @$0.08. The vendor is owned by Guangdong Postal Bureau. The target has not commenced business and has a net deficit of HK$3.92m.
Joseph Lau Chi Yuen subscribes HK$35.42m for 75% of Intcera (8041)
Company announcement, 24-Sep-2007
Company announcement, 24-Sep-2007
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