Rentian Technology Holdings Limited

Enterprise Dev (1808) to buy 50% of Taiping Securities from China Taiping (0966)CCASS movements
Company announcement, 15-Nov-2017
This is interesting, because it appears from Webb-site CCASS Analysis that Rentian (0885) may have pledged its 38.71% controlling shareholding of Enterprise Dev to Taiping Securities in July this year, something that the announcement does not mention. For the sale, China Taiping would receive new shares and a convertible bond in Enterprise Dev. That raises the question of whether Rentian and China Taiping will be acting in concert to control Enterprise Dev.
Controlling shareholding of Enterprise Dev (1808) on the move
Webb-site CCASS Analysis shows that 203,854,292 shares (38.73%) of Enterprise Dev have moved from the custody of Kingston Securities Ltd to Taiping Securities (HK) Co Ltd, a subsidiary of China Taiping Insurance (0966). These shares are owned by Rentian (0885) which is controlled by Mr King Pak Fu.Such a move may indicate a pledging of the shares as security for a loan. (31-Jul-2017)
Hiding behind the cornerstones
Webb-site reveals that investors who took 31% of a bank IPO had secretly laid off their risk by issuing derivatives to a mainland property developer from the same city, via two HK-listed companies which incidentally are bubble stocks. When we complained, HKEX did not require disclosure of the bank’s identity, thereby preserving the secrecy behind the cornerstone investors which facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest is exposed. (3-Oct-2016)
The Joint Global implosion
A collapse in a hub of the "Chung Nam Network" has wiped about HK$2bn off the balance sheets of at least 11 listed companies, many of which never announced that they had invested in it. We piece together an ugly jigsaw and call on the SFC to investigate and HKEX to wake up and require announcements. (30-Sep-2016)
Re bankrupt Ian Chu Chi Ho
HK Court of First Instance, 21-Jan-2016
Application by money-lenders in what we call the "Chung Nam Network" for the removal of the bankruptcy trustees is dismissed. The trustees have entered into a funding agreement and are looking into "a number of apparently suspicious transactions arising from the relationship of the Bankrupt" with the lenders. Most of the money purportedly borrowed by Ian Chu Chi Ho was paid by the lenders directly HEC Finance 92 Ltd, another company in the network. That was formerly Chung Nam Finance Ltd.
China Optoelectronics (1332) subscribes HK$90m for 3.98% of Co-Lead Holdings Ltd
Company announcement, 5-Nov-2015
Co-Lead is a hub in what we call the "Chung Nam Network". Before this deal it is 55.27% owned by Mason Financial (0273), 16.58% by Rentian Technology (0885), 10.13% by Dragonite (0329), 5.58% by China Soft Power Technology (0139), 3.87% by National Investment Fund (1227), 2.86% by Celebrate (8212) and 5.71% by unknown others.
Celebrate (8212) subscribes HK$50m for 2.86% of Co-Lead Holdings Ltd for HK$50m
Company announcement, 29-Jul-2015
Celebrate buys into a hub in the Chung Nam Network. Co-Lead's other holders include: Mason Financial (0273) with 55.27%, Rentian Technology (0885) with 16.58%, Dragonite (0329) with 10.13%, China Jinhai (0139) with 5.58% and National Investments Fund (1227) with 3.87%.
China Jinhai (0139) injects shares of Freeman Corp Ltd into Co-Lead Holdings LtdWillie announcement
Company announcement, 6-Jul-2015
The other holders of Co-Lead are Willie (0273), National Investments Fund (1227), Rentian Technology (0885) and, after completion, Dragonite (0329). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Dragonite (0329) injects shares of Freeman Corp Ltd into Co-Lead Holdings LtdWillie announcement
Company announcement, 6-Jul-2015
It fails to state that West West Ltd is owned by China Jinhai (0139). The other holders of Co-Lead are Willie (0273), National Investments Fund (1227) and Rentian Technology (0885). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Forefront (0885) to pool holdings in Freeman Corp Ltd with Willie (0273) and anotherWillie announcement
Company announcement, 19-Jun-2015
The third holder is Up Wonderful Ltd, the owner of which is not disclosed, but we can tell you that at 31-Dec-2014 it was owned by National Investments Fund Ltd (1227). These are all in what we call the "Chung Nam Network". The pooled vehicle, Co-Lead, will be owned 5.11% by NIF, 21.90% by Forefront and 72.99% by Willie.
Bonus hogwash
The Stock Exchange and SFC continue to allow companies to make false and misleading statements about "bonus" issues of shares - we take a look at the latest example. (11-Jun-2015)
Forefront (0885) results reveal investment in Cordoba Homes Ltd
Company announcement, 29-Mar-2015
The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)
Re bankrupt Ian Chu Chi Ho: applications by money lenders
HK Court of First Instance, 4-Dec-2014
The applicants are owned by Willie (0273), Dragonite (0329) and Forefront (0885), all part of what we call the Chung Nam Network. Mr Chu was an asset manager at Seekers Advisors H.K. Ltd, which is owned by HEC Capital Ltd, a hub of the network. The judge says "it is no secret that the applicants are the subject of [the trustees'] investigation". The trustees are partners of RSM Nelson Wheeler.
Re bankrupt Ian Chu Chi Ho: application by money lenders to see trustees' funding agreement is dismissed
HK Court of First Instance, 18-Nov-2014
"The majority of the funds borrowed by the Bankrupt were paid by Forefront, Sun Willie and Dragonite directly to HEC Finance without ever being paid to the Bankrupt...Further investigations by the Trustees indicate that the Bankrupt continues to be employed by Seekers Financial" - affirmation of trustee Kenny Wong Kwok Keung.
Forefront (0885) pumps HK$247.5m into Freeman Corp Ltd for 7.16% stakeFreeman announcement
Company announcement, 27-Oct-2014
Another deal in what we call the "Chung Nam Network". The other shareholders of Freeman Corp Ltd are Freeman Financial (0279), Willie (0273), iCube (0139) and Dragonite (0329).
Subscription agreement between Hao Tian (0474) and HEC Capital Ltd dated 18-Sep-2012
Company filing, 2-Jul-2014
This is a recent filing under the Takeovers Code. Schedule 1 reveals the shareholdings in HEC Capital Ltd on the subscription date, including 10 other listed companies which we consider to be in the "Chung Nam Network".
Forefront (0885) blows 10% option mandate
Company announcement, 15-Apr-2013
Heritage (0412) buys forestry interests from Forefront (0885) for HK$50mForefront announcement.
Company announcement, 8-Jun-2012
Pass the parcel: Forefront bought this from Mascotte (0136) for $79.2m in shares in 2010, and Mascotte bought this from Willie (0273) for $130m in convertible bonds in 2009. All 4 companies are in what we call the "Chung Nam Network".
Forefront (0885) sells Crown Creation Ltd to Mr Lai Leong for HK$100m
Company announcement, 21-Sep-2011
Forefront (0885) subscribes HK$108m for 4.79% of Hennabun
Company announcement, 6-May-2011
Forefront is in what we call the "Chung Nam Network". Hennabun owns Chung Nam Securities Ltd.
Censure of Forefront (0885) and various directorsOur article: China Railway Games
SEHK, 30-Sep-2010
The background to this questionable acquisition and the real person behind it was covered in our article "China Railway Games" on 11-Jun-2009, at the link above.
Forefront (0885) lends HK$75m to Chung Nam Finance Ltd
Company announcement, 21-Jun-2010
The announcement mentions that the borrower is owned by Hennabun Capital Group Ltd, which is 2.7% owned by Mascotte (0136) which owns 11.74% of Forefront. It doesn't mention that Hennabun is controlled by Freeman (0279).
Forefront (0885) sells Guangzhou property to Au Yeung Kai Chor for HK$85m
Company announcement, 26-May-2010
This was acquired by Forefront from Willie (0273) 2 months ago for $100m in shares, but by the time they completed the deal on 19-May, the shares were only worth $60m. A week later, they are selling it, so they book a $25m gain rather than a $15m loss.
Code Agriculture and Nanjing Everyday
Take a RMB8m investment in a start-up TV channel, whip up some projections, sprinkle on a valuation from the ubiquitous BMI Appraisals, add a large pinch of salt according to taste, bake for 2 months and you have a RMB350m sale to Code Agriculture (8153). Too bad that the air then went out of this pudding. (25-May-2010)
Chairman of Heritage (0412) subscribes shares in Forefront (0885)
Company announcement, 27-Apr-2010
Forefront (0885) buys forestry interests from Mascotte (0136) for $79.2m in sharesMascotte announcement
Company announcement, 9-Apr-2010
Mascotte bought the same thing from Willie (0273) on 13-May-09 for $130m in convertible notes. All 3 companies are in what we call the "Chung Nam Network".
Willie (0273) subsidiary sells Guangzhou property to Forefront for HK$100m in shares
Company announcement, 24-Mar-2010
Willie says stake in Forefront is "for trading". Sells property because of "policies of the Chinese government to cool down the property markets, the need to put in additional funds to improve and renovate the Property, and the decrease in occupancy rate since its acquisition". It bought the property from Mascotte (0136) for HK$112m on 8-Sep-08. Reveals Forefront owns 4.99% of Willie.
Forefront (0885) buys Guangzhou property from subsidiary of Willie (273) for HK$100m in shares
Company announcement, 24-Mar-2010
Willie will have 20.42% of Forefront, "to path the way for developing a strategic alliance with Willie". Forefront says property would produce a "regular rental income" and is an "opportunity to participate in the fast-growing PRC property market and realize capital gain...". Reveals Willie owns 4.13% of Forefront. See also the Willie announcement.
China Strategic bubble
We warn investors of a bubble in the stock of China Strategic, the 80% owner of the proposed buyer of Taiwan's Nan Shan Life Insurance, partly financed by a massive note issue convertible into 78bn shares at $0.10 each. We publish the placing list and analyse the names in the deal. Finally, we warn investors to avoid 7 companies in the "Chung Nam network", which has lost HK$6.2bn in 5 years. (13-Nov-2009)
China Railway Games
In part 2 of a series, we look at how HK$16bn of market cap evaporated when bubbles around China Railway Logistics, PME and Forefront burst. Each dealt with the same purported arm of the Ministry of Railways for joint ventures in wagon-leasing, media and online ticketing, each of which failed to get started. A miriad of BVI shells with shadowy owners are involved, but at least one has exposed himself in a court case. (11-Jun-2009)
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
Tack Fat liquidators investigate transfer of all subsidiaries to Merrier Ltd
Company announcement, 24-Oct-2008
Capital Union Inc. v China Railway Investments Group (Hong Kong) Ltd
HK Court of First Instance, 17-Oct-2008
Willie acquires units 2201-3 & 2205-9, China United Centre from Forefront for shares
Company announcement, 15-Apr-2008
Forefront buys Leapfly Ltd from Z & Z International Ltd for HK$20m
Company announcement, 18-Oct-2007
The vendor is purportedly owned by Bonnie Chu See Ming, Au Yeung Kai Wah, and Kenneth Chan Chak Kai. Leapfly had earlier been acquired on 10-Apr-06 by Freeman from Willie for $7m. We don't know when Freeman sold and to whom.
Forefront agrees to buy Units 2201-3 & 2205-9, China United Centre, from Get Rich Enterprises Ltd for HK$29.14m
Company announcement, 3-Aug-2007
Note: the vendor was 80% owned by Asia Standard International Group Ltd.
Forefront agrees to buy Leapfly Ltd from Z & Z International Ltd for HK$39m, then aborts it
Company announcement, 1-Aug-2007
We note that Leapfly was purchased from Willie (0273) by Freeman (0279) on 10-Apr-2006 for HK$7m
Report of irregularities to Commercial Crime Bureau
Company announcement, 14-Sep-2004
Concentration warning
Company announcement, 17-Dec-2001

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