National Investments Fund Limited 國盛投資基金有限公司
Planetree (0613) coughs up ownership structure of borrower on 3rd attempt
Company announcement, 12-Oct-2022
5 listed companies currently in what we call the "Chung Nam Network" have indirect stakes in Freeman Opto Money Lending Corp Ltd, via a cross-holding pair of Marshall Islands vehicles. They include Carnival (0996), suspended since Mar-2020, which never previously identified its 2017 investment in FreeOpt Holdings Ltd, China Smarter Energy (1004), suspended since Apr-2021, and National Investments Fund (1227), delisted last month.
Company announcement, 12-Oct-2022
5 listed companies currently in what we call the "Chung Nam Network" have indirect stakes in Freeman Opto Money Lending Corp Ltd, via a cross-holding pair of Marshall Islands vehicles. They include Carnival (0996), suspended since Mar-2020, which never previously identified its 2017 investment in FreeOpt Holdings Ltd, China Smarter Energy (1004), suspended since Apr-2021, and National Investments Fund (1227), delisted last month.
Disciplinary action against 4 current and former Directors of National Investments Fund (ex-1227)
SEHK, 26-Sep-2022
We warned investors about this stock many times over 17 years.
SEHK, 26-Sep-2022
We warned investors about this stock many times over 17 years.
Sanctions against ex-directors of National Investments Fund (1227)
| The National Investment Fund that isn't
SEHK, 17-Mar-2022
This relates to our article of 23-Mar-2019. NIF is now in liquidation and is/was a member of what we call the "Chung Nam Network".
SEHK, 17-Mar-2022
This relates to our article of 23-Mar-2019. NIF is now in liquidation and is/was a member of what we call the "Chung Nam Network".
CST (0985) subscribes 1050 shares (7.39%) of Co-Lead Holdings Ltd for HK$250m
Company announcement, 7-Dec-2021
Co-Lead is a hub company in what we call the "Chung Nam Network". The announcement contains a partial list of its shareholders.
Company announcement, 7-Dec-2021
Co-Lead is a hub company in what we call the "Chung Nam Network". The announcement contains a partial list of its shareholders.
Blue River (0498) supplemental info on CB issuer Co-lead Holdings Ltd
Company announcement, 4-Jun-2021
A "listed company with a minority shareholding" (that would be Freeman, 0279, in provisional liquidation) is "purportedly unable to obtain access to the books and records of the Issuer due the the non-cooperation of the Issuer's management". On the other hand, Blue River says it has no such problems, and names the sole director of Co-lead, Ms Gloria Ip Yeuk Ping. Co-lead is a hub company in what we call the "Chung Nam Network".
Company announcement, 4-Jun-2021
A "listed company with a minority shareholding" (that would be Freeman, 0279, in provisional liquidation) is "purportedly unable to obtain access to the books and records of the Issuer due the the non-cooperation of the Issuer's management". On the other hand, Blue River says it has no such problems, and names the sole director of Co-lead, Ms Gloria Ip Yeuk Ping. Co-lead is a hub company in what we call the "Chung Nam Network".
The national investment fund that isn't
A Friday night announcement illustrates all that is wrong with HK's Listing Rules for closed-end funds. (23-Mar-2019)
A Friday night announcement illustrates all that is wrong with HK's Listing Rules for closed-end funds. (23-Mar-2019)
41 endangered stocks
If HKEX proceeds with an ill-conceived Listing Rule change, companies with disclaimed audit reports for 2019 will be suspended and likely delisted, victimising minority shareholders. We now list those with disclaimed audits up to 30-Jun-2018 which would be affected if the rule applied today. Make your submission to stop this nonsense! (17-Nov-2018)
If HKEX proceeds with an ill-conceived Listing Rule change, companies with disclaimed audit reports for 2019 will be suspended and likely delisted, victimising minority shareholders. We now list those with disclaimed audits up to 30-Jun-2018 which would be affected if the rule applied today. Make your submission to stop this nonsense! (17-Nov-2018)
NIF (1227) proposes debt settlement with shares and CB issues
| Lapse
Company announcement, 9-Feb-2017
The now $30.8m debt was assigned on 20-Jun-2016 by Hansom Finance Ltd to Citizens Money Lending Corp Ltd. Unstated is that Hansom is owned by Freeman (0279), which sold Citizens to Enerchina (0622) on 19-Jul-2016. All companies are in what we call the "Chung Nam Network". NIF is a Chapter-21 investment company which holds shares in a number of CNN hub companies. Update: after several delays due to "additional disclosure requirements" and "prolonged review" by the Stock Exchange, the settlement lapsed on 31-Oct-2017 when "certain conditions" were not met.
Company announcement, 9-Feb-2017
The now $30.8m debt was assigned on 20-Jun-2016 by Hansom Finance Ltd to Citizens Money Lending Corp Ltd. Unstated is that Hansom is owned by Freeman (0279), which sold Citizens to Enerchina (0622) on 19-Jul-2016. All companies are in what we call the "Chung Nam Network". NIF is a Chapter-21 investment company which holds shares in a number of CNN hub companies. Update: after several delays due to "additional disclosure requirements" and "prolonged review" by the Stock Exchange, the settlement lapsed on 31-Oct-2017 when "certain conditions" were not met.
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)
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)
National Investments Fund (1227) interim report for 30-Jun-2016
Company filing, 29-Sep-2016
This reveals a flurry of subscriptions into 4 hubs in what we call the "Chung Nam Network", all on 14-Jan-2016. It subscribed 0.72% (we calculate 41 shares @$388,000) of Co-Lead Holdings Ltd for $15.908m; 0.78% (we calculate 2.2m shares @$7.29) of Joint Global Ltd for $16.038m; 5.06% (we calculate 160,000 shares @$100) of FreeOpt Holdings Ltd for $16m; and 0.54% (we calculate 2.9m shares @$5.5) of FreeWill Holdings Ltd for $15.95m. That's a total of $63.896m, or about 86.8% of NIF's net assets at 31-Dec-2015. All were completed the next day.
Company filing, 29-Sep-2016
This reveals a flurry of subscriptions into 4 hubs in what we call the "Chung Nam Network", all on 14-Jan-2016. It subscribed 0.72% (we calculate 41 shares @$388,000) of Co-Lead Holdings Ltd for $15.908m; 0.78% (we calculate 2.2m shares @$7.29) of Joint Global Ltd for $16.038m; 5.06% (we calculate 160,000 shares @$100) of FreeOpt Holdings Ltd for $16m; and 0.54% (we calculate 2.9m shares @$5.5) of FreeWill Holdings Ltd for $15.95m. That's a total of $63.896m, or about 86.8% of NIF's net assets at 31-Dec-2015. All were completed the next day.
National Investments Fund (1227) annual report
Company filing, 28-Apr-2016
This reveals that on 17-Jun-2015, NIF took a 1-month HK$30m loan from an unnamed "financial institution" secured on 3 investment subsidiaries, and the related investments, 8.2m shares of HEC Capital Ltd and 210 shares of Co-Lead Holdings Ltd, were transferred on 28-Jul-2015 to partially settle the loan for $22.5m. The HECC shares came from a merger on 30-Apr-2012 in exchange for 4.1m consolidated shares of Cordoba Homes Ltd and 4.1m shares of Hennabun Capital Group Ltd, both subscribed in 2011 for a total of $49.2m. NIF subscribed the Co-Lead shares in Sep-2014 for $59.85m. So investments which cost $109.05m have been disposed for $22.5m, a 79.4% loss.
Company filing, 28-Apr-2016
This reveals that on 17-Jun-2015, NIF took a 1-month HK$30m loan from an unnamed "financial institution" secured on 3 investment subsidiaries, and the related investments, 8.2m shares of HEC Capital Ltd and 210 shares of Co-Lead Holdings Ltd, were transferred on 28-Jul-2015 to partially settle the loan for $22.5m. The HECC shares came from a merger on 30-Apr-2012 in exchange for 4.1m consolidated shares of Cordoba Homes Ltd and 4.1m shares of Hennabun Capital Group Ltd, both subscribed in 2011 for a total of $49.2m. NIF subscribed the Co-Lead shares in Sep-2014 for $59.85m. So investments which cost $109.05m have been disposed for $22.5m, a 79.4% loss.
Mason Financial (0273) to sell 52.69% of Co-Lead Holdings Ltd to Capital Union Inc.
| Circular
Company announcement, 30-Mar-2016
Mason doesn't say who owns the Purchaser, which it claims is an independent third party. The last time we heard (30-Jan-2009) it was controlled by Eugene Chuang Yue Chien, who is the brother of Henry Chuang Yueheng, who was Chairman of Mason until 1-Aug-2015. Under the Listing Rules, he remains a connected person for 1 year after that, and so does his brother, being his "associate". If the ownership of Capital Union has not changed, then this should be a connected transaction. Update: the circular on 23-Jun-2016 discloses 5 owners with 20% each (including a cousin) and denies any involvement of the brothers. It also reveals that Enerchina (0622) holds 5.44% of Co-Lead. Ristora Investments Ltd (owned by Karen Lo, wife of Eugene Chuang) has acquired West West Ltd (which CSPT (0139) sold to an unnamed party in Sep-2015), holding 5.32% of Co-Lead, and 210 shares (3.69%) once held by National Investments Fund (1227).
Company announcement, 30-Mar-2016
Mason doesn't say who owns the Purchaser, which it claims is an independent third party. The last time we heard (30-Jan-2009) it was controlled by Eugene Chuang Yue Chien, who is the brother of Henry Chuang Yueheng, who was Chairman of Mason until 1-Aug-2015. Under the Listing Rules, he remains a connected person for 1 year after that, and so does his brother, being his "associate". If the ownership of Capital Union has not changed, then this should be a connected transaction. Update: the circular on 23-Jun-2016 discloses 5 owners with 20% each (including a cousin) and denies any involvement of the brothers. It also reveals that Enerchina (0622) holds 5.44% of Co-Lead. Ristora Investments Ltd (owned by Karen Lo, wife of Eugene Chuang) has acquired West West Ltd (which CSPT (0139) sold to an unnamed party in Sep-2015), holding 5.32% of Co-Lead, and 210 shares (3.69%) once held by National Investments Fund (1227).
China Optoelectronics (1332) subscribes HK$90m for 225 shares (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.
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%.
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 Ltd
| Willie 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.
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 Ltd
| Willie 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.
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 another
| Willie 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. It will own 32.69% of FCL, with 60.52% owned by Freeman (0279), 4.37% by Dragonite (0329) and 2.41% by China Jinhai (0139).
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. It will own 32.69% of FCL, with 60.52% owned by Freeman (0279), 4.37% by Dragonite (0329) and 2.41% by China Jinhai (0139).
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)
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)
Freeman (0279) circular reveals investment in subsidiary by NIF (1227)
Company circular, 26-Nov-2014
Page 18 shows that NIF invested HK$59.85m for 21m shares (1.67%) in Freeman Corporation Ltd, which, upon completion of the investment by Forefront (0885), will be 60.52% owned by Freeman. It joins Willie (0273), Dragonite (0329) and ICube (0139). All 6 companies are in what we call the "Chung Nam Network". NIF invested 1 day after completing a placing of new shares to raise $89.58m, arranged by HEC Securities Ltd, another multi-owner venture in the network.
Company circular, 26-Nov-2014
Page 18 shows that NIF invested HK$59.85m for 21m shares (1.67%) in Freeman Corporation Ltd, which, upon completion of the investment by Forefront (0885), will be 60.52% owned by Freeman. It joins Willie (0273), Dragonite (0329) and ICube (0139). All 6 companies are in what we call the "Chung Nam Network". NIF invested 1 day after completing a placing of new shares to raise $89.58m, arranged by HEC Securities Ltd, another multi-owner venture in the network.
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".
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".
Mascotte (0136) sells 5.82% of Sun Mass Funding to National Investments Fund (1227) for HK$50m
| Sale aborted, 19-Apr-2013
Company announcement, 10-Apr-2013
Both companies are in the "Chung Nam Network"
Company announcement, 10-Apr-2013
Both companies are in the "Chung Nam Network"
Bubble warning: CFII (1227)
Webb-site.com warns investors to avoid China Financial Industry Investment Fund Ltd (1227), a closed-end investment company trading at over 28 times its net asset value. We also find a surprising addition to the ranks of its independent directors. (13-Jul-2007)
Webb-site.com warns investors to avoid China Financial Industry Investment Fund Ltd (1227), a closed-end investment company trading at over 28 times its net asset value. We also find a surprising addition to the ranks of its independent directors. (13-Jul-2007)
Toxic IPOs in HK
In this epic article, we take you through the IPOs of at least 14 listed companies, 3 of which have already led to criminal charges. We explain the inter-relationships between the companies, sponsors, lead managers, auditors and the INEDs. Before you buy another IPO, stop and read this article. (21-Mar-2005)
In this epic article, we take you through the IPOs of at least 14 listed companies, 3 of which have already led to criminal charges. We explain the inter-relationships between the companies, sponsors, lead managers, auditors and the INEDs. Before you buy another IPO, stop and read this article. (21-Mar-2005)
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