Co-Lead Holdings Limited

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.
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".
PYI (0498) subscribes HK$100m CB in Co-Lead Holdings Ltd
Company announcement, 21-Apr-2021
Co-Lead is an unlisted hub in what we call the "Chung Nam Network".
Oshidori (0622) discloses some owners of Co-Lead Holdings Ltd
Company announcement, 14-Jan-2021
The 2nd largest holder is Freeman (0279) with about 15%, and the 3rd-largest is a company owned by Maggie Au Tsui Yee. We can add that she is the wife of Roy Cho Kwai Chee, of "Enigma Network" fame.
Oshidori (0622) sells 45m shares (3.62%) of Seekers Partners Ltd (fka Satinu Resources Group Ltd) to High Rhine Ltd for HK$75m and HK$200m IOU
Company announcement, 14-Dec-2020
High Rhine Ltd is 100% owned by Co-Lead Holdings Ltd.
Oshidori (0622) discloses some owners of Co-Lead Holdings Ltd
Company announcement, 28-Aug-2020
Co-Lead is 19.06% owned by Freeman (0279) and 52.28% owned by Freewill Holdings Ltd, which is 83.68% owned by Bob May Inc., which doesn't have any shareholders with more than 30%.
Oshidori (0622) sells 100m shares (8.06%) of Satinu Resources Group Ltd to High Rhine Ltd for HK$650m
Company announcement, 12-Aug-2020
The owner of the purchaser is not disclosed, but our records indicate that it is owned by Co-Lead Holdings Ltd, which is 2.95% owned by Oshidori.
CST (0985) discloses ownership of High Rhine Ltd
Company announcement, 3-Aug-2020
It is 100% owned by Co-Lead Holdings Ltd, which is 52.28% owned by Freewill Holdings Ltd, which is 83.68% owned by Bob May Inc, which doesn't have any holders over 30%.
CST (0985) grants 2-year 7% HK$200m loan facility to High Rhine Ltd
Company announcement, 17-Jun-2020
CST fails to say who owns the borrower. We can add that as of 2-Apr-2020 it was owned by Co-Lead Holdings Ltd, a hub in what we call the "Chung Nam Network".
Oshidori (0622) 2019 annual report
Company filing, 24-Apr-2020
This reveals that in the second half of 2019, the group received 37,878,594 shares of Satinu Resources Group Ltd from "a third party borrower" in settlement of a debt of HK$244.047m, resulting in a loss of $109.55m. This rounds up Oshidori's holding to exactly 145,000,000 shares. So it is likely that the borrower owns more. Update: on 12-Aug-2020, Oshidori began selling its Satinu shares to High Rhine Ltd (100% owned by Co-Lead Holdings Ltd) and revealed that the borrower was High Rhine Ltd.
China Touyun Tech (1332) 2018 results
Company announcement, 27-Mar-2019
This reveals that in the 2nd half, CTT subscribed another 138 shares of Co-Lead Holdings Ltd, for HK$55.2m, and 13m shares of Simagi Finance Co Ltd, for $65m.
Freeman (0279) converts debt to equity of Co-Lead Holdings Ltd
Company announcement, 25-Apr-2018
Another deal in what we call the "Chung Nam Network". In a deal on 7-Feb, Freeman agreed to sell 10.57% of Satinu Resources Group Ltd to Co-Lead in return for HK$150m cash and a 6-month IOU for $600m. Now it is swapping the IOU for 2,000 new shares of Co-Lead.
Freeman (0279) sells 10.57% of Satinu Resources Group Ltd to Co-Lead Holdings Ltd
Company announcement, 7-Feb-2018
Another deal in what we call the "Chung Nam Network". The purchaser is or was owned by multiple listed companies in the network. Freeman gets HK$150m in cash and the other $600m as a 6-month IOU. Co-Lead is 13.54% owned by Freewill Holdings Ltd, another hub, which is 35.37% owned by Freeman.
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.
China Opto (1332) discloses the junk held by Win Wind Capital Ltd
Company announcement, 28-Jun-2016
This follows a complaint filed by Webb-site on 23-Jun-2016 that the Major Transaction circular, which was presumably vetted by the Stock Exchange, failed to include any information on the underlying investments held by Enerchina (0622) subsidiary Win Wind Capital Ltd, with which China Opto is engaged in a share swap. Several of the stocks are in what we call the "Chung Nam Network". This also reveals that Win Wind (via Global Mind Investment Ltd) subscribed HK$100m for its 310 shares (5.44%) of an unnamed company which can only be Co-Lead Holdings Ltd. We calculate that this occurred between 7 and 29 July 2015, based on dilution of other holders.
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.
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).
CSPT (0139) half-year results for 30-Sep-2015
Company announcement, 26-Nov-2015
Apart from humungous losses on investments in shares of companies in what we call the "Chung Nam Network", CSPT reveals that on the last day of the period, it sold West West Ltd and Four Sheets Ltd to unnamed parties for HK$45m and $30m. We can add that WW held 303 shares (5.58%) of Co-Lead Holdings Ltd, which it received in a swap in Jul-2015 for its holding in Freeman Corp Ltd, which it subscribed for $88m in Sep-2014. FS held 10m shares of HEC Capital Ltd, which it subscribed for HK$65m in Sep-2014 and at period-end was in the process of swapping for 10m shares of Joint Global Ltd.
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.
Co-Lead sells 32.98% of Freeman Corp Ltd
Company announcement, 26-Oct-2015
As a result, Freeman Financial (0279) owns 100% of FCL again. Co-Lead is a hub controlled by Mason Financial (0273) and invested by several listed companies in what we call the "Chung Nam Network".
Freeman (0279) to buy out minorities in Freeman Corp Ltd
Company announcement, 17-Aug-2015
The main vendor, Co-Lead, is another hub in the "Chung Nam Network", majority owned by Mason Financial (0273)
Freeman Financial (0279) acquires 100% of Smart Jump Corp
Company announcement, 10-Aug-2015
The SJ shares were distributed by Freeman Corp Ltd to its 3 shareholders, including FF (60.52%), but the other 2 holders of FC, both being hubs in what we call the "Chung Nam Network", sold their SJ shares to FF in return for 5% 1-year promissory notes. Co-Lead Holdings Ltd owns 32.98% of FC, and HEC Development Ltd owns 6.50%, which it must have acquired directly or indirectly from Benny Kwong Kai Sing since 6-Jul-2015.
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. 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).

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