Legendary Education Group Limited 傳承教育集團有限公司
HKICPA fines Jimmy Siu, Yip Kai Yin and Elite Partners CPA Ltd HK$500k jointly
HKICPA, 15-Jun-2022
For bad work on the 2017 audit of L & A (now Legendary Group, 8195). This is the 7th fine for Elite since 2015, the 6th for Mr Yip since 2013, and the 3rd for Mr Siu since 2020.
HKICPA, 15-Jun-2022
For bad work on the 2017 audit of L & A (now Legendary Group, 8195). This is the 7th fine for Elite since 2015, the 6th for Mr Yip since 2013, and the 3rd for Mr Siu since 2020.
Ninotre Investment Ltd & Xiao Qingmin v L & A (8195)
HK Court of First Instance, 14-Nov-2018
The plaintiffs win an order for discovery in relation to L&A's purchase of 47.63% of Red 5 Studios Inc. on 28-Apr-2016, The first plaintiff is a 100% subsidiary of Unity (0913). The 2nd was an ED of Suncorp (1063) until 23-Nov-2015. Unity and Suncorp both featured in our "Enigma Network" of 2017. L&A was a bubble we warned about in Sep-2015. During 2015, Unity bought 2.81% of L&A in the market for HK$117.509m, a split-adjusted $4.18/share. The stock crashed on 6-Jul-2016 and is now at $0.035.
HK Court of First Instance, 14-Nov-2018
The plaintiffs win an order for discovery in relation to L&A's purchase of 47.63% of Red 5 Studios Inc. on 28-Apr-2016, The first plaintiff is a 100% subsidiary of Unity (0913). The 2nd was an ED of Suncorp (1063) until 23-Nov-2015. Unity and Suncorp both featured in our "Enigma Network" of 2017. L&A was a bubble we warned about in Sep-2015. During 2015, Unity bought 2.81% of L&A in the market for HK$117.509m, a split-adjusted $4.18/share. The stock crashed on 6-Jul-2016 and is now at $0.035.
L & A (8195): breach of Listing Rules, failure to disclose sale of shares in China Child (1259)
Company announcement, 15-Aug-2018
Company announcement, 15-Aug-2018
Lim Hang Young v L & A (8195) and Yang's Holdings Capital Ltd
HK Court of First Instance, 14-Nov-2017
The Korean petitioner was a no-show and the case is struck out. Justice Jonathan Harris writes: "I note that the Companies Court has had a series of petitions to deal with in the last couple of years which involve Korean petitioners issuing similar petitions to wind up small listed companies on the grounds of misconduct. It is unclear what their motivation is, but it might be prudent for this to be brought to the attention of the Securities and Futures Commission…"
HK Court of First Instance, 14-Nov-2017
The Korean petitioner was a no-show and the case is struck out. Justice Jonathan Harris writes: "I note that the Companies Court has had a series of petitions to deal with in the last couple of years which involve Korean petitioners issuing similar petitions to wind up small listed companies on the grounds of misconduct. It is unclear what their motivation is, but it might be prudent for this to be brought to the attention of the Securities and Futures Commission…"
Chi Dong Eun v L & A (8195) and others
HK Court of First Instance, 23-May-2017
The winding-up petition is struck out, as Mr Chi was not a registered shareholder for 6 of the 18 months before filing, as required by law. In a Feb-2017 hearing, Chi produced a share certificate in the name of Liu Longcheng, a plaintiff in another case against L&A. Judge Anthony Chan refers his judgment to the Director of Public Prosecution, as the evidence "invites the investigation…as to whether any of the common law offences of maintenance and champerty has been committed." We note that most investors in HK are not on the share register due to the central depository system, making the law on winding-up unavailable to them.
HK Court of First Instance, 23-May-2017
The winding-up petition is struck out, as Mr Chi was not a registered shareholder for 6 of the 18 months before filing, as required by law. In a Feb-2017 hearing, Chi produced a share certificate in the name of Liu Longcheng, a plaintiff in another case against L&A. Judge Anthony Chan refers his judgment to the Director of Public Prosecution, as the evidence "invites the investigation…as to whether any of the common law offences of maintenance and champerty has been committed." We note that most investors in HK are not on the share register due to the central depository system, making the law on winding-up unavailable to them.
Sun Jiyou & others v L & A (8195) & Yang's Holdings Capital Ltd
HK Court of First Instance, 26-Oct-2016
HK Court of First Instance, 26-Oct-2016
L & A (8195): 1.6bn options exercised
| CCASS deposits
Company filing, 24-Aug-2016
The holders of these 10-year options all forfeited the time value and exercised them on the day that they were announced, 22-Aug, having been purportedly offered or granted on 22-Jul. The new shares were probably deposited into CCASS on 24-Aug and 25-Aug, via FP Sino-Rich Securities & Futures Ltd (1.4bn) and Emperor Securities Ltd (0.2bn).
Company filing, 24-Aug-2016
The holders of these 10-year options all forfeited the time value and exercised them on the day that they were announced, 22-Aug, having been purportedly offered or granted on 22-Jul. The new shares were probably deposited into CCASS on 24-Aug and 25-Aug, via FP Sino-Rich Securities & Futures Ltd (1.4bn) and Emperor Securities Ltd (0.2bn).
L&A (8195) purportedly granted 2bn options a month ago
Company announcement, 22-Aug-2016
L&A has been facing a possible hostile takeover bid since 22-Jul-2016, and now it says, a month later, that on that date it purportedly granted options over 2bn shares to 10 "employees and consultants", of which 1.8bn have been "accepted". Our take: the grant should have been announced under the Listing Rules on 22-Jul-2016, otherwise we cannot rule out the possibility of backdating.
Company announcement, 22-Aug-2016
L&A has been facing a possible hostile takeover bid since 22-Jul-2016, and now it says, a month later, that on that date it purportedly granted options over 2bn shares to 10 "employees and consultants", of which 1.8bn have been "accepted". Our take: the grant should have been announced under the Listing Rules on 22-Jul-2016, otherwise we cannot rule out the possibility of backdating.
Tech Pro (3823) crashes 86.3%: we told you so
In our article of 24-Sep-2015, we pointed to 3 bubbles, 2 of which have now burst: L & A (8195) and Tech Pro (3823). The remaining one is umbrella-maker China Jicheng (1027) which has net tangible assets at 31-Dec-2015 of about HK$0.0067 per share (post-split), so it has about 97% downside from today's closing price of $0.224. (28-Jul-2016)
In our article of 24-Sep-2015, we pointed to 3 bubbles, 2 of which have now burst: L & A (8195) and Tech Pro (3823). The remaining one is umbrella-maker China Jicheng (1027) which has net tangible assets at 31-Dec-2015 of about HK$0.0067 per share (post-split), so it has about 97% downside from today's closing price of $0.224. (28-Jul-2016)
L & A (8195): AGM postponed due to forged proxy form
Company announcement, 27-Jul-2016
The former bubble stock remains suspended pending inside information. It crashed 91.6% on 6-Jul-2016.
Company announcement, 27-Jul-2016
The former bubble stock remains suspended pending inside information. It crashed 91.6% on 6-Jul-2016.
L&A (8195) launches placing via FP Sino-Rich
Company announcement, 21-Jul-2016
After the bursting of a bubble in its share price, L&A exhausts a general issue mandate, to raise money so that it can lend it out.
Company announcement, 21-Jul-2016
After the bursting of a bubble in its share price, L&A exhausts a general issue mandate, to raise money so that it can lend it out.
L & A (8195) agreement for purchase of 55.56% of Aji On Worldwide Holdings Ltd
Company filing, 22-Apr-2016
This agreement was published under the Takeovers Code on 30-Dec-2016, and reveals the vendor as Catalina Pang Ho Man.
Company filing, 22-Apr-2016
This agreement was published under the Takeovers Code on 30-Dec-2016, and reveals the vendor as Catalina Pang Ho Man.
Bubbles and troubles in Hong Kong
Pour yourself a coffee and digest this long article as we investigate several ongoing abusive "open offers" and placings as well as show you who's been making out in multi-billion-dollar bubbles. We call on regulators and rule-makers to take action. (24-Sep-2015)
Pour yourself a coffee and digest this long article as we investigate several ongoing abusive "open offers" and placings as well as show you who's been making out in multi-billion-dollar bubbles. We call on regulators and rule-makers to take action. (24-Sep-2015)
China Env Energy (0986) pays HK$113m for 1.73% of L & A (8195)
Company announcement, 12-May-2015
The average price per share was $1.62. At 31-Dec-2014, L & A had equity of $136.73m, or $0.034 per share. So the price is about 48x book value of the OEM cashmere clothing maker. In our view, China Env Energy has just invested in another bubble, following its investment in Suncorp (1063). The question is, why?
Company announcement, 12-May-2015
The average price per share was $1.62. At 31-Dec-2014, L & A had equity of $136.73m, or $0.034 per share. So the price is about 48x book value of the OEM cashmere clothing maker. In our view, China Env Energy has just invested in another bubble, following its investment in Suncorp (1063). The question is, why?
L & A (8195): allotments and concentration warning
| CCASS holdings
Company announcement, 9-Oct-2014
Company announcement, 9-Oct-2014
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