Up Wonderful Limited

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).
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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