China Ruyi Holdings Limited 中國儒意控股有限公司
Re Allied Weli Development Ltd
HK Court of Appeal, 13-May-2022
The applications of Eugene Chuang Yue Chien and 5 others to appeal a judgment and order for production of documents and private examination is refused. The liquidators are trying to discover what happened to over HK$2.8bn of net assets in the "impugned transactions". Unfortunately, the judgment to which this refers, [2021] HKCFI 1247, and a decision of that judge also refusing leave to appeal, [2021] HKCFI 2968, are not available.
HK Court of Appeal, 13-May-2022
The applications of Eugene Chuang Yue Chien and 5 others to appeal a judgment and order for production of documents and private examination is refused. The liquidators are trying to discover what happened to over HK$2.8bn of net assets in the "impugned transactions". Unfortunately, the judgment to which this refers, [2021] HKCFI 1247, and a decision of that judge also refusing leave to appeal, [2021] HKCFI 2968, are not available.
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.
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.
GT (0263) belatedly discloses what it held at 30-Jun-2015
Company announcement, 26-Nov-2015
All of the 5 identified shareholdings are in listed companies in what we call the "Chung Nam Network", as is GT.
Company announcement, 26-Nov-2015
All of the 5 identified shareholdings are in listed companies in what we call the "Chung Nam Network", as is GT.
Enerchina (0622) buys 1.5bn shares (5.58%) of Mascotte (0136) for HK$210m
Disclosure of interest, 14-Jan-2015
This is an off-market transaction and increases its stake to 9.51%. The 5-day average market cap of Enerchina before the purchase was $1432m, so the "consideration ratio" is 14.7% and this should be a Disclosable Transaction under the Listing Rules. Enerchina has not made any announcement. In our view, Enerchina has just bought into the Mascotte bubble.
Disclosure of interest, 14-Jan-2015
This is an off-market transaction and increases its stake to 9.51%. The 5-day average market cap of Enerchina before the purchase was $1432m, so the "consideration ratio" is 14.7% and this should be a Disclosable Transaction under the Listing Rules. Enerchina has not made any announcement. In our view, Enerchina has just bought into the Mascotte bubble.
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)
Mascotte (0136) grants 200m 10-year options to "certain employees"
| CCASS changes
Company announcement, 29-Dec-2014
...which are all exercised next day and deposited into CCASS via HEC Securities Ltd on 5-Jan-2015.
Company announcement, 29-Dec-2014
...which are all exercised next day and deposited into CCASS via HEC Securities Ltd on 5-Jan-2015.
HEC Capital Ltd sells 1.3bn shares (4.87%) of Mascotte (0136) off-market
Disclosure of interest, 16-Dec-2014
Total price of HK$169m. No buyer has disclosed an interest.
Disclosure of interest, 16-Dec-2014
Total price of HK$169m. No buyer has disclosed an interest.
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of First Instance, 14-Oct-2014
Penta successfully sues a BVI company at the centre of what we call the "Chung Nam Network" over a guarantee of a profit from a subscription of shares in Mascotte (0136) which followed a heavy loss on an earlier subscription in Freeman (0279). The claimed quantum is HK$211m. After a restructuring, Allied Weli is now a 100% subsidiary of HEC Capital Ltd.
HK Court of First Instance, 14-Oct-2014
Penta successfully sues a BVI company at the centre of what we call the "Chung Nam Network" over a guarantee of a profit from a subscription of shares in Mascotte (0136) which followed a heavy loss on an earlier subscription in Freeman (0279). The claimed quantum is HK$211m. After a restructuring, Allied Weli is now a 100% subsidiary of HEC Capital Ltd.
Hao Tian (0474) buys HK$90m convertible bond in Mascotte (0136)
Company announcement, 7-Jun-2013
The vendor is not named.
Company announcement, 7-Jun-2013
The vendor is not named.
Mascotte (0136) sells 5.82% of Sun Mass Funding to Hao Tian Resources (0474) for HK$50m
Company announcement, 11-Apr-2013
Both companies are in the "Chung Nam Network". This follows an identical sale 2 days ago by Mascotte to another network company, National Investment Fund (1227).
Company announcement, 11-Apr-2013
Both companies are in the "Chung Nam Network". This follows an identical sale 2 days ago by Mascotte to another network company, National Investment Fund (1227).
Willie (0273) lends HK$25m to Mascotte (0136)
Company announcement, 11-Apr-2013
Both companies are in the "Chung Nam Network"
Company announcement, 11-Apr-2013
Both companies are 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"
Mascotte (0136) sells 25/F, China United Centre to Chung Nam Finance Ltd for HK$88m
Company announcement, 22-Nov-2012
Company announcement, 22-Nov-2012
Heritage (0412) buys forestry interests from Forefront (0885) for HK$50m
| Forefront 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".
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".
Enerchina (0622): late disclosure of sale of 500m shares (10.95%) of Mascotte (0136)
Company announcement, 10-Apr-2012
The original purchase price was $0.40 per share, $200m in total, and they have been sold for $40.26m, or about $0.0805 per share, an 80% loss.
Company announcement, 10-Apr-2012
The original purchase price was $0.40 per share, $200m in total, and they have been sold for $40.26m, or about $0.0805 per share, an 80% loss.
Heritage (0412) buys HK$200m of Mascotte (0136) notes for HK$180m
| Disclosure of interest
Company announcement, 2-Feb-2012
The vendor is Quinella International Incorporated, the owner of which is unnamed, but it holds 5.28% of Heritage. A separate filing shows it is owned by Hsieh Cheng Lu. She is the ex-spouse of Lai Sun heir Peter Lam Kin Ngok. This follows a similar sale by Quinella of HK$300m of the notes to Forefront (0885) announced 2 weeks ago.
Company announcement, 2-Feb-2012
The vendor is Quinella International Incorporated, the owner of which is unnamed, but it holds 5.28% of Heritage. A separate filing shows it is owned by Hsieh Cheng Lu. She is the ex-spouse of Lai Sun heir Peter Lam Kin Ngok. This follows a similar sale by Quinella of HK$300m of the notes to Forefront (0885) announced 2 weeks ago.
Forefront (0885) buys HK$300m of Mascotte (0136) notes for HK$265m
| Circular
Company announcement, 20-Jan-2012
The vendor is Quinella International Incorporated, the owner of which is unnamed, but we can tell you it is Lynn Hsieh Cheng Lu, ex-wife of Lai Sun heir Peter Lam Kin Ngok. Quinella received the notes as part-payment for the sale of a polysilicon business to Mascotte.
Company announcement, 20-Jan-2012
The vendor is Quinella International Incorporated, the owner of which is unnamed, but we can tell you it is Lynn Hsieh Cheng Lu, ex-wife of Lai Sun heir Peter Lam Kin Ngok. Quinella received the notes as part-payment for the sale of a polysilicon business to Mascotte.
Investigation report by Audit Investigation Board
Accounting & Financial Reporting Council, 17-Oct-2011
We deduce that this relates to the 2008 accounts of Willie (0273) on the acquisition on 8-Sep-2008 of a property-owning company from Mascotte (0136) for HK$112m satisfied by the issue of 800m shares at $0.14 each. The auditor was Mazars CPA Ltd.
Accounting & Financial Reporting Council, 17-Oct-2011
We deduce that this relates to the 2008 accounts of Willie (0273) on the acquisition on 8-Sep-2008 of a property-owning company from Mascotte (0136) for HK$112m satisfied by the issue of 800m shares at $0.14 each. The auditor was Mazars CPA Ltd.
Enquiry report by FRRC
Accounting & Financial Reporting Council, 17-Oct-2011
We deduce that this relates to the 2008 accounts of Willie (0273) on the acquisition on 8-Sep-2008 of a property-owning company from Mascotte (0136) for HK$112m satisfied by the issue of 800m shares at $0.14 each.
Accounting & Financial Reporting Council, 17-Oct-2011
We deduce that this relates to the 2008 accounts of Willie (0273) on the acquisition on 8-Sep-2008 of a property-owning company from Mascotte (0136) for HK$112m satisfied by the issue of 800m shares at $0.14 each.
Enerchina (0622) subscribes HK$200m in shares of Mascotte (0136)
Company announcement, 6-Jul-2011
Another deal in the Chung Nam Network, following Enerchina's earlier investments of HK$300m in Cordoba homes and HK$200m in Hennabun.
Company announcement, 6-Jul-2011
Another deal in the Chung Nam Network, following Enerchina's earlier investments of HK$300m in Cordoba homes and HK$200m in Hennabun.
Mascotte (0136) buys 25/F of China United Centre for HK$75m
Company announcement, 30-Jun-2011
The vendor is Sinoace Limited (HK), the owners of which are not disclosed. Other companies in the Chung Nam Network own several floors of the building, but not this floor, as far as we know.
Company announcement, 30-Jun-2011
The vendor is Sinoace Limited (HK), the owners of which are not disclosed. Other companies in the Chung Nam Network own several floors of the building, but not this floor, as far as we know.
Mr Lam Suk Ping moves from Mascotte (0136) to Dragonite (0329)
Company announcement, 1-Jun-2011
Both are members of what we call the "Chung Nam Network".
Company announcement, 1-Jun-2011
Both are members of what we call the "Chung Nam Network".
Mascotte (136) exhausts share 10% option limit in one go
Company announcement, 26-Nov-2010
That's the second time in 9 months - see the announcement of 3-Mar-2010.
Company announcement, 26-Nov-2010
That's the second time in 9 months - see the announcement of 3-Mar-2010.
Censure and/or criticism of 5 directors of Mascotte
SEHK, 4-Aug-2010
For failing to disclose promptly the humungous losses on investments which, we note, were made after the company became a member of what we call the "Chung Nam Network".
SEHK, 4-Aug-2010
For failing to disclose promptly the humungous losses on investments which, we note, were made after the company became a member of what we call the "Chung Nam Network".
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).
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) buys forestry interests from Mascotte (0136) for $79.2m in shares
| Mascotte 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".
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.
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.
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)
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)
Willie sells rest of Mascotte convertible bond to Heritage for HK$45m
| Heritage announcement
Company announcement, 17-Aug-2009
Company announcement, 17-Aug-2009
Willie sells interest in Yunnan forestry project to Mascotte for convertible notes
| Mascotte announcement
Company announcement, 13-May-2009
Company announcement, 13-May-2009
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
Willie buys Guangzhou property from Mascotte for shares
| Mascotte announcement
Company announcement, 9-Sep-2008
Company announcement, 9-Sep-2008
Deputy Chairman & Managing Director Wilson Chung resigns, declared bankrupt
Company announcement, 24-Jul-2008
Company announcement, 24-Jul-2008
Mascotte buys Guangzhou property from Chairperson Maria Olimpia Chan Oi Ling
Company announcement, 12-Jun-2006
Company announcement, 12-Jun-2006
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