Arta TechFin Corporation Limited 裕承科金有限公司
Disciplinary action against 4 ex-directors of Arta TechFin (0279)
SEHK, 4-May-2023
The money-lending business via Hansom Finance Ltd was "seriously mismanaged" with loans of HK$2.28bn in 9 months from Jul-2017 to Apr-2018, of which 93% were disbursed to third-party nominees (sometimes, the same nominee) and $1.9bn went sour. We wonder why the police are not involved.
SEHK, 4-May-2023
The money-lending business via Hansom Finance Ltd was "seriously mismanaged" with loans of HK$2.28bn in 9 months from Jul-2017 to Apr-2018, of which 93% were disbursed to third-party nominees (sometimes, the same nominee) and $1.9bn went sour. We wonder why the police are not involved.
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.
SFC v Quincy Hui Kwong Hei & others
HK Court of First Instance, 11-Mar-2022
The court grants Mr Hui's application to amend his defence, adding a claim that even if he has been in breach of his duty (which is denied), the Articles of the company indemnify him under Cayman law.
HK Court of First Instance, 11-Mar-2022
The court grants Mr Hui's application to amend his defence, adding a claim that even if he has been in breach of his duty (which is denied), the Articles of the company indemnify him under Cayman law.
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.
SFC suspends Mr Cheung Man Chit, ex-Emperor, for 2 years
| Statement of Disciplinary Action
SFC, 30-Aug-2021
After Emperor Securities/ Futures, he moved on to Freeman Securities/ Commodities in 2017 and left them on 7-Jun-2021.
SFC, 30-Aug-2021
After Emperor Securities/ Futures, he moved on to Freeman Securities/ Commodities in 2017 and left them on 7-Jun-2021.
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".
Hansom Finance Ltd v Lai Leong
HK Court of First Instance, 19-Feb-2021
Mr Lai is ordered to repay an outstanding loan of HK$32.7m plus interest.
HK Court of First Instance, 19-Feb-2021
Mr Lai is ordered to repay an outstanding loan of HK$32.7m plus interest.
Freeman FinTech (0279): sanction of Scheme of Arrangement with unsecured creditors
HK Court of First Instance, 2-Feb-2021
HK Court of First Instance, 2-Feb-2021
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.
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.
Hansom Finance Ltd v Chen Jiarong
HK Court of First Instance, 30-Dec-2020
Hansom, a subsidiary of Freeman FinTech (0279), has already assigned the debt to someone else: Emperor Jade Group Limited (whoever that is). Accordingly, it has no standing against Mr Cheng and cannot have summary judgment.
HK Court of First Instance, 30-Dec-2020
Hansom, a subsidiary of Freeman FinTech (0279), has already assigned the debt to someone else: Emperor Jade Group Limited (whoever that is). Accordingly, it has no standing against Mr Cheng and cannot have summary judgment.
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%.
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%.
Celebrate (8212) interim results for 31-Dec-2019
Company announcement, 13-Feb-2020
This reveals that on 2 and 3-Jul-2019, days after its year-end, Celebrate subscribed 30 shares (0.30%) of Freeman Opto Money Lending Corp Ltd @$50k for $1.5m and 1000 shares (9.09%) of Longtop Enterprises Ltd @$1500 for $1.5m. Both are money-lenders. By the end of 2019, the former investment was impaired to just $76k. The rest of FOML is owned by Freeman (0279) and the rest of Longtop is owned by Imagi (0585).
Company announcement, 13-Feb-2020
This reveals that on 2 and 3-Jul-2019, days after its year-end, Celebrate subscribed 30 shares (0.30%) of Freeman Opto Money Lending Corp Ltd @$50k for $1.5m and 1000 shares (9.09%) of Longtop Enterprises Ltd @$1500 for $1.5m. Both are money-lenders. By the end of 2019, the former investment was impaired to just $76k. The rest of FOML is owned by Freeman (0279) and the rest of Longtop is owned by Imagi (0585).
CEGFL (0379) - additional disclosure on Simagi Finance Co Ltd ownership and directors
Company announcement, 23-Jan-2020
CEGFL also gets a seat on the board of Simagi.
Company announcement, 23-Jan-2020
CEGFL also gets a seat on the board of Simagi.
Celebrate (8212) belated annual results for 30-Jun-2019
| Annual report
Company announcement, 29-Nov-2019
Revealing that, under threat of delisting, on 25-Jun-2019 it completed a subscription of 300,000 shares (0.30%) of Simagi Finance Co Ltd @HK$5 for $1.5m, and the next day completed a subscription of 3,000 shares of Era Bright Ltd (23.08%) @HK$500 for $1.5m. Both are money-lenders. We can add that China Touyun Tech (1332) and Rentian Tech (0885) own 13m and 10m shares (13.09% and 10.07%) of Simagi, which they subscribed in 2018 for $65m and $50m respectively. 70.83% is owned by Jocasta Ventures Ltd, which is 36.17% owned by Freeman (0279). The rest of Era Bright is owned by China Touyun Tech.
Company announcement, 29-Nov-2019
Revealing that, under threat of delisting, on 25-Jun-2019 it completed a subscription of 300,000 shares (0.30%) of Simagi Finance Co Ltd @HK$5 for $1.5m, and the next day completed a subscription of 3,000 shares of Era Bright Ltd (23.08%) @HK$500 for $1.5m. Both are money-lenders. We can add that China Touyun Tech (1332) and Rentian Tech (0885) own 13m and 10m shares (13.09% and 10.07%) of Simagi, which they subscribed in 2018 for $65m and $50m respectively. 70.83% is owned by Jocasta Ventures Ltd, which is 36.17% owned by Freeman (0279). The rest of Era Bright is owned by China Touyun Tech.
HEC Finance 03 Ltd v Chen Jiarong & another
HK Court of First Instance, 15-Nov-2019
Mr Chen, former Chairman of KK Culture (0550) is being pursued for a debt of HK$337m which was secured on 1.3bn shares of Freeman (0279), a member of what we call the "Chung Nam Network", as is the lender.
HK Court of First Instance, 15-Nov-2019
Mr Chen, former Chairman of KK Culture (0550) is being pursued for a debt of HK$337m which was secured on 1.3bn shares of Freeman (0279), a member of what we call the "Chung Nam Network", as is the lender.
Rentian (0885) annual report 2018
| CTT (1332) annual report
Company filing, 30-Apr-2019
This reveals in note 18 that in Aug-2018, Rentian subscribed HK$175m for 2.11% of Satinu Resources Group Ltd (we estimate 21.875m shares @$8) and $50m for 11.63% of Simagi Finance Co Ltd (10m shares @$5), both by issuing promissory notes. Subsequently another issue diluted It to 10.10%. We can add that at year-end, Simagi is held 88.37% by Jacosta Ventures Ltd, which is 36.17% owned by Freeman (0279), and 13.13% by China Touyun Tech (1332) which subscribed 13m shares for $65m.
Company filing, 30-Apr-2019
This reveals in note 18 that in Aug-2018, Rentian subscribed HK$175m for 2.11% of Satinu Resources Group Ltd (we estimate 21.875m shares @$8) and $50m for 11.63% of Simagi Finance Co Ltd (10m shares @$5), both by issuing promissory notes. Subsequently another issue diluted It to 10.10%. We can add that at year-end, Simagi is held 88.37% by Jacosta Ventures Ltd, which is 36.17% owned by Freeman (0279), and 13.13% by China Touyun Tech (1332) which subscribed 13m shares for $65m.
Freeman (0279) results for 6 months to 30-Sep-2018
| Interim report
Company announcement, 29-Nov-2018
This reveals that in Apr-2018, Freeman acquired 36.17% of Imagination Holding Ltd for $144.5m. In the same month on 23-Apr, Imagi (0585) completed the sale of 50% for $150m to Bob May Inc. (owned by Ms Betty Long Wei), which owned the other half. It appears from the net assets of the associates that Freeman acquired its stake by subscribing 1.7m new shares of Imagination @$85. Next, in Jul-2018, Imagination distributed its 100% subsidiary Jocasta Ventures Ltd, to its shareholders. Jocasta has a money-lending partial subsidiary, Simagi Finance Co Ltd, which has been issuing shares to other members of what we call the "Chung Nam Network".
Company announcement, 29-Nov-2018
This reveals that in Apr-2018, Freeman acquired 36.17% of Imagination Holding Ltd for $144.5m. In the same month on 23-Apr, Imagi (0585) completed the sale of 50% for $150m to Bob May Inc. (owned by Ms Betty Long Wei), which owned the other half. It appears from the net assets of the associates that Freeman acquired its stake by subscribing 1.7m new shares of Imagination @$85. Next, in Jul-2018, Imagination distributed its 100% subsidiary Jocasta Ventures Ltd, to its shareholders. Jocasta has a money-lending partial subsidiary, Simagi Finance Co Ltd, which has been issuing shares to other members of what we call the "Chung Nam Network".
The Huarong-CMB network: 26 stocks not to own
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)
Freeman (0279) renegotiates US$99m convertible held by 51% subsidiary of China Huarong (2799)
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
Huarong and the Chung Nam Network
Webb-site can reveal another SFC investigation underway involving dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another connection between China Huarong (2799) and what we call the "Chung Nam Network". The more we scrutinise Huarong, the worse it looks. Will the State end up bailing out the bailer? (3-Oct-2018)
Webb-site can reveal another SFC investigation underway involving dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another connection between China Huarong (2799) and what we call the "Chung Nam Network". The more we scrutinise Huarong, the worse it looks. Will the State end up bailing out the bailer? (3-Oct-2018)
Freeman (0279) renegotiates convertible bond held by Huarong Inv (2277)
| Huarong Inv announcement
Company announcement, 28-Sep-2018
The share price having boomed and then bust since the CB was issued, they have agreed to slash the conversion price from $0.425 to $0.065 and boost the coupon from 4% to 7%. As a result, Huarong Inv could end up with 29.63% of Freeman, which also has outstanding US$99m of convertible bonds held by Huarong Macau, a fellow subsidiary of China Huarong Asset Management (2799), also convertible at $0.425.
Company announcement, 28-Sep-2018
The share price having boomed and then bust since the CB was issued, they have agreed to slash the conversion price from $0.425 to $0.065 and boost the coupon from 4% to 7%. As a result, Huarong Inv could end up with 29.63% of Freeman, which also has outstanding US$99m of convertible bonds held by Huarong Macau, a fellow subsidiary of China Huarong Asset Management (2799), also convertible at $0.425.
Freeman (0279) buys 63.66m shares (7.95%) of Pak Wing (8316) on 7-Jun-2018
| CCASS changes
Disclosure of interest, 11-Jun-2018
The price of $1.25 per share is 2.5x the $0.50 at which Pak Wing's Chairman, Zhang Weijie, placed 74.52m shares via Freeman on 13-Jul-2017 which went to Win Wind Securities. After some market sales, we can see 63.66m shares remaining in WW by 3-Oct-2017, after which blocks moved from WW to Satinu Markets (and 7.452m out of CCASS) until Freeman picked them all up in this purchase. All of WW, Satinu and Freeman are in what we call the "Chung Nam Network". The foundation subcontractor had net tangible assets of just $0.002 per share at 30-Sep-2017.
Disclosure of interest, 11-Jun-2018
The price of $1.25 per share is 2.5x the $0.50 at which Pak Wing's Chairman, Zhang Weijie, placed 74.52m shares via Freeman on 13-Jul-2017 which went to Win Wind Securities. After some market sales, we can see 63.66m shares remaining in WW by 3-Oct-2017, after which blocks moved from WW to Satinu Markets (and 7.452m out of CCASS) until Freeman picked them all up in this purchase. All of WW, Satinu and Freeman are in what we call the "Chung Nam Network". The foundation subcontractor had net tangible assets of just $0.002 per share at 30-Sep-2017.
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.
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.
SFC v Roger Thomas Best & others
HK Court of First Instance, 13-Apr-2018
Mr Best fails in his attempt to vary the costs order on his failed application for striking out the SFC's petition against him.
HK Court of First Instance, 13-Apr-2018
Mr Best fails in his attempt to vary the costs order on his failed application for striking out the SFC's petition against him.
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.
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.
SFC v Roger Thomas Best & others
HK Court of First Instance, 10-Nov-2017
Mr Best fails in his attempt to have the SFC's petition against him struck out.
HK Court of First Instance, 10-Nov-2017
Mr Best fails in his attempt to have the SFC's petition against him struck out.
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 28-Aug-2017
The person funding Allied Weli's appeal is revealed as one Lee Kuo Juy. That person is also a substantial shareholder of Inno-Tech (8202).
HK Court of Appeal, 28-Aug-2017
The person funding Allied Weli's appeal is revealed as one Lee Kuo Juy. That person is also a substantial shareholder of Inno-Tech (8202).
Freeman (0279) issues HK$437m convertible bond to Huarong Investment (2277)
| Huarong announcement
Company announcement, 24-Aug-2017
The bonds are secured on a 15% stake in Shenyang Securities Co Ltd (PRC). Huarong Investment is a subsidiary of China Huarong (2799). 2 months ago, China Huarong Macau, an unlisted fellow 51% subsidiary, subscribed US$100m for convertible bonds of Freeman.
Company announcement, 24-Aug-2017
The bonds are secured on a 15% stake in Shenyang Securities Co Ltd (PRC). Huarong Investment is a subsidiary of China Huarong (2799). 2 months ago, China Huarong Macau, an unlisted fellow 51% subsidiary, subscribed US$100m for convertible bonds of Freeman.
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 18-Jul-2017
"there is evidence which suggests dissipation of the assets of the Company". The appeal against the winding-up order is rejected and the person funding Allied Weli's appeal is ordered to be identified for a costs order against him.
HK Court of Appeal, 18-Jul-2017
"there is evidence which suggests dissipation of the assets of the Company". The appeal against the winding-up order is rejected and the person funding Allied Weli's appeal is ordered to be identified for a costs order against him.
Pak Wing (8316): restoration of public float
| CCASS movements
Company announcement, 13-Jul-2017
After the purchase of 600m shares (75%) at $0.50 by 27 year-old Mr Zhang Weijie and a general offer via Freeman Securities, he held 84.32%. He has now placed the 74.52m excess shares (9.32%), again via Freeman, at the same $0.50 price, a deep discount to the market price of $1.45. Our CCASS analysis shows the shares moving to the custody of Win Wind Securities Ltd. Both Freeman and Win Wind are in what we call the "Chung Nam Network". Freeman is a subsidiary of Freeman Fintech (0279) and Win Wind is a subsidiary of Enerchina (0622).
Company announcement, 13-Jul-2017
After the purchase of 600m shares (75%) at $0.50 by 27 year-old Mr Zhang Weijie and a general offer via Freeman Securities, he held 84.32%. He has now placed the 74.52m excess shares (9.32%), again via Freeman, at the same $0.50 price, a deep discount to the market price of $1.45. Our CCASS analysis shows the shares moving to the custody of Win Wind Securities Ltd. Both Freeman and Win Wind are in what we call the "Chung Nam Network". Freeman is a subsidiary of Freeman Fintech (0279) and Win Wind is a subsidiary of Enerchina (0622).
Freeman (0279) issues US$100m CB to Macau arm of China Huarong (2799)
Company announcement, 6-Jun-2017
The subscriber is a 100% subsidiary of China Huarong (Macau) International Co Ltd, which is 51% owned by China Huarong (2799).
Company announcement, 6-Jun-2017
The subscriber is a 100% subsidiary of China Huarong (Macau) International Co Ltd, which is 51% owned by China Huarong (2799).
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.
SEHK says Freeman (0279) Chairman Zhang Yongdong should not be a director
| CSRC decision
Company announcement, 20-Dec-2016
He was appointed as Non-executive Chairman on 18-Jul-2016. On 21-Sep-2015, the CSRC fined him for involvement in "certain actions of manipulating securities markets in 2012".
Company announcement, 20-Dec-2016
He was appointed as Non-executive Chairman on 18-Jul-2016. On 21-Sep-2015, the CSRC fined him for involvement in "certain actions of manipulating securities markets in 2012".
SFC seeks compensation and disqualification orders against Freeman (0279) directors
SFC, 7-Oct-2016
At last, a bit of action on part of what we call the "Chung Nam Network". The SFC is pursuing 4 current and 8 former directors.
SFC, 7-Oct-2016
At last, a bit of action on part of what we call the "Chung Nam Network". The SFC is pursuing 4 current and 8 former directors.
Breaking: SFC petitions against directors of Freeman (0279)
Company announcement, 7-Oct-2016
The petition, not yet published, seeks disqualification and compensation orders against 4 respondents relating to the aborted investment in Liu's holdings in 2010/11, which caused a loss to Freeman of HK$76.8m. At the time, Quincy Hui Kwong Hei and Lo Kan Sun were Managing Directors, Sue Au Shuk Yee was Executive Director and Agustin V Que was an INED of Freeman.
Company announcement, 7-Oct-2016
The petition, not yet published, seeks disqualification and compensation orders against 4 respondents relating to the aborted investment in Liu's holdings in 2010/11, which caused a loss to Freeman of HK$76.8m. At the time, Quincy Hui Kwong Hei and Lo Kan Sun were Managing Directors, Sue Au Shuk Yee was Executive Director and Agustin V Que was an INED of Freeman.
Celebrate (8212) coughs up investment details at 30-Jun-2016.
Company announcement, 3-Oct-2016
This follows a Webb-site complaint on 23-Sep-2016.
Company announcement, 3-Oct-2016
This follows a Webb-site complaint on 23-Sep-2016.
Freeman (0279) to buy People Securities Co Ltd
Company announcement, 1-Sep-2016
You can never own too many brokers. Freeman also controls Freeman Securities Ltd.
Company announcement, 1-Sep-2016
You can never own too many brokers. Freeman also controls Freeman Securities Ltd.
Enerchina (0622) to buy Smart Jump Corp from Freeman (0279)
| Freeman announcement
Company announcement, 15-Aug-2016
Company announcement, 15-Aug-2016
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.
China Opto (1332) coughs up details of financial assets
Company announcement, 31-May-2016
Following a complaint by Webb-site to SEHK, China Opto reveals that at 31-Dec-2015, it held 4.88% of Freeman Financial (0279) and other holdings in what we call the "Chung Nam Network".
Company announcement, 31-May-2016
Following a complaint by Webb-site to SEHK, China Opto reveals that at 31-Dec-2015, it held 4.88% of Freeman Financial (0279) and other holdings in what we call the "Chung Nam Network".
China Optoelectronics (1332) does money-lending JV with Freeman (0279)
Company announcement, 30-Dec-2015
As the HK$300m joint venture will be 50:50, it will not be a subsidiary of either company, and therefore any loans it makes will be beyond the scope of the connected transaction rules. Another deal in what we call the "Chung Nam Network". There is no announcement by Freeman.
Company announcement, 30-Dec-2015
As the HK$300m joint venture will be 50:50, it will not be a subsidiary of either company, and therefore any loans it makes will be beyond the scope of the connected transaction rules. Another deal in what we call the "Chung Nam Network". There is no announcement by Freeman.
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.
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".
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)
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.
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.
China Optoelectronics (1332) subscribes HK$80.03m for 3.45% of Freewill Holdings Ltd
Company announcement, 17-Jul-2015
Note: although the deal was stated to be subject to a due diligence investigation "to be carried out", this investigation was apparently completed within 1 hour and 12 minutes after the 22:48 announcement, because the subsequent interim report states that the transaction completed the same day. Freewill is a hub invested by 4 other listed companies in what we call the "Chung Nam Network".
Company announcement, 17-Jul-2015
Note: although the deal was stated to be subject to a due diligence investigation "to be carried out", this investigation was apparently completed within 1 hour and 12 minutes after the 22:48 announcement, because the subsequent interim report states that the transaction completed the same day. Freewill is a hub invested by 4 other listed companies in what we call the "Chung Nam Network".
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.
Mission Capital (1141) subscribes HK$440m for shares in Freewill Holdings Ltd
| Freeman announcement
Company announcement, 2-Jul-2015
This gives MC 23.05% of FHL, while Willie (0273) will own 26.70% and Freeman Financial (0279) will own 50.25%. However, on the same day, Freeman announced that FHL has also agreed to issue shares to Enerchina (0622) so if both deals complete then MC will be diluted to 20.77%. All are in the "Chung Nam Network".
Company announcement, 2-Jul-2015
This gives MC 23.05% of FHL, while Willie (0273) will own 26.70% and Freeman Financial (0279) will own 50.25%. However, on the same day, Freeman announced that FHL has also agreed to issue shares to Enerchina (0622) so if both deals complete then MC will be diluted to 20.77%. All are in the "Chung Nam Network".
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).
China Jinhai (0139) lends HK$100m to Freeman Corp Ltd
Company announcement, 10-Apr-2015
Both companies are in the "Chung Nam Network".
Company announcement, 10-Apr-2015
Both companies are in the "Chung Nam Network".
Mission Capital (1141) lends HK$120m to Freeman Securities Ltd
Company announcement, 4-Mar-2015
Freeman Securities is 100% owned by Freeman Corp, which is majority-owned by Freeman Financial (0279) which owns 8.42% of Mission Capital. Both are in what we call the "Chung Nam Network".
Company announcement, 4-Mar-2015
Freeman Securities is 100% owned by Freeman Corp, which is majority-owned by Freeman Financial (0279) which owns 8.42% of Mission Capital. Both are in what we call the "Chung Nam Network".
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)
Rising Development (1004): Chairman sells 147.896m shares at $0.533?
| Correction announcement
Company announcement, 17-Dec-2014
Comment: that's 9.95% of the company, at a 91% discount to yesterday's closing price of $5.93. In our view, this stock is in a bubble. It will split 4:1 on 19-Dec-2014. At 26-Sep-2014 it was 6.27% owned by Freeman Corp Ltd, a partial subsidiary of Freeman Financial (0279). Yesterday's price values the holding at $553m. Update: we see that 147.9m shares have crossed the exchange at $5.33, not $0.533, and the stock was suspended at 13:02.
Company announcement, 17-Dec-2014
Comment: that's 9.95% of the company, at a 91% discount to yesterday's closing price of $5.93. In our view, this stock is in a bubble. It will split 4:1 on 19-Dec-2014. At 26-Sep-2014 it was 6.27% owned by Freeman Corp Ltd, a partial subsidiary of Freeman Financial (0279). Yesterday's price values the holding at $553m. Update: we see that 147.9m shares have crossed the exchange at $5.33, not $0.533, and the stock was suspended at 13:02.
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.
Forefront (0885) pumps HK$247.5m into Freeman Corp Ltd for 7.16% stake
| Freeman announcement
Company announcement, 27-Oct-2014
Another deal in what we call the "Chung Nam Network". The other shareholders of Freeman Corp Ltd are Freeman Financial (0279), Willie (0273), iCube (0139) and Dragonite (0329).
Company announcement, 27-Oct-2014
Another deal in what we call the "Chung Nam Network". The other shareholders of Freeman Corp Ltd are Freeman Financial (0279), Willie (0273), iCube (0139) and Dragonite (0329).
Enterprise Development (1808) to issue shares to Smart Jump Corp
Company announcement, 21-Oct-2014
The subscriber is wholly-owned by Freeman Corp Ltd, which is majority-owned by Freeman Financial Corp Ltd (0279). All part of what we call the "Chung Nam Network".
Company announcement, 21-Oct-2014
The subscriber is wholly-owned by Freeman Corp Ltd, which is majority-owned by Freeman Financial Corp Ltd (0279). All part of what we call the "Chung Nam Network".
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.
Dragonite (0329) subscribes 4.7% of Freeman Corp Ltd for HK$156.75m
| Dragonite announcement
Company announcement, 26-Sep-2014
Another deal in the Chung Nam Network. This follows Dragonite's subscription 10 days ago for 2.52% of HEC Capital Ltd for HK$137.5m. The other shareholders of Freeman Corp Ltd include Freeman Financial (0279), iCube (0139) and Willie (0273).
Company announcement, 26-Sep-2014
Another deal in the Chung Nam Network. This follows Dragonite's subscription 10 days ago for 2.52% of HEC Capital Ltd for HK$137.5m. The other shareholders of Freeman Corp Ltd include Freeman Financial (0279), iCube (0139) and Willie (0273).
iCube (0139) subscribes 2.78% of Freeman Corp Ltd for HK$88m and 1.56% of HEC Capital Ltd for HK$102m
Company announcement, 21-Sep-2014
In a follow-up to the Freeman Financial (0279) announcement on Friday, it emerges that iCube has also subscribed for 1.56% of unlisted HEC Capital Ltd. All of these are in what we call the "Chung Nam Network". So that is a total network investment of $190m.
Company announcement, 21-Sep-2014
In a follow-up to the Freeman Financial (0279) announcement on Friday, it emerges that iCube has also subscribed for 1.56% of unlisted HEC Capital Ltd. All of these are in what we call the "Chung Nam Network". So that is a total network investment of $190m.
iCube (0139) subscribes 2.8% of Freeman Corp Ltd for HK$88m promissory note
Company announcement, 19-Sep-2014
As a result, the unlisted Freeman Corp Ltd will be 69.7% owned by Freeman Financial (0279), 27.5% owned by Willie (0273) and 2.8% owned by iCube (0139). Freeman Financial owns 5.8% of iCube. All are in what we call the "Chung Nam Network".
Company announcement, 19-Sep-2014
As a result, the unlisted Freeman Corp Ltd will be 69.7% owned by Freeman Financial (0279), 27.5% owned by Willie (0273) and 2.8% owned by iCube (0139). Freeman Financial owns 5.8% of iCube. All are in what we call the "Chung Nam Network".
Freeman (0279) proposes a bonus issue, calls it a dividend
Company announcement, 17-Jul-2014
What a sham: the board purports to recognise "the continued support of the Shareholders" by sending them all another piece of paper, in effect splitting the stock 2 for 1, which the board believes "could be an effective means to help narrow the valuation gap". Only a replacement of the board could achieve that. The stock has lost over 98% of its value in 5 years on a total return basis.
Company announcement, 17-Jul-2014
What a sham: the board purports to recognise "the continued support of the Shareholders" by sending them all another piece of paper, in effect splitting the stock 2 for 1, which the board believes "could be an effective means to help narrow the valuation gap". Only a replacement of the board could achieve that. The stock has lost over 98% of its value in 5 years on a total return basis.
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".
Freeman (0279) and Willie (0273) to pool their interests in HEC Capital Ltd
| Willie announcement
Company announcement, 20-Jun-2014
Freeman owns 4.97% of Willie, just under the disclosure threshold, and Willie owns 6.81% of Freeman.
Company announcement, 20-Jun-2014
Freeman owns 4.97% of Willie, just under the disclosure threshold, and Willie owns 6.81% of Freeman.
Freeman (0279) buys commodities broker from HEC Capital Ltd
Company announcement, 9-Jun-2014
HEC Capital Ltd is currently 19.54% owned by Freeman.
Company announcement, 9-Jun-2014
HEC Capital Ltd is currently 19.54% owned by Freeman.
Willie (0273) to subscribe HK$879m for 28.3% of a subsidiary of Freeman (0279)
| Freeman announcement
Company announcement, 9-May-2014
Willie currently owns 6.81% of Freeman, which owns 4.97% of Willie. Both are in what we call the "Chung Nam Network".
Company announcement, 9-May-2014
Willie currently owns 6.81% of Freeman, which owns 4.97% of Willie. Both are in what we call the "Chung Nam Network".
Freeman (0279) blows 10% option mandate
| Allotment notice
Company announcement, 16-Apr-2013
The 10-year options were granted on 16-Apr-2013 and all exercised on the same day, with an allotment notice issued less than 4 hours later.
Company announcement, 16-Apr-2013
The 10-year options were granted on 16-Apr-2013 and all exercised on the same day, with an allotment notice issued less than 4 hours later.
Freeman (0279) subsidiary Harvest Financial Services intends to commence financial planning services shortly
Company announcement, 7-Mar-2012
That's if they can get any customers. Thanks for the warning!
Company announcement, 7-Mar-2012
That's if they can get any customers. Thanks for the warning!
Willie (0273) and Freeman (0279) swap share issues
| Freeman announcement
Company announcement, 3-Oct-2011
Willie gets 16.67% of Freeman in exchange for 19.05% of Willie, both as enlarged. Together with existing holdings, Freeman ends up with 22.91% of Willie which ends up with 18.59% of Freeman. Both companies are in what we call the "Chung Nam Network".
Company announcement, 3-Oct-2011
Willie gets 16.67% of Freeman in exchange for 19.05% of Willie, both as enlarged. Together with existing holdings, Freeman ends up with 22.91% of Willie which ends up with 18.59% of Freeman. Both companies are in what we call the "Chung Nam Network".
Freeman (0279): Market Misconduct Tribunal enquiry against INED
Company announcement, 24-Aug-2011
This is something that Webb-site pointed out on 14-Aug-2011. Freeman has now granted Mr Yau "administrative leave of absence" until the outcome of the proceedings is known.
Company announcement, 24-Aug-2011
This is something that Webb-site pointed out on 14-Aug-2011. Freeman has now granted Mr Yau "administrative leave of absence" until the outcome of the proceedings is known.
Freeman (0279) buys Freeman Securities Ltd from Ng Chor Yam for HK$50m
Company announcement, 19-Jul-2011
Company announcement, 19-Jul-2011
Andrew Liu Yiu Sing agrees to subscribe HK$11.84m for 16.67% of Willie (0273)
Company announcement, 19-May-2011
Company announcement, 19-May-2011
Freeman (0279) reverses purchase of stake in Liu's holdings, takes loss of HK$76.8m
| Circular
Company announcement, 18-May-2011
Unable to obtain legal title to the shares in Liu's holdings which Freeman has already paid for, it sells the beneficial interest back to the parents of Andrew Liu, it's Chairman and substantial shareholder, and they benefit by the same amount, HK$76.8m.
Company announcement, 18-May-2011
Unable to obtain legal title to the shares in Liu's holdings which Freeman has already paid for, it sells the beneficial interest back to the parents of Andrew Liu, it's Chairman and substantial shareholder, and they benefit by the same amount, HK$76.8m.
Freeman (0279) sinks another HK$250m into Hennabun
Company announcement, 18-May-2011
This will be offset by a loan of $250m which Freeman made under an agreement dated 1-Nov-2010. The previous subscription of Hennabun shares on 3-Mar-2011 was also offset against the same amount of outstanding loan, but it is a revolving loan facility, so every time it is offset, they can draw it back down again.
Company announcement, 18-May-2011
This will be offset by a loan of $250m which Freeman made under an agreement dated 1-Nov-2010. The previous subscription of Hennabun shares on 3-Mar-2011 was also offset against the same amount of outstanding loan, but it is a revolving loan facility, so every time it is offset, they can draw it back down again.
Freeman (0279) sells property in China United Centre to Cordoba Homes for 200m shares
Company announcement, 13-Apr-2011
Company announcement, 13-Apr-2011
Freeman (0279) agrees to buy 23.43% of Liu's holdings from Andrew Liu's parents
| Circular
Company announcement, 10-Dec-2010
But Mr & Mrs Liu will continue to hold the shares "on trust" for Freeman unless and until they can execute the share transfer under the terms of a deed between the shareholders of Liu Holdings and its M&A.
Company announcement, 10-Dec-2010
But Mr & Mrs Liu will continue to hold the shares "on trust" for Freeman unless and until they can execute the share transfer under the terms of a deed between the shareholders of Liu Holdings and its M&A.
Freeman (0279) subsidiary Hennabun issues HK$200m in shares to Enerchina (0662)
Company announcement, 4-Nov-2010
Freeman also lends $500m to Hennabun from 1-Nov-2010, to be reduced to $250m by 31-Dec-2010. Freeman notes that a Director with 0.08% of Freeman owns about 1.1% of Hennabun. The only such director is Sue Au Shuk Yee.
Company announcement, 4-Nov-2010
Freeman also lends $500m to Hennabun from 1-Nov-2010, to be reduced to $250m by 31-Dec-2010. Freeman notes that a Director with 0.08% of Freeman owns about 1.1% of Hennabun. The only such director is Sue Au Shuk Yee.
Enerchina (622) sinks HK$200m into Hennabun, subsidiary of Freeman (0279)
Company announcement, 1-Nov-2010
Hennabun, the core of the Chung Nam network, has been loss-making for the last 7 years, totalling losses of $1,112m.
Company announcement, 1-Nov-2010
Hennabun, the core of the Chung Nam network, has been loss-making for the last 7 years, totalling losses of $1,112m.
Radford (0901), Unity (0913) subscribe CBs in Freeman (0279)
Company announcement, 12-Oct-2010
Dealing disclosures show that they each subscribed for HK$30m of the "Firm Bonds", which carry the right to subscribe the same amount again upon conversion. The announcement reveals that Freeman currently owns 4.34% of Radford. Andrew Liu subscribed $155m of the Firm Bonds and acquired another $15m of them from Henry Chuang on 11-Oct-2010. The other subscribers were Benny Kwong Kai Sing (Chairman of Heritage), Peter Lam How Mun (MD of CC Land), Andrew Lam Ping Cheung, and Koji Shimazaki (ED of Radford) ($10m each) and Angela Ching Yuen Man (ED of Dragonite) ($5m).
Company announcement, 12-Oct-2010
Dealing disclosures show that they each subscribed for HK$30m of the "Firm Bonds", which carry the right to subscribe the same amount again upon conversion. The announcement reveals that Freeman currently owns 4.34% of Radford. Andrew Liu subscribed $155m of the Firm Bonds and acquired another $15m of them from Henry Chuang on 11-Oct-2010. The other subscribers were Benny Kwong Kai Sing (Chairman of Heritage), Peter Lam How Mun (MD of CC Land), Andrew Lam Ping Cheung, and Koji Shimazaki (ED of Radford) ($10m each) and Angela Ching Yuen Man (ED of Dragonite) ($5m).
Andrew Liu subscribes 16.67% of Freeman (0279) for HK$27.3m..
| Disposal filing
Company announcement, 9-Aug-2010
...and agrees to procure subscribers for $275m of convertible bonds, carrying rights to replacement convertible bonds. Of the 99,125,239 shares he subscribed at $0.275, he sold all except 300,000 on 4-Oct-2010 at an average of $0.338.
Company announcement, 9-Aug-2010
...and agrees to procure subscribers for $275m of convertible bonds, carrying rights to replacement convertible bonds. Of the 99,125,239 shares he subscribed at $0.275, he sold all except 300,000 on 4-Oct-2010 at an average of $0.338.
Willie (0273) lends HK$50m to subsidiary of Hennabun Capital
Company announcement, 22-Jun-2010
The announcement discloses that Hennabun is 41.12% owned by Eugene Chuang, the brother of Willie's chairman. The last time we heard, Hennabun was also a subsidiary of Freeman (0279).
Company announcement, 22-Jun-2010
The announcement discloses that Hennabun is 41.12% owned by Eugene Chuang, the brother of Willie's chairman. The last time we heard, Hennabun was also a subsidiary of Freeman (0279).
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).
Code Agriculture and Nanjing Everyday
Take a RMB8m investment in a start-up TV channel, whip up some projections, sprinkle on a valuation from the ubiquitous BMI Appraisals, add a large pinch of salt according to taste, bake for 2 months and you have a RMB350m sale to Code Agriculture (8153). Too bad that the air then went out of this pudding. (25-May-2010)
Take a RMB8m investment in a start-up TV channel, whip up some projections, sprinkle on a valuation from the ubiquitous BMI Appraisals, add a large pinch of salt according to taste, bake for 2 months and you have a RMB350m sale to Code Agriculture (8153). Too bad that the air then went out of this pudding. (25-May-2010)
55.27% subsidiary of Willie (0273) buys 21/F China United Centre from Freeman (0279) for HK$52m
| Freeman announcement
Company announcement, 17-May-2010
Company announcement, 17-May-2010
Freeman grants options over 9.96% of co, which are exercised same day
| Allotment notice
Company announcement, 9-Apr-2010
We regard this as a placing in disguise.
Company announcement, 9-Apr-2010
We regard this as a placing in disguise.
Hennabun issues HK$301m 2-year 0% convertible note to Mr Zeng Yi
Company announcement, 9-Feb-2010
We know nothing about Mr Zeng Yi.
Company announcement, 9-Feb-2010
We know nothing about Mr Zeng Yi.
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)
Freeman completes purchase of Hennabun stake from Eugene Chuang Yue Chien
Company announcement, 30-Sep-2009
Company announcement, 30-Sep-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)
Freeman buys 79.46% of Hennabun from Eugene Chuang Yue Chien for HK$105.8m in convertible notes, and subscribes $250m to Hennabun
| Circular
Company announcement, 10-Dec-2008
Company announcement, 10-Dec-2008
Freeman accepts convertible bond from Radford in settlement of HK$25m loan
| Radford announcement
Company announcement, 26-Sep-2008
Company announcement, 26-Sep-2008
Forefront buys Leapfly Ltd from Z & Z International Ltd for HK$20m
Company announcement, 18-Oct-2007
The vendor is purportedly owned by Bonnie Chu See Ming, Au Yeung Kai Wah, and Kenneth Chan Chak Kai. Leapfly had earlier been acquired on 10-Apr-06 by Freeman from Willie for $7m. We don't know when Freeman sold and to whom.
Company announcement, 18-Oct-2007
The vendor is purportedly owned by Bonnie Chu See Ming, Au Yeung Kai Wah, and Kenneth Chan Chak Kai. Leapfly had earlier been acquired on 10-Apr-06 by Freeman from Willie for $7m. We don't know when Freeman sold and to whom.
Forefront agrees to buy Leapfly Ltd from Z & Z International Ltd for HK$39m, then aborts it
Company announcement, 1-Aug-2007
We note that Leapfly was purchased from Willie (0273) by Freeman (0279) on 10-Apr-2006 for HK$7m
Company announcement, 1-Aug-2007
We note that Leapfly was purchased from Willie (0273) by Freeman (0279) on 10-Apr-2006 for HK$7m
Freeman (0279) sells 48.96% stake in Hennabun to Eugene Chuang Yue Chien for HK$50m
Company announcement, 29-Jun-2007
On 6-Feb-2007, Freeman converted the HK$131m bond into 873.333m Hennabun shares at $0.15 each. By then, we infer a further 170m shares had been issued since the end of 2006, reducing Freeman's final stake from 53.73% to 48.96%. The effective price for the 937.133m Hennabun shares is $0.0534 per share.
Company announcement, 29-Jun-2007
On 6-Feb-2007, Freeman converted the HK$131m bond into 873.333m Hennabun shares at $0.15 each. By then, we infer a further 170m shares had been issued since the end of 2006, reducing Freeman's final stake from 53.73% to 48.96%. The effective price for the 937.133m Hennabun shares is $0.0534 per share.
Willie buys House A, Sunshine Villa from Hero City Trading Ltd for HK$88m
| Circular
Company announcement, 15-Jun-2007
Note: at the time of this transaction, Hero City was a subsidiary of Hennabun which was controlled by Freeman. On 21-Dec-05, Hennabun acquired Collier Assets Ltd, which owned the house via Apex Novel Ltd, for $49m, being $85m for the house less bank loan of $36m. Collier Assets was formerly owned by Karen Lo Ki Yan.
Company announcement, 15-Jun-2007
Note: at the time of this transaction, Hero City was a subsidiary of Hennabun which was controlled by Freeman. On 21-Dec-05, Hennabun acquired Collier Assets Ltd, which owned the house via Apex Novel Ltd, for $49m, being $85m for the house less bank loan of $36m. Collier Assets was formerly owned by Karen Lo Ki Yan.
Freeman (0279) buys Leapfly from Willie (0273) for HK$7m
Company filing, 31-Jul-2006
See note 36(1) of the accounts.
Company filing, 31-Jul-2006
See note 36(1) of the accounts.
Previously undisclosed pre-payment of RMB221.1m (HK$212.6m) by Freeman
Company announcement, 24-Jul-2006
Beach of Listing Rules 13.13 and Chapter 14, impairment of $84.6m and disposal for $128m to BVI co
Company announcement, 24-Jul-2006
Beach of Listing Rules 13.13 and Chapter 14, impairment of $84.6m and disposal for $128m to BVI co
Inner Mongolia Development (0279) buys 53.8m shares (6.18%) of Hennabun from Heritage (0412) for shares
Company announcement, 12-Jun-2006
The nominal price of HK$11m is $0.2045 per Hennabun share.
Company announcement, 12-Jun-2006
The nominal price of HK$11m is $0.2045 per Hennabun share.
Inner Mongolia (0279) circular on acquisition of Hennabun convertible note from Willie (0273)
| Willie circular
Company circular, 24-May-2006
Company circular, 24-May-2006
Inner Mongolia Development (0279) buys HK$131m Hennabun convertible note from Willie (0273) for HK$100m, and converts it into 50.07% of Hennabun
Company announcement, 3-May-2006
The 8% 10-year note issued on 21-Sep-2005 was convertible at $0.25 but has been adjusted to $0.15 after Hennabun issued shares to third parties. Hennabun is owned by 10 listed companies (including IMD and Willie), 1 "independent financial institution" and 2 "independent third parties".
Company announcement, 3-May-2006
The 8% 10-year note issued on 21-Sep-2005 was convertible at $0.25 but has been adjusted to $0.15 after Hennabun issued shares to third parties. Hennabun is owned by 10 listed companies (including IMD and Willie), 1 "independent financial institution" and 2 "independent third parties".
China United (0273) buys 37.5m shares (9.64%) of Hennabun Management Inc from Golden Resources (0677) for HK$72m in shares
Company announcement, 11-Mar-2004
Just prior to this deal, HMI is a hub owned by 10 listed companies, including 2 not seen in prior filings: Yugang (0613) has 20.56%, and China Investment Fund Co Ltd (0612) has acquired 2.5m shares (0.64%), probably from Golden Resources.
Company announcement, 11-Mar-2004
Just prior to this deal, HMI is a hub owned by 10 listed companies, including 2 not seen in prior filings: Yugang (0613) has 20.56%, and China Investment Fund Co Ltd (0612) has acquired 2.5m shares (0.64%), probably from Golden Resources.
China United (0273) circular on connected transaction
Company circular, 24-Dec-2003
In the last 3 weeks, subsidiary Hennabun Mangement Inc has issued shares to 2 more listed companies: Heritage (0412) and Sinolink Worldwide (1168), taking the total to 8 in the hub.
Company circular, 24-Dec-2003
In the last 3 weeks, subsidiary Hennabun Mangement Inc has issued shares to 2 more listed companies: Heritage (0412) and Sinolink Worldwide (1168), taking the total to 8 in the hub.
China United (0273) agrees to buy shares in Radford (0901) from Hennabun Management Inc
Company announcement, 2-Dec-2003
It incidentally discloses that another listed company, Beauforte Investors (0021) has subscribed for a 9.56% stake in HMI, so it is now owned by 6 listed companies.
Company announcement, 2-Dec-2003
It incidentally discloses that another listed company, Beauforte Investors (0021) has subscribed for a 9.56% stake in HMI, so it is now owned by 6 listed companies.
China United (0273) reprices subscription by Golden Resources (0677) into Hennabun Management Inc, after collapse of NAV
Company announcement, 7-Nov-2003
HMI held a 23.24% stake in Radford Capital (0901) which was a bubble stock that has now burst after the SFC intervened and found a concentration of ownership and a "very close relationship between the shareholders of [Radford] and its investments".
Company announcement, 7-Nov-2003
HMI held a 23.24% stake in Radford Capital (0901) which was a bubble stock that has now burst after the SFC intervened and found a concentration of ownership and a "very close relationship between the shareholders of [Radford] and its investments".
Golden Resources Development (0677) subscribes shares in Hennabun Management Inc, subsidary of China United (0273)
Company announcement, 15-Oct-2003
The other shareholders of HMI are China Sci-Tech (0985), Hansom Eastern (0279) and HK Pharmaceutical (0182), making this a 5-way hub.
Company announcement, 15-Oct-2003
The other shareholders of HMI are China Sci-Tech (0985), Hansom Eastern (0279) and HK Pharmaceutical (0182), making this a 5-way hub.
Karen Lo Ki Yan sells 50% of Mainland Talent Developments Ltd to its other shareholder, CindyYau Shum Tek, for HK$35m
Company announcement, 20-Dec-2002
MTD owns 726.918m shares (23.33%) of Hansom Eastern (0279) so the effective price is $0.0241 per Hansom share. On 20-Dec-2002, the stock closed at $0.033. The pair bought the controlling stake in Hansom from ITC Corp (0372) for HK$180m on 10-Nov-2000. There has since been a 2:1 rights issue at $0.10, costing MTD HK$48.5m.
Company announcement, 20-Dec-2002
MTD owns 726.918m shares (23.33%) of Hansom Eastern (0279) so the effective price is $0.0241 per Hansom share. On 20-Dec-2002, the stock closed at $0.033. The pair bought the controlling stake in Hansom from ITC Corp (0372) for HK$180m on 10-Nov-2000. There has since been a 2:1 rights issue at $0.10, costing MTD HK$48.5m.
China United to inject HK$75m into Hennabun Management Inc for 25m shares at HK$3/share
Company announcement, 16-May-2001
Another entity, Equity Spin Investments Ltd, has agreed to subscribe 10m shares, purportedly on the same date, at an unspecified price. Later a circular stated that Equity Spin signed up on 27-Mar-2001 and at the 67% higher price of HK$5 per share taking into account "different prevailing factors". There's no evidence of that, because the deal was not announced in March and had not completed by the time it was announced. It later emerged that Equity Spin is owned by Hansom Eastern (0279), the largest shareholder of which is jointly controlled by Karen Lo Ki Yan and Cindy Yau Shum Tek.
Company announcement, 16-May-2001
Another entity, Equity Spin Investments Ltd, has agreed to subscribe 10m shares, purportedly on the same date, at an unspecified price. Later a circular stated that Equity Spin signed up on 27-Mar-2001 and at the 67% higher price of HK$5 per share taking into account "different prevailing factors". There's no evidence of that, because the deal was not announced in March and had not completed by the time it was announced. It later emerged that Equity Spin is owned by Hansom Eastern (0279), the largest shareholder of which is jointly controlled by Karen Lo Ki Yan and Cindy Yau Shum Tek.
HK's Takeunder Code
Three recent "takeunders" of Beauforte Investors, China Internet Global Alliance and Tung Fong Hung have reminded investors how ineffective Hong Kong's takeover code is. In each case, a buyer has been willing to pay a substantial premium for a stake which, while under 35%, is clearly enough to achieve control without making a general offer. Webb-site.com urges the SFC to reduce the threshold for these "takeunder" transactions. (18-Dec-2000)
Three recent "takeunders" of Beauforte Investors, China Internet Global Alliance and Tung Fong Hung have reminded investors how ineffective Hong Kong's takeover code is. In each case, a buyer has been willing to pay a substantial premium for a stake which, while under 35%, is clearly enough to achieve control without making a general offer. Webb-site.com urges the SFC to reduce the threshold for these "takeunder" transactions. (18-Dec-2000)
Karen Lo Ki Yan and Cindy Yau Shum Tek buy 33.98% of Tung Fong Hung (0279) from ITC (0372) for HK$180m
Company announcement, 10-Nov-2000
The effective price is HK$0.743 per share, a 207% premium to market. The entire board of directors is being replaced, but there will be no general offer as the Takeover offer trigger is 35%, so this is a takeunder. $70m of the payment is deferred for 6 months.
Company announcement, 10-Nov-2000
The effective price is HK$0.743 per share, a 207% premium to market. The entire board of directors is being replaced, but there will be no general offer as the Takeover offer trigger is 35%, so this is a takeunder. $70m of the payment is deferred for 6 months.
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