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Blue River (0498) to subscribe HK$75m for 85 shares (24.64%) of Hope Capital Ltd
Company announcement, 7-Oct-2022
Before the deal, Hope Capital, which owns Hope Securities Ltd, is indirectly 30.76% owned by Oshidori (0622) and 23.08% by each of Imagi (0585), CST (0985) and David Ki. All the listed companies are in what we call the "Chung Nam Network", members of which frequently deal with each other. In July 2022, an Imagi subsidiary lent HK$75m to Blue River. Imagi is 21% owned by Oshidori. CST's stake in Hope Capital wasn't previously disclosed, but the Jun-2022 interim results of Oshidori state that on 26-May, an "independent third party investor" subscribed 60 shares of Hope Capital Ltd for $55m, so that's probably CST. Cordoba Homes Ltd is no longer a shareholder, and its 60 shares appear to have moved to Oshidori (20) and David Ki (40).
Touyun Biotech (1332) discloses ownership of "Purchaser B" in its sale of Hope Capital LtdPrevious announcement
Company announcement, 12-Nov-2021
Cordoba Homes Ltd is 61.99% owned by "a private family trust with Mr. Eugene Chuang as the sole beneficiary" and 28.08% owned by China Evergrande (3333). The other 9.93% is owned by "an independent third party". Note: we've been tracking Cordoba for years as part of the "Chung Nam Network". Various listed companies have held stakes in Cordoba Homes, but this is the first time we've seen China Evergrande as a shareholder.
Touyun Biotech (1332) subsidiary sells Hope Capital Ltd to Imagi (0585), Oshidori (0622), Cordoba Homes (30% each) and David Ki (10%) for HK$160mImagi announcement
Company announcement, 1-Nov-2021
The vendor, Galaxy Vantage Ltd, is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. Oshidori owns 28.53% of Blue River and 21.31% of Imagi. The target owns Hope Securities Ltd. The ownership of Cordoba Homes Ltd is not disclosed. Mr Ki previously sold Hope Capital Ltd to the vendor in a share-swap transaction which completed on 10-Dec-2020, less than a year ago. All the listed companies and Cordoba are in what we call the "Chung Nam Network", members of which frequently deal with each other.
Yugang (0613) buys property vehicles from Cordoba Homes Ltd for HK$280.7m
Company announcement, 14-Mar-2017
They own 1st and 11th floors of China United Centre, North Point.
Dragonite (0329) sells money-lender to CW Financing Ltd
Company announcement, 7-Nov-2016
Dragonite fails to say who owns the buyer. We know that in 2015, it was owned by Cordoba Homes Ltd, a hub in what we call the "Chung Nam Network".
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.
China Jinhai (0139) sells 15/F China United Centre in shell
Company announcement, 12-May-2015
The announcement fails to say who owns the buyer. We can tell you that as of 18-Sep-2012, Future Master Investments Ltd was owned by Cordoba Homes Ltd. That is 94.54% owned by HEC Capital Ltd (a hub of the "Chung Nam Network") and 5.46% owned by Mission Capital (1141). The shell deal avoids 8.5% Double Stamp Duty on the deal. The deal occurs just 6 weeks after completing the purchase of the same thing from Qualipak (1332).
Forefront (0885) results reveal investment in Cordoba Homes Ltd
Company announcement, 29-Mar-2015
Mission Capital (1141) to subscribe 22m shares (5.46%) of Cordoba Homes Ltd for HK$103.4m
Company announcement, 6-Jan-2015
MC fails to say who owns Cordoba, but we can tell you that as of 18-Sep-2012, it was 100% owned by HEC Capital Ltd, which is at the core of the Chung Nam Network and also owns HEC Securities Ltd, which is currently underwriting an open offer of new shares by MC to raise $209.7m net - so half of that goes back. HECC owns 9.19% of MC.
ICube (0139) lends HK$75m to Cordoba Homes Ltd
Company announcement, 14-Nov-2014
The announcement fails to say who owns the borrower. As far as we know, at 18-Sep-2012 it was 100% owned by HEC Capital Ltd, which is at the core of what we call the "Chung Nam Network". ICube invested HK$65m in shares of HEC Capital Ltd on 22-Sep-2014.
China Strategic (0235): proposed acquisition of stakes in Cordoba Homes Ltd
Company announcement, 2-Sep-2013
An initial purchase of 77m shares (20.23%) from HEC Capital Ltd, which owns 100%, with subscription options to reach 51%, in effect a backdoor listing. The filing reveals that Cordoba's stake in Allied Weli Development Ltd (fka Hennabun Capital Group Ltd) valued at HK$1609m, was distributed to HECC in the year to Mar-2013. The stake was 47.96% at last dislcosure, 18-Sep-2012. Top current HECC holders are disclosed. We can add that Ristora is or was owned by Karen Lo Ki Yan and Quinella is or was owned by Lynn Hsieh Cheng Lu. Update: the deal was aborted on 29-Nov-2013.
China Strategic (0235) and Cordoba Homes Ltd (BVI) in money-lending JV
Company announcement, 1-Aug-2013
Hao Tian (0474) buys a yacht for HK$65m
Company announcement, 25-Oct-2012
The yacht, named "aquarius" has been floating around the "Chung Nam Network" for years - its holding company, Uprite Ltd, was acquired by Willie (0273) in May-2008 from a company 75%-owned by Eugene Chuang Yue-chien, brother of Willie's Chairman. Uprite was then injected into a BVI vehicle, Cordoba Homes Ltd, in which numerous listed companies in the network invested. We now consider Hao Tian to have joined the network.
China Yunnan Tin Minerals (0263) subscribes HK$129m for 215m shares (6.41%) of Cordoba Homes Ltd
Company announcement, 15-Apr-2011
Freeman (0279) sells property in China United Centre to Cordoba Homes for 200m shares
Company announcement, 13-Apr-2011
Enerchina (0622) invests HK$300m in 18.01% of Cordoba Homes Ltd
Company announcement, 25-Jan-2011
Before this, Cordoba is owned as follows: 40.71% owned by "a listed company". That is Willie (0273), 17.57% by Hennabun, into which Enerchina has already sunk HK$200m, and 32.94% and 8.78% owned by "two private companies". The last time we heard, those are Ristora Investments and Supreme Castle Investments, owned by Karen Lo Ki Yan and Paul Suen Cho Hung respectively. Enerchina is now firmly part of what we call the "Chung Nam Network".
Willie (0273) sells convertible note in Cordoba Homes Ltd to Paul Suen Cho Hung (fka Sun Wang)
Company announcement, 16-Nov-2010
Willie's subsidiary Cordoba gives Karen Lo Ki Yan another 6.5 months to pay up
Company announcement, 15-Sep-2010
She paid HK$100m on 15-Dec-2009, $50m on 16-Mar-2010 and $30m today. That leaves $275m outstanding, now extended to 31-Mar-2011.
Willie (0273), via Cordoba, sells flat-owning company to "an individual"
Company announcement, 19-Aug-2010
The property is duplex A on 21 & 22/F, Royalton, 118 Pok Fu Lam Rd. The unnamed buyer avoids stamp duty by buying the BVI company which owns the HK company which owns the property.
Radford Portfolio Management Ltd v Director of Lands
HK Court of Appeal, 30-Apr-2010
The appeal fails. In HK, apparently, space has only 2 dimensions. You are not free to park more than one vehicle in one space by using a stacking device, as the elevated plane amounts to a second "space". So, does the use of bunk beds result in an extension of gross floor area and hence a breach of plot ratio?
Willie's subsidiary Cordoba gives Karen Lo Ki Yan another 6 months to pay up
Company announcement, 16-Mar-2010
Regarding the HK$450m subscription, the outstanding amount of HK$300m is extended to 16-Sep-2010 in return for a payment of HK$5m.
Radford Portfolio Management Ltd v Director of Lands
HK Court of First Instance, 13-Nov-2009
The court rules that a stacking device in a car space breaches the land lease because it creates 2 "spaces". The car space happens to be owned by a subsidiary of Willie (0273) and goes with the duplex on 21-22/F Flat A.
Willie sells 39.43% of Cordoba Homes Ltd to Karen Lo Ki Yan at HK$90m discountCircular
Company announcement, 2-Oct-2009
Assets include a yacht, artwork, paintings and a 10 carat diamond! According to a circular dated 23-Aug-07, the diamond was purchased from Karen Lo Ki Yan on 23-Apr-07 for $10m.
Willie buys House A, Sunshine Villa from Hero City Trading Ltd for HK$88mCircular
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.
Willie (0273) buys house 6 of Royal Oaks, Sheung Shui, from Sino Land for HK$57.8mCircular
Company announcement, 12-Apr-2007
Willie is incorporating a 100% BVI subsidiary, Cordoba Homes Limited, as the holding company for property investment.

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