Celebrate (8212): Citizens Money Lending Corp Ltd appoints Mr Tang Shing Tung as Receiver of all assets

This is pursuant to a debenture created on 25-Jan-2019 and an alleged event of default. We note that Vincent Chow Chi Wah, INED of Celebrate since 31-Aug-2018, is Managing Director of Oshidori (0622), which owns the lender. In our view, directors of creditors, which are in a commercial relationship and rank ahead of shareholders on a liquidation of a company, should not also act as INEDs. Update: Celebrate's annual report at 30-Jun-2019 shows that it borrowed HK$100m under the facility and had invested $50m in Oshidori shares during the 6 months to June.

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