Yau, Wai Lung (1972) 邱偉隆
CIFG (0412) sells Gulfstream G450 to ED Yau Wai Lung
Company announcement, 31-Mar-2017
The agreement is on the last day of the company's financial year. CIFG is selling the company which owns the aircraft for HK$97.2m. CIFG bought that company for HK$157.988m in cash on 13-Jan-2016. The vendor then was not disclosed. Online records suggest the plane has serial number 4166, registered on 26-Oct-2009 in the Cayman Islands as VP-CET.
Company announcement, 31-Mar-2017
The agreement is on the last day of the company's financial year. CIFG is selling the company which owns the aircraft for HK$97.2m. CIFG bought that company for HK$157.988m in cash on 13-Jan-2016. The vendor then was not disclosed. Online records suggest the plane has serial number 4166, registered on 26-Oct-2009 in the Cayman Islands as VP-CET.
China Innovative Finance (0412) bubble
Hao Tian Development (0474) has confirmed our view by dumping 9.06% of CIFG at a 61.9% discount, still well above the net tangible asset value of $0.099. CIFG should trade below NTAV due to its appalling governance and membership of what we call the "Chung Nam Network". The purported profits of its leasing division are largely illusory and depend heavily on 1 customer in which CIFG has invested. HTD has also been allowed by HKEX to skirt the Listing Rules on corporate transactions. (26-Sep-2016)
Hao Tian Development (0474) has confirmed our view by dumping 9.06% of CIFG at a 61.9% discount, still well above the net tangible asset value of $0.099. CIFG should trade below NTAV due to its appalling governance and membership of what we call the "Chung Nam Network". The purported profits of its leasing division are largely illusory and depend heavily on 1 customer in which CIFG has invested. HTD has also been allowed by HKEX to skirt the Listing Rules on corporate transactions. (26-Sep-2016)
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