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終於爆破: 中國節能海東青(2228)

http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0822/LTN201608221007_C.PDF

本公司董事（「董事」）會（「董事會」）謹此知會本公司股東及潛在投資者，於2016年8月15日舉行的董事會會議（「董事會會議」）上，本公司執行董事兼聯席主席粘為江先生（「粘先生」）被指控挪用本公司於中華人民共和國的一家附屬公司（「中國附屬公司）」的部分資金（「挪用資金」）。

儘管於董事會會議上粘先生承認挪用中國附屬公司的部分資金，彼拒絕披露挪用資金金額、何時及如何挪用有關資金等進一步細節。由於挪用資金，董事會無法確定本集團是否能夠履行其還款義務，諸如償還到期應付的銀行貸款或應計利息。

於本公告日期，董事會尚未向任何監管機構匯報有關事件，因其尚未掌握有關挪用資金一事的具體詳情，但董事會保留於接獲特別調查委員會（定義見下文）調查報告後對粘先生及其他相關人士（如有）採取法律行動的權利。有關調查報告將載有法律顧問意見。

http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0830/LTN20160830986_C.pdf

繼發現挪用資金後，董事會對本集團的財務狀況進行審查，並初步發現

(i)三家中國附屬公司於2016年8月29日的銀行及現金結餘總額較七月管理賬目所呈報其於2016年7月31日的銀行及現金結餘總額約人民幣17.729億元減少約人民幣17.656億元（須待進一步調查）；

(ii)三家中國附屬公司於2016年8月29日結欠的銀行借款總額較七月管理賬目所呈報其於2016年7月31日的銀行借款總額約人民幣2.092億元增加約人民幣9.342億元（須待進一步調查）；

及(iii)三家中國附屬公司於2016年8月29日結欠的應付票據總額較七月管理賬目所呈報其於2016年7月31日的應付票據總額約人民幣4,070萬元增加約人民幣3.474億元（須待進一步調查）。針對上述差額，董事會議決擴大特別調查委員會的職責範圍，以包括對本集團於2016年7月31日的財務狀況進行調查。

此外，於2016年8月29日，兩筆合共約230萬美元的銀行貸款已到期。本集團未能於到期日前支付上述金額並造成拖欠償還貸款。

鑒於上述違約可能觸發任何其他貸款融資的交叉違約條文，從而可能對本集團財務狀況造成重大不利影響，本公司現正評估上述違約的影響。

財務表面上多現金，亦有負債，但派息向來低的福頭股真的要小心，看來這盤假數頂了好多年，現在爆了的20多億資金，相信很多都是虛構的盈利，至於中國節能入股的錢看來都凍過水了。


PermaLink: https://articles.zkiz.com/?id=212528

中國節能海東青 (2228，前海東青新材料 )專區

1 : GS(14)@2010-07-08 22:53:16

招股書:
http://www.hkexnews.hk/listedco/ ... TN20100608016_C.HTM

專文:
http://realblog.zkiz.com/greatsoup/15932

(6)黄兆康，41歲，於2010年2月4日獲委任爲獨立非執行董事。黃先生在核數、會計及財務方面累積14年經驗。黃先生在1994年畢業於澳洲迪肯大學（Deakin University），獲頒商學學士（雙主修會計及商務法）。黃先生自1998年起便成爲澳洲會計師公會執業會計師，以及自1999年起便成爲香港會計師公會的會員。


於加入本集團前，黃先生由1996年12月至2002年2月出任安永會計師事務所會計師並其後出任經理，現時是聯交所上市公司亨泰消費品集團有限公司（股份代號：197）的首席財務官兼公司秘書。黃先生自2004年9月起便獲委任爲聯交所上市公司華豐集團控股有限公司（股份代號：364）的獨立非執行董事。





(7)陳國源，37歲，本公司的首席財務官兼公司秘書，負責本集團的會計、財務及秘書事務。陳先生在會計及財務界方面累積逾13年經驗。於加入本集團前，陳先生曾擔任僑雄能源控股有限公司（於聯交所主闆上市，股份代號：381）的財務總監兼公司秘書逾9年。
2 : GS(14)@2010-07-08 22:53:28

http://www.hkexnews.hk/listedco/ ... TN20100708447_C.pdf
3 : GS(14)@2010-08-10 00:02:25

http://www.hkexnews.hk/listedco/ ... TN20100809486_C.pdf
4 : GS(14)@2010-08-29 20:52:24

http://www.hkexnews.hk/listedco/ ... TN20100829044_C.pdf
5 : GS(14)@2010-11-23 00:58:44

2010-11-22 MT
海東青 新材料　發掘「十二五」新星   

在十二五規劃中，「七大戰略性新興產業」被視為「引導未來經濟社會發展的重要力量」，新材料股率先彈出，引起市場關注！

本刊今期專訪「人氣新星」海東青新材料（02228）行政總裁粘偉誠揚言：「今年只是備戰年，未來5年才是真正的起飛年！」此外，本刊將從產業層面，為大家分析新材料特色。

海東青，學名矛隼，是一種獵鷹的稱呼。由於飛行速度極高、擅長捕捉獵物，古時已屬狩獵者的好幫手（見另文）。時至今天，海東青新材料亦不遑多讓，自今年6月21日上市至今，愈飛愈高，上周五還來個逆市破頂，收報6.04元，累漲1.54倍，暫膺「2010年新股王」！

為何公司獲熱烈追捧呢？最簡單的原因，是公司打正旗號，從事國務院大力鼓勵及培育的「新材料」產業。然而，對於海東青管理層來說，今天的成功得來不易，粘偉誠形容這是「一步一腳印」走出來的成果。

無紡布功能多 發展潛力大

「我從事無紡布、新材料這個行業，已經有11個年頭了！很久以前，我已發現這個行業挺有意思，只要你想得到、用得到的地方，它獨特的功能也幫得上忙。看看我們的身邊，就是西裝、皮鞋，室內的窗簾、牆壁裝飾已用得上了，一切也在改變之中。」

海東青從事研發、生產及銷售作工業應用的無紡布及化纖，但他強調，公司產品的跨度更大、功能比同業更廣。

「我們可賦予無紡布多項功能，包括吸水、防水、有彈性、過濾和阻隔微生物等，能夠在各行各業使用。此外，國家是工業大國，近年也提倡『低碳經濟、綠色生活』，這給我們更大的機遇。（見表一）」

內地無紡布業正在高速發展，據中國紡織業發展報告顯示，無紡布總產量已由2003年的83.64萬噸，大增至2008年超過200萬噸。

然而，行業好景未必企業受惠，機遇來了也要懂得把握。粘偉誠坦言，新材料涉及的範圍廣泛，入場門檻不算很高，故必須從技術上、產能上兩方面，早早搶佔領先地位。「技術上，一定要自主創新，才能配合『新』的意思，單靠企業本身是辦不來、不夠好。公司與行內兩大名校（天津工業大學、武漢科技學院）合作，正好走出了一條多程路。」

其中，天津工業大學在紡織技術上，可謂結集近百年經驗。「天津工業大學是最早研發新材料的一所大學，在國際上知名度很高，我們的研究隊伍更是由郭秉臣教授所帶領，他在該大學畢業、教學及進行有關紡織工程的研究工作，一共超過37年。現在，大學跟企業緊密合作，正好加快了產業化之路，這是國家所鼓勵的。」

需求急增 明年產能1.5億碼

產能方面，海東青成功上市籌得淨額4.42億元後，正積極擴充生產設施及機器，包括6條生產綫。加上原來的生產設備，集團現時共設有17條生產綫（包括 11條縫編綫及6條針剌綫）及5條增值綫，年產能分別約12,449萬碼及6,000萬碼。明年生產綫更計劃進一步增至30條，令總產能大幅攀升至1.5 億碼。

海東青大增生產綫，只因市場需求急增。粘偉誠表示，公司目前對針刺過濾生產綫的定單，已佔2011年全年預計銷售量的90%，加上其他原有產品的定單，近期亦已陸續跟客戶簽訂新單，故對明年市場需求充滿信心。

展望未來，他稱會重點開拓高端過濾材料市場，乃因內地政府對傳統排放污染物的產業如鋼鐵、水泥及燃煤電廠行業實施嚴格管制，預料這些產業對環保產品，特別是具備特殊功能（如隔熱）的過濾材料的需求將不斷增加。

3年時間 內需提升至70%

此外，海東青過往出口比例較內需重，但在未來3年間，希望把內需比重由目前約46%提升到70%，以進一步配合內需商機。「在十一五期間，公司站穩陣腳發展。2010年是個備戰年，已達到走進資本市場的目標，未來5年才是真正的起飛年！」

對於「新材料股」火速冒起，粘偉誠有感而發說；「過去，我們要就無紡布、新材料作推廣時，很難也很累，畢竟它是個新生產業吧！但在風風雨雨之下，公司堅持創新，一路走過來，保增長、保市場、保利潤。現在，盈利一路有增長，對社會的責任也更大了，當初一切也是值得的！」

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MT點評︰「發現新大陸」先看7元

自從國務院在10月中宣布，為「十二五」七大產業訂立明確目標，要求5年後（2015年）產業規模將佔內地生產總值（GDP）比重達8%後，多個新興產業火速成為炒作焦點。本刊在750期（10月25日）起多次推介的新材料板塊，至今長升長有。

相較其他產業（如節能減排、新一代信息技術、生物等），投資者對於新材料股顯然感陌生，猶如「發現新大陸」，相關股份在爆升之前，無論公司估值、行業前景，以至市場同類股份供應均具尋寶價值，自然獲資金追捧。

由於七大產業屬長遠政策，過程中料將獲財政及政策扶持，作為率先起飛的新材料股海東青，前景看好。本刊今後會繼續為讀者追蹤新興產業板塊，希望陪伴大家成為「十二五」大贏家！

﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏

得名由來︰「萬鷹之神」獵食好幫手

海東青是甚麼？根據《維基百科》顯示，牠是一種獵鷹，分布在北極、北美洲、亞洲，在中國原產於黑龍江、吉林等地。由於海東青是狩獵好幫手，能襲天鵝、搏雞兔，故滿族和其祖先女真族，都很看重這種獵鷹。

海東青飛得快又高，被譽為「萬鷹之神」。但在內地用「海東青」為公司註冊並不容易，必須與女真族有所關連。是次受訪的行政總裁粘偉誠，與主席粘為江是兩兄弟，粘氏原本屬女真族姓氏，故兩人才可以此起名，希望公司擁有勇敢、堅忍及執着的精神。

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東岳新技術 打破外資壟斷

新材料股除海東青外，東岳集團（00189）亦實力強勁，皆因一批主要用於生產環保電池的核心材料，如氯堿用全氟離子膜、燃料電池膜等，過去一直是由美國及日本所壟斷，以應於新能源汽車及太陽能等領域上，但此舉亦令中國有關產品的價格，長期受制於人。

然而，由東岳研究了8年時間，終於成功自主研發、生產的全氟離子膜，卻可打破這個壟斷格局。話說上世紀60年代，美國杜邦已開始研發這種新技術，並要用15年後才成功，日本旭硝子公司從杜邦交換到部分生產權後，30多年來，有關技術一直操控於美、日手中。

胡錦濤親自視察

全氟離子膜是未來新能源利用的關鍵材料，國家高度重視這個項目，就連國家主席胡錦濤去年10月，亦要親身視察東岳氟矽材料產品展廳、研究院實驗室及全氟離子膜生產現場，並高度評價東岳在離子膜研發方面取得的成績。

據最新資料顯示，東岳用於製造燃料電池核心材料的磺酸樹脂離子膜，年產500噸的生產裝置已建成投產，這將令中國成為世上第二個擁有該項技術及產業化的國家。

此外，離子膜電解槽及離子膜是氯堿裝置的核心裝置，其中發揮關鍵作用的，是安裝在電解槽上的全氟磺酸離子膜，而離子膜電解法因兼有環保及節能等特性，採用離子膜電解法是當今世界最先推的燒堿生產工藝。

隨着東岳氯堿用離子膜產業化的完成，離子膜進口價格已從每平方米800美元降到450美元以下。美國杜邦多次到東岳洽商合作事項，日本旭硝子等世界500強企業也主動到東岳參觀考察、尋求技術合作。由此可見，東岳將成為新興產業重要一員。

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中航科工 研發飛機材料

隸屬央企的中航科工（02357），除了是航空裝備先鋒外，其於新材料方面的研究亦值得大家留意。

在國務院的公布之中，新材料產業被列為國家先導產業，包括工程塑料、碳纖維、高性能膜材料、特種玻璃、芳綸、超高分子量聚乙烯纖維等高性能纖維、複合材料及納米材料等化工新材料。

質量輕的復合材料主要用於飛機製造，這先進材料還大大延長飛機壽命，按照設計要求，未來國產飛機C919的飛行時間，將達9萬小時以上，碳排放量將較同類飛機大降50%，達到目的需要大量應用複合材料。

複合材料 重量輕可節能

建銀國際研究部董事總經理蘇國堅受訪時指出：「中航科工擁有從事新材料的業務，它透過持有50.05%的A股上市公司哈飛股份，專門研究一些較輕身的複合材料如鋁鋰合金、鈦合金等，應用在飛機設備製造，減輕飛機機身重量，達到省油的目的。」

翻查資料，哈飛股份參股的哈飛空客複合材料製造中心，是空中客車（Airbus）與中航工業哈飛集團等中方企業聯合成立的合資企業。中方企業擁有80%股權，空中客車中國擁有20%股權，製造中心自去年6月動工建設，並已於去年底起開始投產。

此外，有關中心亦為空中客車單通道飛機系列和A350XWB寬體飛機項目，生產複合材料零部件，所有生產工藝和流程均基於空中客車最先進的複合材料生產技術，與空中客車全球統一標準一致。因此，中航科工亦能受惠新興產業發展。
6 : GS(14)@2011-01-12 21:49:06

http://www.hkexnews.hk/listedco/ ... TN20110112457_C.pdf
炒高先散貨發TDR畀台灣人...
7 : GS(14)@2011-01-15 00:42:48

http://www.hkexnews.hk/listedco/ ... TN20110114583_C.pdf
大派購股權

所授出購股權之中，1,090,000 份已授予董事，詳情如下：
承授人姓名職位╱身分
授出購股權
數目
粘為江先生主席兼執行董事290,000
粘偉誠先生行政總裁兼執行董事230,000
粘火車先生執行董事60,000
洪明取先生執行董事110,000
朱民儒先生獨立非執行董事200,000
馮學本先生獨立非執行董事200,000
8 : GS(14)@2011-01-26 00:36:03

http://www.hkexnews.hk/listedco/ ... TN20110125343_C.pdf
本公司董事（「董事」）會（「董事會」）謹此知會本公司股東及有意投資者，按照本集團截至二零一零年十二月三十一日止年度未經審核管理賬目之初步審閱，本集團預期，相對於二零零九年同期，截至二零一零年十二月三十一日止年度之一般業務所產生未經審核綜合純利將錄得重大增長。本集團業績顯著改善主要由於本集團產品銷售額上升，加上邊際毛利增加。
9 : New comer(7338)@2011-03-29 13:24:38

海東青新材料(02228)挫逾9%市前有一宗大手上板

2011年3月29日 10:18  焦點股

   海東青新材料(02228)今早開市前有一宗逾2000萬元大手交易,每股作價5.96元,涉及1330萬股,涉資7926.8萬元。

股價急跌,現價及低位5.87元,跌9.41%,暫成交8842萬元。
10 : fineram(806)@2011-03-29 13:36:32

下半年走晒樣，唔大挫就假
11 : GS(14)@2011-03-29 22:02:14

http://www.hkexnews.hk/listedco/ ... TN20110327056_C.pdf
下次貼番張公告啦
12 : GS(14)@2011-07-09 12:04:50

http://www.hkexnews.hk/listedco/ ... TN20110708004_C.pdf
發行3,000萬可換股債券給中信資本，換股價5.15元
13 : GS(14)@2011-08-20 16:59:39

http://www.hkexnews.hk/listedco/ ... TN20110819671_C.pdf
摘 要
2011年 2010年 變 動
人 民 幣 百 萬 元 人 民 幣 百 萬 元 %
營 業 額 650.7 421.7 54.3
毛 利 203.5 146.4 39.0
經 營 溢 利 164.8 124.7 32.1
本 公 司 擁 有 人 應 佔 期 內 溢 利 128.9 97.1 32.7
每 股 基 本 盈 利 人 民 幣16.11仙 人 民 幣15.52仙 3.8

...
中 期 股 息 及 暫 停 辦 理 股 份 過 戶 登 記
於2011年8月19日，董 事 議 決 支 付 中 期 股 息 每 股3.5港 仙 予 於2011年9月16日 星 期
五 名 列 本 公 司 股 東 名 冊 的 本 公 司 股 東。中 期 股 息 將 於 或 約 於2011年9月22日 星
期 四 支 付 予 本 公 司 股 東。

個報表的感覺好福建
14 : GS(14)@2011-08-20 17:00:25

擴 大 產 能
因 應 無 法 滿 足 的 市 場 對 非 織 造 材 料 及 高 質 量 再 生 化 纖 的 高 需 求 量，本 集 團 將
繼 續 建 設 新 生 產 設 施 以 擴 大 產 能，從 而 加 強 集 團 於 行 內 的 競 爭 力 及 領 導 地 位。
年 產 能 約1,800萬 平 方 米 的 耐 高 溫 過 濾 材 料 生 產 線 將 於2011年9月 份 開 始 逐 步 投
產。此 外，本 公 司 計 劃 將 於 於2012年 第 三 季 度 開 始 生 產 複 合 合 成 皮 革，年 產 能
預 計 約 為2,250萬 平 方 米。本 公 司 亦 已 於 福 建 永 安 市 收 購 一 塊 面 積 約600畝 的 土
地，該 土 地 預 留 作 興 建 再 生 化 纖 的 新 生 產 設 施，以 將 年 產 能 由 目 前 的42,000噸
擴 充 到 約162,000噸。此 等 生 產 設 施 將 於2014年 開 始 投 產。再 生 化 纖 的 投 產 時 間
比 原 先 預 期 的 推 遲，主 要 是 因 為 相 關 政 府 部 門 把 土 地 的 交 付 日 期 有 所 推 遲 所
致。
15 : GS(14)@2011-11-16 23:21:35

http://www.hkexnews.hk/listedco/ ... TN20111116306_C.pdf
本公司獲本公司主要股東Nian’s Brother Holding Limited（「Nian’s Holding」）知會，
Nian’s Holding獲一名獨立有意投資者接洽，表示有意投資本公司主要股權（「建
議投資」）。磋商仍在初步階段，且於本公佈日期各方概無訂立協議。建議投資
不一定會進行。倘建議投資有任何重大進展，本公司將適時向本公司股東提供
最新資料。
16 : GS(14)@2012-01-21 18:27:02

http://www.hkexnews.hk/listedco/ ... TN20120120533_C.pdf
本公佈乃本公司根據上市規則第13.09條作出。
董事會謹此宣佈，其獲賣方（本公司控股股東）知會，於二零一二年一月十九日，賣方、擔保人與投資者訂立買賣協議，據此，賣方同意出售，而投資者同意購買銷售股份（即225,160,000股股份，相當於本公司於買賣協議日期已發
行股本約29.00%）。
緊隨完成後，賣方將持有194,840,000股股份，相當於本公司已發行股本約25.09%，並將不再為本公司控股股東；而投資者於完成後將持有225,160,000股股份，相當於本公司已發行股本約29.00%，成為本公司之單一最大股東。

銷售股份之購買價：
根據買賣協議，銷售股份之購買價乃按下列價格（以較低者為準）之折讓釐定(i)每股3.896港元，...

投資者背景
董事於作出一切合理查詢後確認，就彼等所知、所悉及所信，投資者為於中國成立之有限責任企業，且於本公佈日期為中國節能環保之非全資附屬公司。投資者現時主要從事環保行業項目投資。

「投資者」指重慶中節能實業有限責任公司，為於中國成立之有限公司，於本公佈日期為中國節能環保之非全資附屬公司

sold...
17 : marshalwong(13162)@2012-01-21 18:39:12

重慶中節能實業有限責任公司

http://www.cecic.com.cn/g270.aspx
中国节能环保集团公司是唯一一家主业为节能减排、环境保护的中央企业，是中国节能环保领域最大的科技型服务型产业集团。目前，中国节能总资产接近600亿元人民币，拥有二级子公司23家，其中全资子公司12家，控股子公司11家，三级及以下子公司230家，上市公司1家，分布在国内20多个省市及境外30多个国家和地区，员工3万余人。

http://www.cqcecep.com/index.php?case=archive&act=list&catid=12
重庆中节能实业有限责任公司（简称公司）系中央企业中国节能环保集团公司的区域性二级子公司。目前，公司的资产和业务主要涉及电矿、燃气、煤炭、水务、海洋能等，资产分布区域涉及重庆、海南、浙江、安徽、内蒙、新疆等省市（自治区）。
公司成立于1997年，是重庆设为直辖市后全市地方电力系统的龙头企业，曾作为重庆市农村电网改造项目和重大水利水电等基础设施建设的项目业主。2003年底成为中国节能的二级子公司后，公司重新调整了发展战略，，把主业确定为节能环保领域，“立足重庆，面向全国”。经过多年的发展，公司总资产达到83亿元，年收近30亿元，年盈利达3.5亿元，对外投资形成的子公司和参股公司共有19家（不含四级子公司），其中全资子公司11家，绝对和相对控股子公司4家，参股公司4家；包括电力类5家，燃气类5家，水务类2家，煤炭类1家，生物类公司1家，综合类5家。
18 : 鉛筆小生(8153)@2012-01-26 13:21:56

留意中
Ref: http://realforum.zkiz.com/thread.php?tid=6155
Agent: Mozilla/5.0 (Windows NT 6.1; WOW64; rv:9.0.1) Gecko/20100101 Firefox/9.0.1
19 : GS(14)@2012-01-26 22:30:15

福建野都是小心D，國企下屬公司買好似是自把自為
Ref: http://realforum.zkiz.com/thread.php?tid=6155&page=0
Agent: Mozilla/5.0 (Windows NT 6.1; rv:9.0.1) Gecko/20100101 Firefox/9.0.1
20 : david395(4434)@2012-03-27 00:18:26

海東青（02228）國企入主

撰文:謝志堅、鄭耀宗
欄名:追蹤潛質股

業務：主要研發、生產及銷售主要供工業應用的無紡布及化纖。集團生產的無紡布提供不同功能，包括防水、可洗、過濾、高彈性和減震，並廣泛用作製造鞋類產品、服裝、夾層、織品、手袋和行李箱夾層、家居裝飾及過濾器等等的原材料。集團生產的化纖為再造滌綸短纖，可廣泛用作生產人造皮、鞋材和無紡布的原材料。

公司近況：海東青今年1月公布，國企中國節能環保向控股股東Nian's Brother購入29%股權，即2.25億股，成為單一大股東。

公司公布截至6月底止中期業績，營業額增長54.6%至6.5億元（人民幣‧下同），純利增長32.7%至1.29億元，每股盈利16.11仙，維持派息每股3.5港仙。

整體毛利率約為31.3%，較去年同期減少3.4個百分點。純利率減少3.2個百分點至19.8%，主要由於集團的毛利率降低及股權報酬支出增加所致。由於集團陸續將各種產品提價，管理層預期全年的毛利率將較2011年上半年有所回升。
21 : fujimi(10947)@2012-03-28 16:25:03

截至2011 年12 月31日止年度之 全年業績公佈

http://www.hkexnews.hk/listedco/ ... TN20120328017_C.pdf

營業額上升39.6%至人民幣1,373,600,000元
毛利增加23.8%至人民幣415,600,000元
本公司擁有人應佔年內溢利躍升13.0%至人民幣250,800,000元
每股盈利基本人民幣31.62分
22 : GS(14)@2012-03-28 22:28:26

摘要
2011 年2010 年變動
人民幣百萬元人民幣百萬元%
營業額1,373.6 983.7 39.6
毛利415.6 335.7 23.8
經營溢利340.4 281.5 20.9
本公司擁有人應佔年內溢利250.8 221.8 13.0
每 股基本盈利人民幣31.62分 人民幣31.41分 0. 7
• 營業額上升39.6%至人民幣1,373,600,000 元
• 毛利增加23.8%至人民幣415,600,000 元
• 本公司擁有人應佔年內溢利躍升13.0%至人民幣250,800,000 元

盈利增10%，至2.3億，賺36仙，高現金高負債，40仙，2.56元
23 : GS(14)@2012-03-28 22:28:52

行政開支
於截至2011 年12 月31日止年度，行政開支較2010年增加約人民幣30,900,000 元。
行政開支增加主要是因為本公司於2011 年1月份向本集團的董事及員工授出了
13,710,000份購股權，令回顧年內的股權報酬支出增加了約人民幣13,400,000元。
此等股權報酬支出純屬按國際會計準則所計算出來的費用，並不會對本集團
的現金流產生任何負面影響。如撇除此項股權報酬支出，本集團截至2011 年12
月31日止年度，行政開支佔營業額的百分比約為4.7%（2010 年：4.8%），與去年相
約。
24 : GS(14)@2012-03-28 22:29:32

前景展望
中國經濟穩健快速的發展步伐，以及人民生活素質的不斷提升，使新材料產業
呈現出產銷兩旺的蓬勃發展勢頭。同時，隨著生產資料稀缺性凸顯和能源價格
的不斷上漲，新材料產業相較傳統材料行業的優越之處逐漸顯現，也為其快速
發展奠定了良好的基礎。
「十二五」時期是中國積極推動內需，發展循環經濟和綠色經濟，全面促進產業
結構升級的關鍵時期。在國家「十二五」規劃中，本集團所屬的新材料行業被納
入「七大戰略性新興產業」之一。根據規劃，中國政府將促進企業開發高附加
值、環保型的高科技產品，且鼓勵優勢企業開展兼併重組，推進上下游產業鏈
的一體化、規模化、大型化。作為具有雄厚研發實力的行業領先者，集團將從
一系列利好政策中獲得巨大的發展機遇。
為積極把握市場機遇，集團制定了「三五規劃」，將全面提升生產、研發、營銷
等各方面能力，優化市場定位，使業務再創高峰的同時為推動新材料產業的發
展做出應有的貢獻。
擴充生產能力
意識到市場對非織造材料及再生化纖的巨大的潛在需求，本集團將繼續通過
新建生產設施並改造現有生產線以提升生產能力，進一步擴大規模優勢，鞏固
市場領先地位。本集團已於福建省永安市收購一塊面積約600畝的土地，計劃
將再生化纖的年產能由目前的42,000噸擴充到約162,000噸，預計將於2014年開
始投產。集團預計，此項再生化纖產能擴充工程的投產時間或較原先計劃出現
延遲，主要原因是相關政府部門推遲了土地的交付日期。
加強研發實力
本集團強大的研發能力，在業界頗負盛名，亦是集團得以躋身行業領先地位的
核心優勢之一。集團認為堅持改良和優化非織造材料的功能和技術，通過加強
循環再造及減少污染物排放以降低生產成本，將是本集團實現持續發展的關
鍵因素。因此，集團把持續提升技術水平和科研實力作為主要發展戰略之一。
首先，集團將加強對硬件設施的資源投入，引進國際先進的研究及製造設備，
提升並完善研發中心的資源配置，創造良好的科研開發環境。同時，集團將加
強對專業人員的培訓，培養掌握業內高新技術的人才，打造業界執牛耳之技術
團隊。此外，本集團還將積極發揮與各高等學院的合作優勢，全面推進與這些
機構的產學研合作，開發並且生產具有特殊功能的環保非織造材料，進一步豐
富產品組合。
集團將發揮勇於科技創新的精神，以實力雄厚的研發能力作為開發和提升產
品的根基，不斷擴大產品的應用領域，拓展客戶群體，從而提升企業競爭力。
開發新產品以開拓市場的同時，集團更憑藉前瞻性的戰略眼光和卓越的產業
研發實力引導上下游消費，儲備超前市場的實用技術，在產業升級和革新的總
趨勢中取得先發優勢。
提高營運效率
作為高科技生產型企業，集團將始終不懈地把優化產品質量，提升營運效率，
降低生產成本作為主要任務。為此，集團將嚴格遵循國際產業標準以確保產品
品質，建立科學高效的運作體系以提高生產效率，不斷擴大規模優勢以降低生
產成本。
本集團將繼續嚴格遵守ISO9001 和ISO14001標準，核查並改良控制系統，以精細
化管理提升產品合格率，打造更優品質的產品。在生產過程中，集團將建設和
維持先進科學的管理和營運系統，嚴格實施存貨和生產成本控制，確保業務高
效運作。此外，集團將依據自身財務狀況和技術實力，引進新的生產設施，增
加產能，以提升成本效應和利潤率。
擴大營銷網絡
為了擴大客戶群體並與國內外客戶建立更緊密的聯繫，本集團致力於打造一
支活力積極、經驗豐富、訓練有素並掌握專業技術知識的營銷隊伍，為客戶提
供專業服務。
集團在「三五規劃」中明確立刻營銷戰略，制定了「營銷國際化、服務終生化」的
方針政策。集團將完善大中華區域總佈局，建立覆蓋廣泛的營銷網路。
優化市場定位
中國非織造材料行業憑藉其消耗自然資源少，產品附加值高的優勢，被中國國
務院視為引導產業升級的重要力量，成為重點發展的戰略性行業。集團生產的
非織造材料及再生化纖，正好切合這個龐大市場的商機及中國政府利好政策
的機遇，具有良好的發展前景。集團將根據市場需求，適時調整產品結構和應
用，優化市場定位，使業務取得突破式進展。
本集團計劃將產品的市場定位由民生消費品逐漸轉移至工業消費品，以把握
產業用新材料市場的蓬勃發展所帶來的機遇。其中，集團將積極拓展高端過濾
材料及循環再生物料的市場。由於預期中國政府將繼續加強對高污染產業，如
鋼鐵、水泥、燃煤電廠等行業的管制，這些產業對具備特殊環保功能的過濾材
料的需求將不斷增加，進而將為環保型新材料創造良好的發展契機。此外，在
國家加大基礎設施建設及節能減排投資等一系列利好政策的拉動下，預計土
工合成材料和高性能複合材料的需求將逐漸加大，亦將為集團的業務發展提
供新的增長點。
鑒於國內經濟的平穩發展及對新材料需求的不斷增加，內需市場將成為集團
下一階重點開拓的市場。此舉有助集團把握國內不斷擴張的商機，平衡國際市
場波動，取得更佳銷售業績。
結論
作為非織造材料及再生化纖業的領導者，集團在生產能力、營運效率、科技研
發、市場營銷等方面均具有顯著優勢。面對國內經濟穩步的發展，以及業內需
求的急劇增長，集團將戰略性地擴大產能以提升業務規模，豐富產品組合以開
發更廣泛的客戶群體，提升研發實力以增加產品附加值，擴大銷售網絡以捕捉
新的發展機遇。憑藉豐富的行業經驗、科學的管理模式及準確的戰略眼光，本
集團有信心在未來取得持續穩定的發展，為投資者創造可觀回報。
25 : greatsoup38(830)@2012-04-23 23:15:54

http://www.hkexnews.hk/listedco/ ... N201204231086_C.pdf
大換血

誠如賣方所知會，買賣協議預期於2012 年5 月11 日（即本公司應屆股東週年大會
（「股東週年大會」）日期）前完成，惟須受買賣協議項下先決條件達成後，方告作
實。根據完成，董事會（須待完成作實）有條件批准委任于和平先生及薛茫茫先
生出任執行董事；及委任王揚祖先生、曲平紀先生、趙向東先生及潘頲璇先生
出任非執行董事（統稱「候任新董事」），全部均由投資者提名，自完成日期起生
效。根據本公司章程細則，各候任新董事須於應屆股東週年大會上輪值告退
（須待完成作實）。因此，董事會已提呈推選候任新董事（須待完成作實），以於
緊隨股東週年大會後於2012 年5 月11日舉行之本公司股東特別大會（「股東特別
大會」）上供股東考慮及以普通決議案之方式批准。
26 : GS(14)@2012-04-28 22:49:20

http://finance.sina.com.hk/news/40/2/1/4821941/1.html
【明報專訊】央企中國節能早前以購入29%股權方式，入主海東青新材料（2228），造就第一家獲央企「點燈」的民企環保股。海東青行政總裁粘偉誠昨天表示，中國節能作為戰略投資者，不僅會在管理、技術、市場等多領域強大海東青，未來還將在香港有更多營運，包括開發城市礦山（生活垃圾）資源以及旗下子公司上市計劃。
27 : ezone2k(22605)@2012-07-25 22:08:02

中投大清倉 悉售多隻細價股

剛公布去年境外投資組合收益率為-4.3%的中投公司，近日減持多隻股份。據聯交所股權披露，中投於本月20日減持多隻股份，惟均沒有披露作價，包括:

悉售海東青(02228)4532.04萬股好倉，持好倉由5.84%降至零；
28 : GS(14)@2012-08-27 23:49:50

http://www.hkexnews.hk/listedco/ ... TN20120827742_C.pdf
盈利跌20%，至9,600萬，2.4億現金

前景
伴隨著中國的工業化進程帶來了空氣污染和水污染等環境問題。但隨著生活水準的持續
提高，人們對環境保護的關注度在不斷地提高，尤其是以PM . 為代表的各種污染物指
標也越來越受到民眾的關注。我們看到中國政府也在這些方面做了很多工作，出台了一
系列的政策。 繼 2011 年9 月份出台了《火電廠大氣污染物排放標準》之後， 2012 年3 月2 日
又出台了《環境空氣品質標準》， 2012 年6月6日又出台了鋼鐵行業的八項污染物排放指
標。 我們相信，在這樣的大背景下，包括電力行業、水泥、建材等工業企業的除塵和過
濾需求將陸續增加。這些都將進一步拉動對本集團去年底投產的耐高溫過濾材料產品的
需求。
隨著中國實踐施行國家十二五規劃，積極擴大內需及推動綠色經濟，我們相信工業除塵
過濾材料市場前景廣闊，本集團將進一步加大對高端環保過濾產品的投入，使工業除塵
過濾材料搶佔中國高端市場。另外，我們將打造全新的資源循環利用產品，計劃將回收
的廢棄耐高溫過濾材料製造成新型環保建築材料。集團管理層相信，這一新技術將令集
團開拓新的銷售市場和有效降低生產成本，同時也符合國家政策鼓勵的綠色經濟以及循
環經濟，達到更好的節能減排的效果。
29 : ezone2k(22605)@2012-08-28 00:03:38

呢隻無得搞的...
30 : GS(14)@2012-08-28 12:57:30

我討厭福建
31 : 鉛筆小生(8153)@2012-11-05 19:38:26

此股幾吸引我
32 : GS(14)@2012-11-05 22:40:18

31樓提及
此股幾吸引我


憎死呢隻福建股
33 : greatsoup38(830)@2013-03-16 14:02:25

2228

盈利降4%，至2.19億，主因是稅，2.6億現金，高現金高負債
34 : 自動波人(1313)@2013-04-01 18:55:29

中節能郁呢隻先?
35 : VA(33206)@2013-04-27 23:08:33

留意中

無纺布
36 : greatsoup38(830)@2013-04-27 23:09:20

中節能、福建野小心d
37 : VA(33206)@2013-04-27 23:11:31

有冇同業?
38 : greatsoup38(830)@2013-04-27 23:11:55

37樓提及
有冇同業?


好似真是無，不過真是要小心
39 : jj1984(29252)@2013-04-29 00:51:58


■中聯辦經濟部副部長孫文秀（左一）、中國節能環保集團公司董事長王小康（左二）、海東青新材料集團主席粘為江（右二）、海東青新材料集團行政總裁粘偉誠。 香港文匯報記者陳遠威 攝


香港文匯報訊（記者 陳遠威）中國節能環保（中節能）於前日（25日）完成收購海東青新材料（2228），中節能斥資8.15億港元購入2.25億股，持股量29%，成為單一大股東。是次交易由Nian's Brother Holding Limited以每股作價3.62港元賣出股份，該公司現時仍持有股份25.09%。

海東青訂單達上年70％

　海東青行政總裁粘偉誠昨於記者會表示，中節能屬產業型投資者，雙方合作能保證海東青的增長，是中長期規劃，希望籍中節能的平台能擴大於內地市場的業務，縮短打入國際市場的通路，而實質業務並沒有改變，並稱其公司現有8億元人民幣現金，資金不是問題，預料今年資本性開支1億元人民幣以下。

　海東青首席財務官陳國源指出，現時海外業務佔海東青收入來源30%，內地佔70%，當中以內銷為主，預期今後對國企的銷售會增加，同時亦會拓展海外市場商機；現時已接訂單9億元，達上年度的70%，預料2012年度營業額能有雙位數增長。

料今年營業額雙位增

　他還表示，今年原材料價格方面會比較穩定，雖然價格上漲，但生產成本能夠轉嫁予客戶，銷售價每年平均上升8%至10%。

　海東青主要業務為生產及銷售非織造材料及循環再生化纖，陳國源預計，再生化纖產量會由現時的年產量4.2萬噸擴產至2014年達16萬噸，投資額約1億美元；而耐高溫過濾材料亦於上年第四季開始投產，預計3年內產量會提升80%至85%，屆時業務可望佔總收入達30%，而由於現時仍屬投產初期，產量比率較低；另外，亦會投放2億至3億元人民幣於新建築材料研發項目，期望兩年內投產。

派息率25-30%屬合理

　海東青早前公布2011年全年業績，營業額約13.74億元人民幣，增長39.6%；純利約2.51億元人民幣，增長13%；每股盈利31.62分，末期息5.3分，全年共派8.2分。陳國源指，公司派息率約25%至30%屬合理水平。海東青股價昨收報3.97港元，跌1.975%。
40 : greatsoup38(830)@2013-04-30 00:34:59

2228
41 : beer(32037)@2013-06-05 22:09:45

上市公司訊息
 
交易所通告 - 停牌
中國節能海東青新材料集團有限公司的股份(證券代號：02228)將於今天(5/6/2013)上午九時正起暫停買賣。
42 : greatsoup38(830)@2013-06-05 23:13:40

41樓提及
上市公司訊息
 
交易所通告 - 停牌
中國節能海東青新材料集團有限公司的股份(證券代號：02228)將於今天(5/6/2013)上午九時正起暫停買賣。


搞乜呢?
43 : beer(32037)@2013-06-05 23:26:39

中節能有動作了吧！？
44 : greatsoup38(830)@2013-06-05 23:28:06

又做水魚
45 : 自動波人(1313)@2013-06-17 23:01:57

HAHAHA

水魚?should be no la...
46 : 自動波人(1313)@2013-06-17 23:02:53

第一隻持過半數
47 : hkgbamboopanda(35337)@2013-06-17 23:18:20

果日沽剩3000股 睇下咩事先
48 : GS(14)@2013-06-17 23:23:31

45樓提及
HAHAHA

水魚?should be no la...


班福建同鄉仲唔益呢間水魚國企咩
49 : 自動波人(1313)@2013-06-17 23:28:58

48樓提及
45樓提及
HAHAHA

水魚?should be no la...


班福建同鄉仲唔益呢間水魚國企咩


我覺得D人當公司係水魚

大家都係搵食啫smiley
50 : GS(14)@2013-06-17 23:32:52

49樓提及
48樓提及
45樓提及
HAHAHA

水魚?should be no la...


班福建同鄉仲唔益呢間水魚國企咩


我覺得D人當公司係水魚

大家都係搵食啫smiley


國企亂買垃圾唔是第一次
51 : 自動波人(1313)@2013-06-17 23:43:06

50樓提及
49樓提及
48樓提及
45樓提及
HAHAHA

水魚?should be no la...


班福建同鄉仲唔益呢間水魚國企咩


我覺得D人當公司係水魚

大家都係搵食啫smiley


國企亂買垃圾唔是第一次


咁管理層唔係蠢成咁既

只不過當股東係豬啫

台面一個價,台底一個價....攪掂smiley
52 : fin_freedom(6594)@2013-06-17 23:56:22

太強, 上市cap完一次水後, 到而家仲可以揾到水魚要埋佢, 勁!
53 : GS(14)@2013-06-17 23:59:11

51樓提及
50樓提及
49樓提及
48樓提及
45樓提及
HAHAHA

水魚?should be no la...


班福建同鄉仲唔益呢間水魚國企咩


我覺得D人當公司係水魚

大家都係搵食啫smiley


國企亂買垃圾唔是第一次


咁管理層唔係蠢成咁既

只不過當股東係豬啫

台面一個價,台底一個價....攪掂smiley


老細就肥到...
54 : 自動波人(1313)@2013-06-18 00:13:49

但中節能真係誇張D...

連哽幾件
55 : greatsoup38(830)@2013-06-18 00:15:31

54樓提及
但中節能真係誇張D...

連哽幾件


食一件執一億，執幾件就...
56 : 師奶345(36895)@2013-06-18 00:28:31

真是厲害, 重可以找到水魚
57 : greatsoup38(830)@2013-08-06 01:09:43

又買多1億股
58 : greatsoup38(830)@2013-09-19 00:37:24

http://www.hkexnews.hk/listedco/ ... TN20130827837_C.pdf
2228
盈利增10%，至9,000萬，4.2億現金
59 : 培少(3241)@2013-09-25 16:00:53

買左好少 可憐我呢個窮人
多謝
60 : 自動波人(1313)@2013-09-25 16:13:55

中節能野....小心
61 : 培少(3241)@2013-09-25 16:15:20

60樓提及
中節能野....小心


好少好少 大戶要行 佢話事吧
62 : 自動波人(1313)@2013-09-25 16:40:32

61樓提及
60樓提及
中節能野....小心


好少好少 大戶要行 佢話事吧


驚佢爆啫
中節能入親既都鬼鬼地
63 : 培少(3241)@2013-09-25 16:41:29

62樓提及
61樓提及
60樓提及
中節能野....小心


好少好少 大戶要行 佢話事吧


驚佢爆啫
中節能入親既都鬼鬼地


你驚佢點爆? 盤數?
64 : 自動波人(1313)@2013-09-25 16:45:56

63樓提及
62樓提及
61樓提及
60樓提及
中節能野....小心


好少好少 大戶要行 佢話事吧


驚佢爆啫
中節能入親既都鬼鬼地


你驚佢點爆? 盤數?


是
773咪爆左囉,佢入股無耐就爆鳥

還有2299,8128
65 : 培少(3241)@2013-09-25 17:00:52

64樓提及
63樓提及
62樓提及
61樓提及
60樓提及
中節能野....小心


好少好少 大戶要行 佢話事吧


驚佢爆啫
中節能入親既都鬼鬼地


你驚佢點爆? 盤數?


幾十億都亂黎?

是
773咪爆左囉,佢入股無耐就爆鳥

還有2299,8128
66 : greatsoup38(830)@2013-09-25 22:31:58

65樓提及
64樓提及
63樓提及
62樓提及
61樓提及
60樓提及
中節能野....小心


好少好少 大戶要行 佢話事吧


驚佢爆啫
中節能入親既都鬼鬼地


你驚佢點爆? 盤數?


幾十億都亂黎?

是
773咪爆左囉,佢入股無耐就爆鳥

還有2299,8128


http://realforum.zkiz.com/thread.php?tid=46492
仲有好多的
67 : 培少(3241)@2013-09-25 23:13:30

66樓提及
65樓提及
64樓提及
63樓提及
62樓提及
61樓提及
60樓提及
中節能野....小心


好少好少 大戶要行 佢話事吧


驚佢爆啫
中節能入親既都鬼鬼地


你驚佢點爆? 盤數?


幾十億都亂黎?

是
773咪爆左囉,佢入股無耐就爆鳥

還有2299,8128


http://realforum.zkiz.com/thread.php?tid=46492
仲有好多的


好少量即
68 : greatsoup38(830)@2013-09-25 23:13:59

第二大股東，773都是呀
69 : 培少(3241)@2013-09-25 23:17:39

68樓提及
第二大股東，773都是呀


2228 唔同啦
70 : greatsoup38(830)@2013-09-25 23:20:34

69樓提及
68樓提及
第二大股東，773都是呀


2228 唔同啦


都是一Q樣，隻2299都是
71 : 培少(3241)@2013-09-25 23:27:15

70樓提及
69樓提及
68樓提及
第二大股東，773都是呀


2228 唔同啦


都是一Q樣，隻2299都是

睇下先
72 : greatsoup38(830)@2013-09-25 23:27:43

福建野我最不喜歡
73 : 培少(3241)@2013-09-25 23:30:03

72樓提及
福建野我最不喜歡


福建野 你有無寫過
74 : greatsoup38(830)@2013-09-25 23:34:01

73樓提及
72樓提及
福建野我最不喜歡


福建野 你有無寫過


寫得好少，我其實想寫篇莆田概念股同3間上市公司互有相關的古仔，但未知幾時開筆
75 : 培少(3241)@2013-09-25 23:35:18

74樓提及
73樓提及
72樓提及
福建野我最不喜歡


福建野 你有無寫過


寫得好少，我其實想寫篇莆田概念股同3間上市公司互有相關的古仔，但未知幾時開筆


古怪野偷錢賤格野最好睇
76 : greatsoup38(830)@2013-09-25 23:36:45

我手上的野寫多一兩年都得
77 : 培少(3241)@2013-09-25 23:48:37

76樓提及
我手上的野寫多一兩年都得

有財技佬同搵傻仔老親既大股東
股票市場無賤野係無可能
等待你的作品
78 : greatsoup38(830)@2013-09-26 00:02:47

77樓提及
76樓提及
我手上的野寫多一兩年都得

有財技佬同搵傻仔老親既大股東
股票市場無賤野係無可能
等待你的作品


好多極品
79 : 培少(3241)@2013-09-26 00:04:54

78樓提及
77樓提及
76樓提及
我手上的野寫多一兩年都得

有財技佬同搵傻仔老親既大股東
股票市場無賤野係無可能
等待你的作品


好多極品

我成日覺得大陸老闆黎到香港
唔衝靚個股價會無面子
80 : greatsoup38(830)@2013-09-26 00:09:14

好多中國人都是咁，但好多中介人會呃人
81 : 培少(3241)@2013-09-26 00:10:59

80樓提及
好多中國人都是咁，但好多中介人會呃人


培中哥?
82 : greatsoup38(830)@2013-09-26 00:13:48

81樓提及
80樓提及
好多中國人都是咁，但好多中介人會呃人


培中哥?


食得好盡
83 : 培少(3241)@2013-09-26 00:17:55

82樓提及
81樓提及
80樓提及
好多中國人都是咁，但好多中介人會呃人


培中哥?


食得好盡


咁有溢價都無法
你黎香港玩 唔比入場費
到時融資再計數
84 : franco26(24932)@2013-10-12 14:25:15

海東青算唔算第一隻中節能成功全購又無賴野既股？

市場當佢環保同紡織股炒，我覺得現時做一隻紡織股會實在d. 中節能都應該未有資產係呢個平台上整合。

變身國企，好吸引。但773單野真係好有陰影。究竟係行業多地雷，定中節能有問題。
85 : GS(14)@2013-10-12 14:40:38

84樓提及
海東青算唔算第一隻中節能成功全購又無賴野既股？

市場當佢環保同紡織股炒，我覺得現時做一隻紡織股會實在d. 中節能都應該未有資產係呢個平台上整合。

變身國企，好吸引。但773單野真係好有陰影。究竟係行業多地雷，定中節能有問題。


中節能隻隻都是唔掂....
86 : franco26(24932)@2013-10-12 17:32:36

85樓提及
84樓提及
海東青算唔算第一隻中節能成功全購又無賴野既股？

市場當佢環保同紡織股炒，我覺得現時做一隻紡織股會實在d. 中節能都應該未有資產係呢個平台上整合。

變身國企，好吸引。但773單野真係好有陰影。究竟係行業多地雷，定中節能有問題。


中節能隻隻都是唔掂....


這隻有無咩潛在危機？

我覺得呢隻算係福建股入面較為正氣既一隻了

好似1190 真係唔敢玩
87 : GS(14)@2013-10-12 17:44:20

86樓提及
85樓提及
84樓提及
海東青算唔算第一隻中節能成功全購又無賴野既股？

市場當佢環保同紡織股炒，我覺得現時做一隻紡織股會實在d. 中節能都應該未有資產係呢個平台上整合。

變身國企，好吸引。但773單野真係好有陰影。究竟係行業多地雷，定中節能有問題。


中節能隻隻都是唔掂....


這隻有無咩潛在危機？

我覺得呢隻算係福建股入面較為正氣既一隻了

好似1190 真係唔敢玩


2299 好似好少少，呢隻都是...
88 : Clark0713(1453)@2013-10-12 20:26:40

頂，唔好講呢隻得嗎？
89 : greatsoup38(830)@2013-10-12 22:27:26

88樓提及
頂，唔好講呢隻得嗎？


又去發達啦
90 : 培少(3241)@2013-10-13 13:45:21

無人想理

升到6蚊先算
91 : greatsoup38(830)@2013-11-02 14:25:41

節能人入去
92 : greatsoup38(830)@2013-11-21 00:07:58

又押1.5億股
93 : iniesta(1400)@2013-11-21 00:12:36

點解咁等錢駛呀
94 : greatsoup38(830)@2013-11-21 00:13:45

唔知啦
95 : 培少(3241)@2013-11-21 00:14:09

greatsoup38在92樓提及
又押1.5億股


乾到咁 國企WO!!!
96 : GS(14)@2014-03-15 18:25:34

2228

維持賺2.2億，6.2億現金
97 : GS(14)@2014-09-10 01:33:55

盈利降23%，至6,900萬，5.8億現金
98 : greatsoup38(830)@2014-10-14 01:17:03

http://www.gelonghui.com/forum.p ... 3185&extra=page%3D1
中國非織造材料行業龍頭企業

中國節能海東青(02228.HK)公司是中國非織造材料領域的領航者，公司非織造材料擁有德國、台灣和國內先進的針刺生產線12條，縫編生產線17條，年產量可達1.81億碼；公司擁有目前世界上工業過濾材料製造行業最高端設備：包括2條迪羅（Dilo）針刺線、1條玻纖生產線、1條布魯克納（Bruckener）定型線、1條奧斯托夫（Osthoff）燒毛線、2套卡爾門（Keilmann）自動縫製線，3套亞奇自動縫紉線，工業過濾材料年產量可達2100萬平方米。

國內高溫過濾材料產值高增長：

2012年1月1日至2014年5月30日，環保部持續實施新領域終端用戶的大氣污染排放標準：從最大污染源火電廠、到最近的工業鍋爐、垃圾焚燒廠以及有色冶金廠，火電行業標準最後執行已至，並達到30mg/m3及以下標準（重點地區30mg/m3）。我們以電力和水泥兩大需求市場測算，以現有存量電廠容量和水泥產能，2014-2017年火電和水泥濾料市場新增產值至少達到20億人民幣，若考慮火電新增裝機/水泥新增產能以及已有濾袋的替代需求，我們預期2014-2017年火電和水泥濾料市場每年新增產值將超過25億人民幣。

公司創新營利模式，有望成為高溫過濾材料行業後起之秀：

公司正研究與環保設備商合作，如融資租賃等，以環保工程服務商的定位來拓展高溫濾料市場，而不僅僅是銷售濾料產品，這樣一方面可以為客戶解決設備融資難題，另一方面可以為客戶提供一站式服務，包括設備維修以及濾料更換等。公司依靠中節能央企背景和銷售網絡，在中節能集團內部可以直接採購公司的產品，不需要通過招投標方式，同時也有望借助力中節能的人脈網絡，進入電力，水泥等國有企業，形成長期戰略合作關係。我們認為由於高溫濾料進入門檻不高，但銷售渠道和終端客戶資源就顯得尤為重要。雖然公司相比外資品牌及國內知名廠商，進入時間較晚，但公司更能清晰的把握行業發展趨勢，避免盲目進入的公司所遭遇的困境，後來者優勢也更能體現。


一、公司介紹

核心業務：

中國節能海東青新材料集團致力於以先進科技及創新技術生產非織造材料，於2010年6月21日在香港聯合交易所IPO主板上市(股票代碼：2228HK)，是首家獲得「碳足跡」認證、SCSRecycled環保認證的非織造材料企業，是中國非織造材料領域的領航者，是中國產業用紡織品行業競爭力10強企業。總部位於香港，生產基地位於福建晉江，科技信息諮詢服務平台位於北京。

發展歷程

公司前身家族創辦企業「鑫華股份」，創始人為粘為江先生，2012年4月重慶中節能實業有限公司入股公司，成為公司第一大股東。

1999年福建鑫華股份有限公司成立。
2005年公司擴大業務範圍，開展非織造布、化纖業務。
2006年與天津工業大學簽訂產學研合作協議，共同成立非織造技術研究中心。
2007年終止時裝成衣業務，簡化業務結構。
2008年獲評為"國家過濾材料開發基地"。
2009年海東青非織工業（福建）有限公司正式成立。
2009年10月獲評為"福建省高新技術企業"。
2010年6月海東青新材料集團有限公司在香港成功上市，成為國內首家在香港上市的非織造材料生產企業。股票代碼2228HK。
2010年9月通過美國SCSRecycled環保認證，成為中國首家獲此證書的非織造材料企業。
2010年10月被中國紡織工業協會評為"中國紡織工業競爭力500強企業"，並蟬聯"國家過濾材料開發基地"。
2010年11月海東青新材料集團獲准加入摩根士丹利資本國際（MSCI）香港小型股指數，成為MSCI17支新增的股份之一。
2011年5月與浙江理工大學簽訂產學研合作協議，成立環保過濾材料研發中心。
2011年6月在北京人民大會堂發佈首份海東青新材料集團社會責任報告，並獲優秀獎。
2011年12月新材料事業部正式運營，耐高溫過濾材料正式投產。
2012年4月重慶中節能實業有限公司成為本公司及本集團的最大股東，正式加入中國節能環保集團。

股權結構

截至目前，公司已發行7.76億股面值0.1港元的普通股股份。第一大股東為重慶中節能實業有限公司，佔總股本的42.34%，粘氏兄弟為第二大股東，持有25.09%，海東青控股持有5.15%，機構投資者Headwell持有5.99%，其餘為公眾持股，佔總股本的21.43%。


管理層

公司共設有4名執行董事、2名非執行董事及3名獨立非執行董事，其中重慶中節能共派2名執行董事和2名非執行董事進入董事會。重慶中節能不參與公司日常經營，但對公司發展規劃和投資決策有決定性投票權。

核心管理層簡介

於和平先生：五十九歲，本公司聯席主席兼執行董事。于先生於2012年4月25日獲委任為本公司的執行董事。彼在電氣能源及節能行業擁有逾36年經驗。于先生主要肩負領導董事會之責，確保其有效履行職責。於1977年至1987年，于先生為四川省萬縣小江電站工程指揮部之工程師兼指揮。於1987年至1989年，彼為四川省萬縣行署三電辦之常務副主任兼工程師。於1991年至1994年，彼為四川省萬縣電力總公司之總經理。於1994年至2000年，彼為重慶三峽水利電力（集團）股份有限公司之總經理、副主席及主席。于先生於1997年11月加入重慶中節能，並於2011年1月獲委任為重慶中節能實業有限責任公司董事會之主席。于先生自2003年12月起為中國節能環保集團公司之總經理助理。于先生自2012年9月起獲委任為百宏實業控股有限公司（於香港聯合交易所有限公司上市，股份代號：2299)的執行董事。于先生持有重慶大學電機系電機及電器專業文憑。於1997年，于先生獲中國水利部頒發全國水利經濟優秀管理者之名銜。

粘為江先生：五十八歲，本公司聯席主席兼執行董事，亦為提名委員會成員。粘先生於2009年9月23日獲委任為本公司的執行董事。粘先生主要肩負領導董事會之責，確保其有效履行職責，並負責本集團業務經營的發展策略。粘先生在非織造材料行業累積超過15年經驗。於2001年及2006年，粘先生分別獲委任為中國人民政治協商會議福建省泉州巿第九屆委員會委員及中國人民政治協商會議福建省泉州巿第十屆委員會委員。於2004年，粘先生獲選為晉江巿總商會第七屆理事會副會長，福建省誠信促進會第一屆理事會理事及晉江巿工商聯（總商會）第八屆理事會副會長。於2007年3月，粘先生獲中共晉江巿委員會晉江巿人民政府委任為晉江巿黨風廉政監督員，為期五年。於2013年，粘先生獲委任為中國人民政治協商會議第十一屆福建省委員會委員及晉江巿慈善總會第三屆理事會榮譽會長。粘先生是粘偉誠先生的胞兄。

粘偉誠先生：四十歲，本公司執行董事兼行政總裁，亦為薪酬委員會成員。粘先生於2009年8月26日獲委任為本公司的執行董事。粘先生負責本集團的戰略規劃及日常業務的整體管理。粘先生在非織造材料行業累積了十多年的經驗。粘先生是天津工業大學紡織學院客座教授、中國紡織工業聯合會常務理事及中國產業用紡織品行業協會副會長。於2013年，粘先生獲委任為中國人民政治協商會議第十一屆福建省委員會委員。粘先生於2005年畢業於廈門大學，取得管理學碩士學位，並於2006年獲中國福建省人事廳頒發高級工程師資格。粘先生是粘為江先生的胞弟。

薛茫茫先生：四十二歲，本公司執行董事。薛先生於2012年4月25日獲委任為本公司的執行董事。薛先生於資源管理擁有逾9年經驗。薛先生於2003年1月加入重慶中節能，並於2012年4月獲委任為重慶中節能之總經理。薛先生自2012年9月起獲委任為百宏實業控股有限公司（於聯交所上市，股份代號：2299)的執行董事。薛先生於2003年畢業於重慶大學，並取得工商管理碩士學位。

二、公司產品及應用
1、再生化纖

中國節能海東青差別化纖維產業擁有一流的生產流水線2條，年處理固體廢棄物5.3萬噸，生產各類功能型滌綸短纖4.2萬噸。產品全部是以廢PET瓶及聚酯下腳料為原料；主要工藝流程包含：投料、乾燥、高溫熔融擠壓、噴絲、冷凝、存放、集束、拉伸、捲曲、鬆弛熱定型、切斷、打包。產品質量穩定，品種齊全。在抗紫外線、永久抗菌防臭、抗靜電、保溫導濕、防電磁輻射等纖維開發和生產領域已擁有多項專利技術。


2、非織造材料（含高溫過濾材料）

公司非織造材料產業擁有德國、台灣和國內先進的針刺生產線12條，縫編生產線17條，年產量可達1.81億碼；公司擁有目前世界上工業過濾材料製造行業最高端設備：包括2條迪羅（Dilo）針刺線、1條玻纖生產線、1條布魯克納（Bruckener）定型線、1條奧斯托夫（Osthoff）燒毛線、2套卡爾門（Keilmann）自動縫製線，3套亞奇自動縫紉線，工業過濾材料年產量可達2100萬平方米。擁有熱軋、定型、粘合等附加功能和配套生產線7條，年處理能力可達8000萬碼；主要生產工藝分為針刺、縫編，主要流程包含：開松、混合、梳理、交叉鋪網、針刺/縫編、熱軋、捲繞、後整理。在生產過程中用工少、生產流程短，同時還賦予了產品的功能及物性的製造，生產過程有效的節能減排。


產品應用
1.工業除塵過濾材料

以耐高溫的PPS纖維、PTFE纖維、P84纖維及芳綸等纖維結合再生短纖經針刺後處理工序，產品可分為常溫過濾材料和高溫過濾材料；產品強度高、斷裂伸長率低、尺寸穩定不變形、剝離強度高、透氣性好、表面平整光滑、織物密集、顆粒截留性好，粉塵不易粘結，表面剝離性能好。

常溫過濾材料包括滌綸針刺過濾氈、滌綸抗靜電針刺過濾氈、滌綸拒油防水針刺過濾氈、滌綸三防針刺過濾氈、滌綸高強針刺過濾氈、斯坎德滌綸針刺過濾氈、滌綸梯度針刺過濾氈、滌綸覆膜針刺過濾氈、丙綸針刺過濾氈、729和208濾布。常溫過濾材料主要市場面向冶金、冶煉、鋼鐵、鑄造、水泥、採石、化工等行業。

高溫過濾材料主要以聚苯硫醚（PPS）、聚酰亞胺（P84）、芳綸纖維等高性能纖維為原料，主要產品有高溫芳綸針刺過濾氈、高溫P84針刺過濾氈、高溫耐酸鹼PPS（普抗）針刺過濾氈、玻纖織布和玻纖針刺過濾氈、合成纖維和玻纖混紡針刺過濾氈。高溫濾材主要應用在煉鐵廠、鐵合金廠、煉鋼廠、鑄造廠、耐火廠、發電廠、造船廠（氣割煙氣）、卷煙廠（噴濕烘乾煙絲、煙梗絲）、染料廠（紅色染料）的煙氣治理除塵系統、垃圾焚燒爐、燃煤燃油鍋爐、流體化床鍋爐等煙氣過濾等。


2.差別化纖維
克絲特差別化纖維產品包括：合成革專用型滌綸短纖維、棉紡專用型滌綸短纖維、縫編專用型滌綸短纖維、其他類型滌綸短纖維。產品強度高、均勻穩定、疵點低、雜質少、偏差率低，主要應用於非織造行業、紡織行業等，可根據應用領域提供專用原料。


3.功能型非織造材料

功能性非織造材料是以特殊功能的差別化纖維與滌綸短纖為原料或通過特殊後整理制得非織造材料。主要功能包括：抗菌、抗靜電、可降解、抗紫外、阻燃、高彈、三防、磁性保健、保暖等。產品均勻度好、斷裂強度高、伸長率低、挺括性好、不變形、耐磨、透氣性好，無毒、無刺激、環保，功能耐久，效果優良。主要應用領域包括：鞋材、家紡、座椅、建築材料、汽車內飾、牆體裝飾材料、地毯、購物袋、空氣過濾複合材料、裝飾材料、箱包材料、生活用品等。


4.鞋用材料

以再生滌綸短纖維為原料，經開松梳理成網，利用針刺、縫編等獨特機械加固工藝，製成具有一定密度的非織造基材，將其在整理液中浸漬，再經烘乾定型整理。制得的材料結構均勻、厚度穩定，經久耐用、不變型，耐折性、耐磨性、透氣性優良。還可利用復配技術，製備功能性整理體系，賦予材料一定的功能，包括：耐久性抗菌、自清潔、抗紫外線、隔熱隔音隔電、導抗靜電、可降解、防水防油防污、防虹吸、保健等，再經印花、染色處理。材料不含甲醛、偶氮類、重金屬離子等有害物質，屬環保健康產品。可廣泛應用於各種鞋內襯、鞋中底、鞋墊、鞋用補強材料等。


5.家紡材料

以再生滌綸短纖維為原料，經開松梳理成網，利用針刺、縫編等獨特機械加固工藝，製成具有一定密度的非織造基材，將其在整理液中浸漬，再經烘乾定型整理。產品具備獨特的三維結構，酷似紡織物，經久耐用、不變型、透氣性好、衛生安全、花色新穎、種類繁多，綠色環保無害。主要應用吸塵器袋、燈飾、床品、窗簾、沙發、汽車座椅、飛機座椅等領域。賦根據要求賦予材料一定的功能，包括：耐久性抗菌、自清潔、抗紫外線、隔熱隔音隔電、可降解、防水防油防污、阻燃、防黴等。


6.裝飾建築用材料、基礎設施材料

產品採用優質可循環再生原料，經特殊的工藝加工，先進的後整理技術處理生產，產品具備獨特的三維結構，有較強的隔音降噪、保溫、阻燃、防黴防潮、抗滲漏、耐酸鹼、防黴抑菌、阻燃、抗靜電、防污、抗拉伸、防色變、耐老化、不蓬亂、顏色多樣、裝飾效果極佳等，且具有高生產率、高質量、高效益、低成本、施工過程無粉塵污染、裝飾性強、施工簡單等特點，是現代全方位環保建築行業發展應用的最佳選擇。主要應用領域包括家庭辦公、娛樂場所、設備機房、會議室等牆體、天花、屋面、隔斷等的隔音吸音隔熱保溫材料，可配合隔聲房、隔聲門、隔聲罩、隔音箱等降噪設施的使用，可根據客戶需要定製不同花紋、圖案，打造或異樣風情或富麗堂皇或溫馨浪漫或張揚時尚的夢幻世界。


7、箱包購物材料

使用優質RPET纖維原料，經獨特針刺功能加固及後整理工藝生產。產品堅韌耐用、造型美觀、透氣性好、可重複使用、可洗滌、顏色均勻不脫色、視覺高檔、不起骨不起縐、挺性好、縱橫向撕拉力高、延伸率小、質輕、防潮透氣、抗日曬性強不龜裂及變脆、質感不受氣溫的變化影響、耐酸鹼耐磨、可絲印廣告、嘜頭、使用期長、產速度快、價格低。應用領域包括箱包皮具、工具袋用布、背景布、包裝布工業、購物袋等。該產品已經通過美國SCSRecycled認證，屬循環利用材料。


8、汽車內飾材料

產品以可循環再生纖維為原料，經針刺、縫編等機械加固工藝，特殊後整理工序生產而成，產品經久耐用、手感優良、力學性能佳、耐折、耐磨損、均勻度好、低收縮率、成型效果好；無毒無害、防潮衛生、防污自清潔能力強、色牢度好、耐熱性好；不含偶氮，重金屬類物質、無毒無刺激、綠色環保。主要應用於汽車頂棚、地毯、行李箱、行李箱背板及底板、座椅等。


三、收入和毛利構成

收入：目前公司收入主要來自非織造材料，2014年上半年收入構成中，非織造材料佔77.5%，再生化纖佔14.5%，耐高溫過濾材料佔7.3%。


毛利：非織造材料也是公司核心利潤來源，2014年上半年毛利構成中，非織造材料佔90.4%，再生化纖佔9.1%，耐高溫過濾材料暫時還沒有利潤貢獻。


歷年收入和毛利

公司最近5年收入和毛利主要以非織造材料和纖維為主，業務保持相對穩定。


毛利率和淨利率：公司非織造材料一直保持較高水平，2013年受行業景氣度影響，再生化纖毛利率同比下降4.5個百分點。2012-2013年公司淨利率相對平穩。


四、高溫濾料行業概覽

國家節能政策要求重點研發和應用高性能除塵濾
1.受益袋式除塵市場，高溫濾料需求強勁

根據《「十二五」節能環保產業發展規劃》確定的重點領域，節能環保產業被劃要求重點產業、資源綜合利用產業和環保產業。其中，在環保技術和裝備領域提到「加快先進袋式除塵器、電袋複合式除塵技術及細微粉塵控制技術的示範應用」，在環保產品領域提到「重點研發和示範膜材料和膜組件、高性能防滲材料、布袋除塵器高端纖維濾料和配件等」。此外，布袋及電袋復合除塵技術還位列環保產業關鍵技術，其重點是耐高溫、耐腐蝕纖維及濾料的國產化，研發高效電袋復合除塵器、優質濾袋和設備配件。
據統計，濾料大約佔袋式除塵器成本的11%，不過這只是除塵器首次配套濾袋的成本，按照不同的使用環境、不同的材料，濾袋的壽命在2—4年不等。當濾料的壽命到期時，就需要更換新的濾料。


濾料是袋式除塵器中直接捕集粉塵的核心部件，用不同纖維、不同製作方法做成的濾料特性各異，在應用時要根據具體情況進行選擇。通常在煙氣溫度低於120℃，要求濾料具有耐酸性和耐久性情況下，常選用滌綸絨布和滌綸針刺氈，在處理高溫煙氣(<250℃)時，主要選用P84、PPS等濾料，在某些特殊情況下，選用炭素纖維濾料等。


袋式除塵行業產業鏈


在濾料領域，由於高溫濾料應用於高溫、工況複雜的環境，其對產品性能的要求更加嚴格，因此，高溫濾料屬於濾料行業的高端領域。作為袋式除塵的核心部件，高性能高溫濾料是除塵濾料行業發展的核心推動力。

電力行業佔較大需求

在高溫濾料的下游應用領域中電力行業是需求規模最大的，是高溫濾料行業發展的基礎，2008年高溫濾料在電力行業中的銷售額為5.66億人民幣，佔高溫濾料總產值的38.8%，增長率達到32.94%。而水泥和垃圾焚燒行業的對高溫濾料的需求增長最為迅猛，2008年的消費額增長分別高達76.42%和49.46%。


2.高溫濾料市場產值高增長
環保排放標準提高

2012年1月1日至2014年5月30日，環保部持續實施新領域終端用戶的大氣污染排放標準：從最大污染源火電廠、到最近的工業鍋爐、垃圾焚燒廠以及有色冶金廠，火電行業標準最後執行已至，並達到30mg/m3及以下標準，大量現有火電機組需升級除塵、以滿足國家相關標準要求；水泥行業標準於2014年發佈、嚴格程度堪比火電標準，除塵事業處於快速發展階段。


袋式除塵替代電除塵成趨勢

電除塵屬傳統除塵技術，初始投資及運營成本相對較低，但基於電極吸附粉塵的技術原理，其煙氣排放效率與燃煤品質、粉塵性質等有很大依賴關係，較難達到穩定狀態，且只能達到較低除塵標準，而袋式除塵雖然初始投資及運營成本較高，大規模去除大顆粒粉塵性價比過低（需要經常更換濾料），更換週期短（一般5年左右更新1次），但其原理為濾料濾塵，能夠達到穩定的煙氣排放濃度，且比電除塵達到更高除塵標準，袋式除塵基於其優勢，在電袋複合式主流技術的發展中獲得市場空間提升。


袋式除塵濾料產值

根據中國環境保護產業協會袋式除塵委員會的最新統計數據，2009-2012年，纖維、濾料、配件（配件產值佔總產值比例較小）生產企業的工業總產值佔袋式除塵行業的總產值比重從2009年的21.4%上升至2012年的29.5%，我們認為該比重提升已從側面說明濾料產值佔袋式除塵總產值的比重佔比較高、增速較快。由於濾料定期需要更換（3年左右），預計未來濾料所佔比重還將繼續提升。


袋式除塵替代電除塵成趨勢

火電、水泥行業是公司高溫濾料產品銷售的2個主要行業用戶，不考慮新增裝機/產能和已有濾袋的替代需求，我們對火電和水泥行業除塵濾料市場產值預測如下：

2014-2017年，在2017年火電行業袋式除塵應用比例假設為50%的前提下，火電終端行業用戶的高溫濾料年平均市場規模（產能）1612萬m2，年平均市場規模（資金）17.7億人民幣。同樣計算方法，假設2017年水泥行業袋式除塵應用比例為50%，2014-2017年水泥終端行業用戶的高溫濾料年平均市場規模（產能）264萬m2，年平均市場規模（資金）2.9億人民幣。
若考慮火電新增裝機/水泥新增產能以及已有濾袋的替代需求，我們預期2014-2017年火電和水泥濾料市場每年新增產值將超過25億元。


3.市場競爭格局
外資企業偏高端
外資品牌濾料以高溫合成化纖濾料為主，高溫濾料產品整體水平高。國內以低檔玻纖濾料為主的國產濾料品牌較多，產品整體技術水平較低。


整體市場份額較分散

目前行業整體較分散集中度不高，外資、內資品牌分佔高、低端兩大陣營。


五、公司亮點
大股東重慶中節重慶中節能

1.強大股東背景
2012年4月25日，重慶中節能實業有限公司通過收購股權正式成為公司的最大股東，每股收購價3.62港元，共收購225,160,000股，佔公司總股本的29%。

2013年8月5日，重慶中節能以全面收購要約進一步收購103,549,190股，每股現金代價3.25港元，佔公司總發行股本的13.34%，重慶中節能總持股進一步擴大到42.34%。

重慶中節能實業有限責任公司創始於1997年，是中國節能環保集團公司的區域性二級子公司，主要從事環保新材料、電礦、燃氣、煤炭等能源、資源項目的開發與經營，主營業務和資產分佈於重慶、福建、安徽、海南、浙江、內蒙古等省（直轄市、自治區）以及香港特別行政區。

目前公司註冊資本金為4.6億元，對外投資形成的各級子公司和參股公司共有21家（不含四級子公司）。其中，全資子公司10家，絕對和相對控股子公司8家（含香港上市公司2家），參股公司3家（含境內上市公司1家）。按業務分類，包括環保新材料類3家，電礦類4家，燃氣類4家，水務類2家，新能源3家，綜合類5家。截止2013年底，公司資產總額達到196億元，實現營業收入99億元、利潤總額9億元。


重點佈局環保新材料業務

除收購海東青新材料外，重慶中節能實業有限責任公司於2012年9月出資29.3億元港幣收購百宏公司29%的股份，成為其單一最大股東。

百宏公司在香港主板上市（2299HK），是一家集紡織（織布）、彈性織造(織帶)、化纖、服裝、拉鏈服飾、服裝、經編花邊和紙品為一體的綜合性集團公司，是華南地區最大的滌綸長絲生產企業，下屬九個子公司：福建百宏紡織化纖實業有限公司、晉江市百宏彈性織造有限公司、晉江市百宏紡織發展有限公司、晉江市百宏經編有限公司、晉江市百宏拉鏈服飾有限公司、晉江市順成服裝有限公司和百宏紙品有限公司。百宏實業從事差別化纖維的研發生產與銷售，主要產品為滌綸長絲產品拉伸變形絲(DTY)和全牽伸絲(FDY)，可用於服飾、鞋類及家紡等消費品，主要集中於華南地區進行銷售。集團公司創辦於一九九三年，佔地面積234000平方米，規範現代化廠房100000平方米，投資總額6800萬美元，公司員工3000多人。

中國節能環保集團

中國節能環保集團公司是唯一一家主業為節能減排、環境保護的中央企業，是中國節能環保領域最大的科技型服務型產業集團。目前，中國節能擁有各級子公司260餘家，上市公司5家，分佈在國內近30個省市及境外近40個國家和地區。中國節能環保集團圍繞節能減排、環境保護、新能源和清潔技術三大主業方向。重點強化工程服務、運營管理服務、裝備製造和科技研發孵化與產業化推廣四大支撐，各主業板塊已形成較強的核心競爭力和較大的產業規模。

以水處理為主的水務板塊，日處理能力達到500萬噸，年污水處理量近20億噸；以城市固體廢棄物、農林生物質轉化利用為主的可再生能源板塊，垃圾發電、污泥焚燒發電、生物質能發電日處理能力達到1萬噸；以風電、太陽能光伏發電為主的新能源板塊，投產和在建風電裝機150萬千瓦，擁有獨家開發權風資源1000萬千瓦，正在投資建設一批大型光伏發電項目與光伏建築一體化項目，並積極開發風光互補項目，在建和已簽約太陽能發電裝機達1400多MW。在以工業節能減排改造、城市生態節能服務為主的節能環保技術服務領域，中國節能環保集團公司作為中國政府有關部委指定的節能項目評估諮詢機構、中央企業節能減排技術服務中心，通過合同能源管理方式，在冶金、化工、建築、照明等領域實施了大批節能減排服務項目，並為城市和區域提供整體的循環經濟規劃和節能減排諮詢服務，在城市開發建設低碳經濟產業園區。

2.創新商業模式，擬進軍水泥除塵濾料行業

高溫濾料，下游主要是袋式除塵器廠商，終端應用於火力發電燃煤鍋爐尾氣、水泥窯頭窯尾煙塵、垃圾焚燒煙氣、鋼鐵高爐煤氣、瀝青攪拌煙氣、化工煙氣等高溫煙氣除塵過濾。目前國內濾料生產廠商中三維絲收入來源主要以賣濾料產品為主，雖然毛利率達到32-33%，但公司這幾年卻是受到火電客戶回款慢、設備承建商壓賬期的影響。


國家發改委發出通知，決定在保持現有銷售電價總水平不變的情況下，主要利用電煤價格下降騰出的電價空間，新增除塵電價，鼓勵燃煤發電企業進行除塵改造。自2013年9月25日起，對煙塵排放濃度低於30毫克/立方米（重點地區20毫克/立方米）的燃煤發電企業實行每千瓦時0.2分錢的電價補償。在火電廠排放治理體系中，脫硫、脫硝均有與之對應的電價補貼可以覆蓋環保支出，形成市場化的盈利模式，這就是為什麼龍淨環保為什麼脫硫脫銷工程收入佔比能達到35%的原因。相比脫硫脫銷電價，除塵度電補貼出台略晚，因此除塵設備商如龍淨環保和菲達環保目前也仍然是以買設備收入為主。未來隨著除塵電價的逐步落實，除塵領域也有望形成特許經營權盈利模式。中國節能海東青正研究與環保設備商合作，如融資租賃等，以環保工程服務商的定位來拓展市場，而不僅僅是銷售濾料產品，這樣一方面可以為客戶解決設備融資難題，另一方面提供一站式服務，包括設備維修以及濾料更換等。

通過分析電力和水泥兩大終端市場，發現目前外資品牌必達福和奧伯尼佔據電力市場較大市場份額，分別達到22%和21%，國產品牌三維絲在電力市場份額位居第二佔16%。而與電力市場相比，目前水泥市場比較分散，外資品牌中必達福和奧伯尼雖然也佔據較大份額，分別為11%和9%，但與國內品牌三維絲，安德魯的差距沒有電力行業那麼大。公司未來將重點佈局發展空間更大的水泥行業濾料市場。

依靠中節能央企背景和銷售網絡，一方面，在中節能集團內部可以直接採購公司的產品，不需要通過招投標方式，另一方面，也有望借助力中節能的人脈網絡，進入電力，水泥等國有企業，形成長期戰略合作關係。我們認為由於高溫濾料進入門檻不高，但銷售渠道和終端客戶資源就顯得尤為重要。雖然公司相比外資品牌及國內知名廠商，進入時間較晚，但公司更能清晰的把握行業發展趨勢，避免盲目進入的公司所遭遇的困境，後來者優勢也更能體現。




（來源：國元·香港）

99 : GS(14)@2015-06-07 10:54:40

玩木薯乾
100 : GS(14)@2015-06-11 01:00:18

新客
101 : GS(14)@2015-06-11 01:00:19

新客
102 : GS(14)@2015-06-26 00:05:46

1送2紅股
103 : greatsoup38(830)@2015-08-14 01:32:09

盈喜
104 : greatsoup38(830)@2015-08-25 23:45:54

盈利增50%，至1.2億，9.7億現金
105 : GS(14)@2016-01-20 21:40:55

盈警
106 : GS(14)@2016-03-23 03:01:29

盈利降34%，至1.59億，11.4億現金
107 : GS(14)@2016-08-31 02:28:10

快爆
108 : GS(14)@2016-08-31 02:28:11

快爆
109 : GS(14)@2016-09-23 00:23:52

無錢還
110 : GS(14)@2016-10-01 13:51:01

又違約
111 : GS(14)@2016-10-01 13:51:01

又違約
112 : GS(14)@2016-10-15 04:00:29

無錢還
113 : GS(14)@2016-10-21 06:13:52

大劑
114 : GS(14)@2016-10-28 08:07:35

又追債
115 : greatsoup38(830)@2016-11-12 15:31:27

7億幾
116 : greatsoup38(830)@2016-11-30 03:01:27

bad
117 : GS(14)@2016-12-14 14:44:51

very bad
118 : greatsoup38(830)@2017-01-06 03:03:26

弄出欠債10億
119 : GS(14)@2017-01-12 14:55:00

聯席主席及執行董事辭任
於2017年1月11日，粘為江先生（「粘為江先生」）由於健康問題辭任本公司聯席主席、執行董事兼提名委員會成員以及本公司旗下所有香港及英屬處女群島附屬公司董事職務，自2017年1月11日起生效。
除由於涉嫌挪用資金一事而可能引致關於海東青集團業務及╱或財務狀況的潛在爭議外，粘為江先生已確認彼與董事會並無任何其他意見分歧，亦無有關其辭任的事宜須提請本公司股東注意。
於2017年1月11日，王黎先生（「王先生」）因彼於海東青集團認，彼與董事會並無何意見分歧，亦無有關其辭任的事宜須提請本公司股東注意。繼上述辭任後，王先生將繼續擔任執行董事。
此外，於2017年1月11日，粘偉誠先生（「粘偉誠先生」）辭任本公司執行董事兼薪酬委員會
成                                                                                                                                 員以及本公司旗下所有香港及英屬處女群島附屬公司董事職務以專注發展其他業務，
自2017年1月11日起生效。粘偉誠先生已確認，彼與董事會並無任何意見分歧，亦無有關其辭任的事宜須提請本公司股東注意。
委任主席
自2017年1月11日起，薛茫茫先生獲委任為董事會的唯一主席。此外，自2017年1月11日起，薛茫茫先生獲委任為本公司旗下所有香港及英屬處女群島附屬公司董事。
茲提述本公司日期為2016年8月22日及2016年9月30日的公告，內容分別有關（其中包括）粘為江先生涉嫌挪用資金及委任法證會計師。董事會謹此強調，基於法證會計師關於挪用資金、該等擔保及判決的調查結果，本公司保留就違反任何規則、法律或法規向任何人士（包括但不限於任何已辭任董事）作出一切申索及採取法律行動等一切必要行動的權利。
120 : GS(14)@2017-01-24 19:23:25

BIG WOK
121 : GS(14)@2017-02-23 09:47:28

財務狀況的最新消息
除了如該等公告所披露的拖欠借款還款外，本公司若干中國附屬公司未能償還若干已到
期借款約人民幣2,150萬元，導致拖欠還款。於本公告日期，本公司中國附屬公司已到期
借款共約人民幣7.367億元。由於上述拖欠中國債權人款項，於本公告日期本集團遭該等
中國債權人凍結的銀行結餘共約人民幣290萬元，該等款項無法提取動用。於本公告日
期，本公司及其香港附屬公司已到期借款共約港幣2.247億元。由於上述拖欠香港債權人
款項，於本公告日期本集團遭該等香港債權人凍結的銀行結餘共約港幣30萬元，該等款
項無法提取動用。本公司現正評估上述拖欠還款及任何潛在拖欠其他借款的影響，並可
能因此進一步觸發其他借款的交叉違約，從而對海東青集團財務狀況造成重大不利影
響。
海東青工業自動清盤
董事會謹此通知股東及本公司潛在投資者，於2017年2月22日，海東青工業唯一股東議
決，自動清盤海東青工業。同日，德勤‧關黃陳方會計師行何國樑先生及龔建忠先生獲
共同及個別地委任為海東青工業之清盤人。委任清盤人於2017年2月22日舉行之海東青工
業的債權人會議上獲確認。
有關海東青工業之資料
海東青工業為一間投資控股公司，並為本公司之全資附屬公司。海東青工業連同其位於
中國的附屬公司（「海東青工業集團」）主要業務為銷售及生產非織造材料、再生化纖及耐
高溫過濾材料。
由於海東青工業集團於截至2015年12月31日止年度之綜合收入佔本集團於截至2015年12
月31日止年度之綜合收入之比例超過5%，及海東青工業集團於2015年12月31日之綜合資
產總值佔本集團於2015年12月31日之綜合資產總值之比例超過5%，根據上市規則第
13.25(2)條，海東青工業被視為本公司之主要附屬公司。
海東青工業自動清盤的理由及其可能影響
海東青工業被置於債權人自動清盤，乃經考慮（其中包括）本公司先前公佈之其無力償還
欠款及多次拖欠還款。於海東青工業清盤開始後，海東青工業集團將不再為本公司的附
屬公司並將有效地從本集團分割出去。
董事會預計，海東青工業的自動清盤將限制本公司對海東青工業集團相關事項所承受的
風險。鑒於海東青工業集團的財務狀況及無力償還欠款的情況，董事會預料海東青工業
的自動清盤不會對本集團的財務狀況產生不利影響。
董事會將繼續尋求投資機會，並將向其股東及投資者告知其發展情況。
122 : GS(14)@2017-11-03 14:07:02

中國節能海東青新材料集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事
（「董事」）會（「董事會」）宣佈，薛茫茫先生（「薛先生」）因健康問題而辭去本公司董事會主
席、執行董事、授權代表及本公司若干附屬公司董事職務，將自2017年11月30日（「生效
日期」）起生效。
123 : GS(14)@2017-11-16 23:28:54

清盤
124 : GS(14)@2017-11-23 01:24:04

1
香交易及結算所有限公司及香聯合交易所有限公司對本公
告
之內容概不負責，對其準確性
或完整性亦不發表任何聲明，並明確表示
，概不
對
因本公
告
全部或任何部分內容而產生或因依
賴該等內容而引致之任何損失承擔任何責任。
CECEP
COSTIN
NEW
MATERIALS
GROUP
LIMITED
（
IN PROVISIONAL LIQUIDATION
）
中國節能海東青新材料集團有限公司
（
臨時清盤中
）
（
於開曼群島註冊成立的有限公司
）
（
股份代號：
2228
）
（
1
）
委任共同臨時清盤人
（
2
）
押後清盤呈請聆訊
及
（
3
）股份
轉讓
本公告乃由
中國節能海東青新材料集團有限公司
（
臨時清盤中
）（
「
本公司
」
）
根據香聯合
交易所有限公司證券上市規則
（
「
上市規則
」
）
第
13.09
條香法例第
571
章證券及期貨條例第
XIVA
部項下內幕消息條文
（
定義見上市規則
）
而
作出。
委任
共同
臨時清盤人
謹此
提述
本公司於
2017
年
11
月
15
日發佈之公告。中國工商銀行
（
亞洲
）
有限公司
（
「
呈請人
」
）
於
2017
年
11
月
2
日
將
日期為
2017
年
10
月
30
日的
清盤呈請
（「
該
呈請
」）
以及
日期為
2017
年
10
月
30
日
用
以
委任共同清盤人
的傳票
（「
該
傳票
」）
及
相
關證明文件
送達本公司於
開曼群島
的註冊
辦
事處
。
該
傳票
排期
於
2017
年
11
月
14
日
在
開曼群島大法院（「
開曼
法院
」）
進行
聆訊
，而
該
呈請
則
排期
於
2017
年
12
月
4
日
進行
聆訊
。
開曼法院
於
2017
年
11
月
14
日
就該
傳票
展開
聆訊
並
頒發命令
（「
該
命令
」）
，
根據
開曼群島公司
法（二零一六年修訂本）
（「
公司法
」）
第
104(1)
條規定，
委任
羅兵咸永道會計師事務所之
蘇文
俊先生
、
莊
日杰先生
及
Simon Conway
先生
為本公司的共同臨時清盤人
（
「
共同臨時清盤人
」
）
125 : GS(14)@2018-07-15 12:49:40

於二零一八年七月九日，本公司向聯交所提交復牌建議（「復牌建議」），以便恢復
本公司的股份買賣。復牌建議的中樞為本公司與Pyrrho Management Limited（「投
資者」）於二零一八年五月十六日訂立的具法律約束力的重組框架協議（「重組協
2
議」），內容有關本公司建議收購於香港從事物業投資業務的目標公司（「收購事
項」）。根據上市規則，收購事項將構成本公司非常重大收購事項及涉及本公司新
上市申請的反向收購。
就本公司及本公司共同臨時清盤人經作出一切合理查詢後所知、所悉及所信，投
資者及其實益擁有人均屬獨立於本公司及本公司關連人士的第三方。
除收購事項外，重組亦包括交易及安排，涵蓋資本重組、配售新股、公開發售及
本公司與其債權人將予作出的重組安排計劃，以達成聯交所日期為二零一八年一
月十二日的函件所載的復牌條件。
本公司將根據上市規則的規定，於適當時候另行刊發公告，以就復牌建議進度及
本公司上市地位向本公司股東及公眾投資者提供最新消息。
126 : GS(14)@2018-07-24 22:32:41

big wok
127 : GS(14)@2019-03-01 23:58:11

http://www.hkexnews.hk/app/SEHK/ ... ls-2019030101_c.htm
招股書
PermaLink: https://articles.zkiz.com/?id=270044

中國汽車內飾(0048，8321)專區[關係：794、2228、692、295]

1 : GS(14)@2010-09-21 21:49:04

http://www.hkexnews.hk/listedco/ ... LN20100921004_C.HTM
又是新紅雞啦，2億股....殼乎?
2 : GS(14)@2010-09-21 21:49:22

唔睇聯交所公告都唔知有隻咁野
3 : 自動波人(1313)@2010-09-21 21:57:13

2樓提及
唔睇聯交所公告都唔知有隻咁野


我都係睇報紙個新股時間表先知....
況且全配售
4 : GS(14)@2010-09-21 22:12:20

3樓提及
2樓提及
唔睇聯交所公告都唔知有隻咁野


我都係睇報紙個新股時間表先知....
況且全配售


80仙至個二，上一次隻寶地股就爆升，今次估下升幾多
5 : 龍生(798)@2010-09-21 23:22:06

又黎呢的咁既野
我又要早起身補住佢打游擊了
6 : 純技術分析之人(1571)@2010-09-22 18:26:28

4樓提及
3樓提及
2樓提及
唔睇聯交所公告都唔知有隻咁野


我都係睇報紙個新股時間表先知....
況且全配售


80仙至個二，上一次隻寶地股就爆升，今次估下升幾多

湯兄所指的寶地股係咪大陸生命?如果係o既話,上次都叫做有"獨特概念",而且好張揚,全香港人都識咁濟,可以炒高引大量老散入局,之後插返一兩年,等d老散走得7788再做野,而上個月果隻疑似殼股猩謙都有成哥做噱頭,炒高一倍先散貨
今次冇獨特概念又咁靜,未必可以引到好多散戶,會唔會玩法有d唔同?(炒高之後唔一定散水?甚至唔會炒得太高?)
唔知兩位版友點睇,覺得佢地會點玩?
7 : GS(14)@2010-09-22 22:14:31

6樓提及
4樓提及
3樓提及
2樓提及
唔睇聯交所公告都唔知有隻咁野


我都係睇報紙個新股時間表先知....
況且全配售


80仙至個二，上一次隻寶地股就爆升，今次估下升幾多

湯兄所指的寶地股係咪大陸生命?如果係o既話,上次都叫做有"獨特概念",而且好張揚,全香港人都識咁濟,可以炒高引大量老散入局,之後插返一兩年,等d老散走得7788再做野,而上個月果隻疑似殼股猩謙都有成哥做噱頭,炒高一倍先散貨
今次冇獨特概念又咁靜,未必可以引到好多散戶,會唔會玩法有d唔同?(炒高之後唔一定散水?甚至唔會炒得太高?)
唔知兩位版友點睇,覺得佢地會點玩?


是呀，當然指呢隻，我都之爆完陰陰跌番原位，這個不難猜...

如果是咁樣，我會估是殼
8 : 公仔(1483)@2010-09-23 01:40:19

我未炒過呢D股，不過我見類似的多數1日炒完，之後跌番原位，其實炒呢D係咪要有total loss 既準備？會唔會好難出貨？
9 : teawater(1794)@2010-09-23 02:09:20

8樓提及
我未炒過呢D股，不過我見類似的多數1日炒完，之後跌番原位，其實炒呢D係咪要有total loss 既準備？會唔會好難出貨？


若果你高追就要有心理準備輸10-20格
買少少玩下,不問價直出當然會出到
10 : GS(14)@2010-09-23 12:53:46

9樓提及
8樓提及
我未炒過呢D股，不過我見類似的多數1日炒完，之後跌番原位，其實炒呢D係咪要有total loss 既準備？會唔會好難出貨？


若果你高追就要有心理準備輸10-20格
買少少玩下,不問價直出當然會出到


狠心是必要條件
11 : 公仔(1483)@2010-09-23 17:37:20

我睇過呢D股多數第一日都係大陽燭..除左亞果..
如一開市不是高開得太過份即入，收市前放，應該ok?
還是我想得太容易...哈哈
12 : teawater(1794)@2010-09-23 18:19:42

11樓提及
我睇過呢D股多數第一日都係大陽燭..除左亞果..
如一開市不是高開得太過份即入，收市前放，應該ok?
還是我想得太容易...哈哈


8356就是近期的反例子
13 : 公仔(1483)@2010-09-23 18:58:50

12樓提及
11樓提及
我睇過呢D股多數第一日都係大陽燭..除左亞果..
如一開市不是高開得太過份即入，收市前放，應該ok?
還是我想得太容易...哈哈


8356就是近期的反例子



係呀，佢高開7成太多了，冇水位。我覺得如果8321高開3成或以下就可以玩下。比佢由頭沽到落尾，計佢跌番落完位，最多輸三成，如果唔跌計佢升一倍，博賺50%。不過咁就純粹係賭錢。
14 : teawater(1794)@2010-09-23 19:37:33

yes
D新股第一日追入跟一轉並不難,要走又一定走到
純粹賭錢,勝負都係50/50
小注宜情,執千幾至幾千就算
15 : GS(14)@2010-09-25 08:40:20

14樓提及
yes
D新股第一日追入跟一轉並不難,要走又一定走到
純粹賭錢,勝負都係50/50
小注宜情,執千幾至幾千就算


有得執都好啦
16 : 自動波人(1313)@2010-09-28 21:40:47

http://www.hkexnews.hk/listedco/ ... 1_896934/CWF127.pdf

有點缺水
17 : GS(14)@2010-09-28 21:51:04

明眼人會睇到間公司之前谷得太勁。
18 : fineram(806)@2010-09-28 21:55:34

17樓提及
明眼人會睇到間公司之前谷得太勁。


估唔到唔係上限定價.
似 8296 定 8356 . 明天就知
19 : GS(14)@2010-09-28 21:57:58

18樓提及
17樓提及
明眼人會睇到間公司之前谷得太勁。


估唔到唔係上限定價.
似 8296 定 8356 . 明天就知


可以是我們先會知呢D狗股，之前進業好似上限，8296就唔係，往績看來...
20 : 自動波人(1313)@2010-09-28 22:20:35

19樓提及
18樓提及
17樓提及
明眼人會睇到間公司之前谷得太勁。


估唔到唔係上限定價.
似 8296 定 8356 . 明天就知


可以是我們先會知呢D狗股，之前進業好似上限，8296就唔係，往績看來...


首25名獲配股人.....持股比例極像8296
21 : GS(14)@2010-09-28 22:40:37

20樓提及
19樓提及
18樓提及
17樓提及
明眼人會睇到間公司之前谷得太勁。


估唔到唔係上限定價.
似 8296 定 8356 . 明天就知


可以是我們先會知呢D狗股，之前進業好似上限，8296就唔係，往績看來...


首25名獲配股人.....持股比例極像8296


紅雞必屬(賣殼)佳品
22 : 自動波人(1313)@2010-09-28 23:18:34

21樓提及
20樓提及
19樓提及
18樓提及
17樓提及
明眼人會睇到間公司之前谷得太勁。


估唔到唔係上限定價.
似 8296 定 8356 . 明天就知


可以是我們先會知呢D狗股，之前進業好似上限，8296就唔係，往績看來...


首25名獲配股人.....持股比例極像8296


紅雞必屬(賣殼)佳品


希望阿仔可以擔到大旗

不過聽講佢無老豆咁好脾氣
23 : bigcat(1364)@2010-09-28 23:32:01

我記得 8296 第一日掛牌開 1.1x 高招股價 0.72(60%)

這股概念好像沒有 8296 那麼 "獨特", 明天上市的有碧生源 and 博士蛙, not sure 有幾多錢會流入這股。

不過我今天見到其他討論區都推，話是有機會勁升....... smiley
24 : 自動波人(1313)@2010-09-28 23:36:31

23樓提及

我記得 8296 第一日掛牌開 1.1x 高招股價 0.72(60%)

這股概念好像沒有 8296 那麼 "獨特", 明天上市的有碧生源 and 博士蛙, no sure 有幾多錢會流入這股。

不過我今天見到其他討論區都推，話是有機會勁升....... smiley


咁pk了
25 : GS(14)@2010-09-29 21:15:00

真是唔太好
26 : 自動波人(1313)@2010-09-29 21:45:28

25樓提及
真是唔太好


但見佢模式有點似8296
27 : GS(14)@2010-09-29 21:47:52

26樓提及
25樓提及
真是唔太好


但見佢模式有點似8296


何解?
28 : 自動波人(1313)@2010-09-29 21:52:22

27樓提及
26樓提及
25樓提及
真是唔太好


但見佢模式有點似8296


何解?


成交量好像
不過8296首日升幅較多
29 : BB100(1331)@2010-09-29 21:54:55

我也覺模式很像8296，應未炒完。 明天唔穿1.15，或可以搏搏！
30 : 自動波人(1313)@2010-10-04 19:30:30

開行Turbosmileysmiley
31 : 自動波人(1313)@2010-10-06 21:35:53

個莊好無大志
32 : GS(14)@2010-10-06 22:06:29

31樓提及
個莊好無大志


算啦，無大志更好，等多一年半載玩仲好
33 : 自動波人(1313)@2010-10-06 22:20:42

32樓提及
31樓提及
個莊好無大志


算啦，無大志更好，等多一年半載玩仲好


copy 8296五成都無

唉!
34 : david395(4434)@2010-11-15 20:33:26

http://hk.myblog.yahoo.com/clcheung2010/article?mid=3241

主要從事製造及銷售用於汽車內飾件的無紡布產品。根據不同客戶的特定要求及標準製造不同規格一層或多層非織造纖維的產品。本集團大部分無紡布產品均供應予客戶作進一步加工，以成為不同的汽車內飾件，如汽車主地毯面料、頂蓬面料、座椅面料、衣帽架面料、行李箱蓋毯面料、行李箱側毯面料、輪罩面料及汽車腳踏墊面料，各具不同特點，可應用於汽車的不同用途。

- 截至2010年9月30日止9個月，營業額增加約55.0%至約人民幣85.4百萬元。用於汽車的無紡布汽車主地毯面料56,844，佔銷售66%。

- 核數師：中瑞岳華

- 成立於2003年以江蘇省為基地，財務報表只去到2008年，之前應該是虧蝕。

- 網址：http://joystar.com.hk ，點解係 .hk ? 網頁設計一般核突。

- 毛利率下降中：可能是原材料價格上升有關。

- 經營盈利要調整 ~5.6M 上市費，0.923M 政府補助金。

- 調整後經營溢利率也是下降中。

- 貿易應收款周轉期長，收數有困難。3月時已逾期應收款17M。

- 以銷售增長計，似乎比行業增長為高。

- 第4季是旺季，今年每股盈利應該有 > $0.083 (調整後，200M股計)。

估值

10-15倍P/E，如明年增長15%，目標$1.14-1.43，保守地說，現價購入有風險。

如明年升增長30%，12-18倍P/E，目標$1.29-1.94，則是有點進取，要對此公司有較深了解才有勇氣長線持有。

最好等多1年才考慮長線持有，短線則沒有意見。
35 : GS(14)@2010-11-15 21:10:24

我當是殼，紅雞太多殼好得
36 : GS(14)@2011-03-19 14:22:32

http://www.hkexnews.hk/listedco/ ... LN20110318070_C.pdf
靠特殊收益，應收款驚人
37 : Hierro(1191)@2011-03-19 14:57:03

36樓提及
http://www.hkexnews.hk/listedco/listconews/gem/20110318/GLN20110318070_C.pdf
靠特殊收益，應收款驚人


不是這樣的應收款，就資不抵債，跟住俾auditor話，賣既時候就好難靚價了
38 : hehehaha(4466)@2011-06-15 02:33:20

E隻係我今次跌市輸既主兇....''
今次跌市手上4隻股...本一樣大...今日為止我整體輸13%
E隻佔整體10%= ='估唔到呢...smileysmiley
3隻有2隻1%以下...1隻1.X%= ='
39 : hehehaha(4466)@2011-06-15 02:54:08

本來圖表要我走....係5月頭回落0.9X支大陽但回落返...果時我估會拉多支...好正路入中左...以為冇死= =
再拉出支大陽都回返果時...叫自己一定要走...但見冇咩輸錢...就當睇唔到= ='
無信自己...= ='今年做錯既第一個決定....''希望係最後一個smileysmiley
40 : 鉛筆小生(8153)@2011-06-15 08:14:15

我估可能乾跌去到0.2-0.5

市一大跌, 0.1 都唔奇

貨一早就邊左, 只係開車就難道


外面咁多靚殼
41 : kaipplppl(7299)@2011-06-15 16:31:49

40樓提及
我估可能乾跌去到0.2-0.5 市一大跌, 0.1 都唔奇 貨一早就邊左, 只係開車就難道 外面咁多靚殼

0.1..到時市值2千萬
42 : 鉛筆小生(8153)@2011-06-15 16:48:29

41樓提及
40樓提及
我估可能乾跌去到0.2-0.5 市一大跌, 0.1 都唔奇 貨一早就邊左, 只係開車就難道 外面咁多靚殼

0.1..到時市值2千萬


大跌市(16000-20000), 就一定恐慌地拋
43 : GS(14)@2011-06-15 21:52:10

37樓提及
36樓提及
http://www.hkexnews.hk/listedco/listconews/gem/20110318/GLN20110318070_C.pdf
靠特殊收益，應收款驚人


不是這樣的應收款，就資不抵債，跟住俾auditor話，賣既時候就好難靚價了


唔係咁解的
44 : GS(14)@2011-06-15 21:52:24

一毛錢大家買唔買先?
45 : 鉛筆小生(8153)@2011-06-15 22:19:01

44樓提及
一毛錢大家買唔買先?


看咩市況
46 : Liver7(11517)@2011-06-15 22:26:15

44樓提及
一毛錢大家買唔買先?


到時冇貨買
47 : kaipplppl(7299)@2011-06-16 08:29:41

44樓提及
一毛錢大家買唔買先?

假設發行股數不變,如果跌到0.1夾埋d友好好傾下個殼返黎都好smileysmileysmileysmiley
48 : 鉛筆小生(8153)@2011-06-16 09:42:21

47樓提及
44樓提及
一毛錢大家買唔買先?

假設發行股數不變,如果跌到0.1夾埋d友好好傾下個殼返黎都好smileysmileysmileysmiley


也未必, 0.1 等大家入完再合股+供股
49 : GS(14)@2011-06-16 21:47:55

都是好計
50 : Hierro(1191)@2011-07-01 00:14:22

http://www.hkexnews.hk/listedco/ ... LN20110630150_C.pdf
邪人加入

黃浩然先生（「黃先生」）已獲委任為本公司執行董事、公司秘書及授權代表，自二零一一年六月三十日起生效。黃先生，40歲，畢業於香港理工大學，持有公司管治碩士學位及會計學文學士學位。彼為香港會計師公會會員，亦為特許秘書及行政人員公會及香港特許秘書公會之會員。彼於二零零六年九月至二零一零年十月間在聯交所主板上市公司（寶源控股有限公司）擔任財務總監及公司秘書。彼於會計及公司遵例方面擁有豐富經驗。
51 : GS(14)@2011-07-01 00:33:07

寶源控股有限公司
692...um
52 : CHAUCHAU(1254)@2011-08-20 00:25:56

http://www.hkexnews.hk/listedco/ ... LN20110819020_C.pdf
更換合規顧問
新雄雞走人敦沛補上
53 : CHAUCHAU(1254)@2011-09-09 19:43:25

http://www.hkexnews.hk/listedco/ ... LN20110909018_C.pdf
更換獨立非執行董事、
薪酬委員會成員、
提名委員會成員
及審核委員會主席
54 : CHAUCHAU(1254)@2011-09-09 19:43:52

麥偉豪先生，39歲，畢業於香港科技大學，持有工商管理（金融）學士學位。彼為
英國特許公認會計師公會之資深會員及香港會計師公會之執業會員。彼為執
業會計師，於金融、會計及核數範疇積逾15年經驗。麥先生於二零零五年九月
至二零零九年十一月擔任聯交所主板上市公司江山控股有限公司（股份代號：
295）之公司秘書兼財務總監。彼於過往三年並無於本公司及其附屬公司持有任
何職位，亦無於任何公眾上市公司擔任任何董事職務。
55 : Hierro(1191)@2011-09-09 19:50:36

54樓提及
麥偉豪先生，39歲，畢業於香港科技大學，持有工商管理（金融）學士學位。彼為
英國特許公認會計師公會之資深會員及香港會計師公會之執業會員。彼為執
業會計師，於金融、會計及核數範疇積逾15年經驗。麥先生於二零零五年九月
至二零零九年十一月擔任聯交所主板上市公司江山控股有限公司（股份代號：
295）之公司秘書兼財務總監。彼於過往三年並無於本公司及其附屬公司持有任
何職位，亦無於任何公眾上市公司擔任任何董事職務。


邪
56 : GS(14)@2011-09-10 09:33:47

就快有野睇
57 : 鉛筆小生(8153)@2011-09-10 11:30:50

市值  5.60千萬
每股淨值  0.509


貨一直都乾, 但仲未夠吸引
58 : GS(14)@2011-09-10 11:36:42

另外一隻8193都跌得勁
59 : 鉛筆小生(8153)@2011-09-10 11:44:10

呢D 股0.0X 先可以買"少少"等, 反正佢地隨時合股供股
小心來一支有成交既陽燭, 請君入"X"
60 : 八旗子弟(15368)@2011-09-10 21:13:55

向下炒
61 : GS(14)@2011-09-11 13:44:07

60樓提及
向下炒


又唔一定的，雖然人真是有點恐怖
62 : Hierro(1191)@2011-09-11 18:31:05

見到d 人咁邪，玩少隻
63 : GS(14)@2011-09-11 20:04:43

我見兩個就要響
64 : GS(14)@2011-09-11 20:04:58

但是我覺得似789咁，點都炒一下，然後慢慢散
65 : 拔刺者(4132)@2011-09-21 18:13:06

http://www.hkexnews.hk/listedco/ ... LN20110921004_C.pdf

無良僱主唔出糧?
66 : fineram(806)@2011-09-21 19:59:55

內鬥 ? 股票大忌.
67 : fineram(806)@2011-09-21 20:00:31

http://www.hkexnews.hk/listedco/ ... LN20110921010_C.pdf

動 議 罷 免 黃 小 紅 女 士 作 為 本 公 司 執 行 董 事 之 職 務
68 : 龍生(798)@2011-09-21 20:10:53

莊先生於二零一一年九月十六日舉行之董事會會議上告知董事會，彼發出請
求書之原因為黃女士與莊先生在管理本公司之事務上出現嚴重分歧。黃女士未能
透過具建設性之磋商嘗試解決分歧。此外，基於本公司內部營運資金分配暫時出
現問題，故於二零一一年七月之所有董事酬金延期支付。黃女士非但不理解公司
狀況，而且透過彼之律師向本公司作出法定要求，要求在三個星期內支付彼之酬
金，否則彼將提出呈請將本公司清盤。莊先生認為黃女士之行動並不符合本公司
最佳利益，亦不能勝任為本公司董事。
69 : 龍生(798)@2011-09-21 20:10:59

呢段先堅
70 : 龍生(798)@2011-09-21 20:11:38

似乎缺水得好緊要, 非常非常緊要個隻咁喎
71 : hsts(1521)@2011-09-21 20:34:13

無錢仲去酒店開大會smiley
72 : fineram(806)@2011-09-21 21:32:19

絶對係股價比公告走得前既股.

差唔多係上年配售價既 1/4
73 : Hierro(1191)@2011-09-21 21:42:20

相信很多人買了它等賣殼
真替他們擔心
74 : Hierro(1191)@2011-09-21 21:42:42

72樓提及
絶對係股價比公告走得前既股.

差唔多係上年配售價既 1/4



冇止蝕就慘了
75 : GS(14)@2011-09-21 21:59:21

細注買都好彩D，大注就死直，難怪間公司暴跌
76 : 龍生(798)@2011-09-21 22:10:57

這次我能躲掉, 全因我實在比這公司更缺水....真是好運
77 : Hierro(1191)@2011-09-21 22:11:34

75樓提及
細注買都好彩D，大注就死直，難怪間公司暴跌



終於水落石出
有貨好走
78 : 龍生(798)@2011-09-21 22:12:25

不如大家一起來猜想最後會點丫?
79 : Hierro(1191)@2011-09-21 22:12:30

76樓提及
這次我能躲掉, 全因我實在比這公司更缺水....真是好運



係啦係啦
亂咁買的後果是死得很慘
這些股真不是人玩的
80 : Hierro(1191)@2011-09-21 22:12:50

78樓提及
不如大家一起來猜想最後會點丫?



長期停牌玩完
81 : hsts(1521)@2011-09-21 22:14:02

80樓提及
78樓提及
不如大家一起來猜想最後會點丫?
長期停牌玩完


清盤
82 : GS(14)@2011-09-21 22:14:58

又唔會玩完的..應該有人救，但咁爆法實在太快
83 : Hierro(1191)@2011-09-21 22:16:27

82樓提及
又唔會玩完的..應該有人救，但咁爆法實在太快



間野似乎有其它問題
總之極不樂觀
若我有貨的話，不問價走
84 : GS(14)@2011-09-21 22:22:27

我都建議走先
85 : CHAUCHAU(1254)@2011-10-11 16:48:48

http://www.hkexnews.hk/listedco/ ... LN20111010034_C.pdf
罷免董事，更換監察主任及授權代表
根據股東特別大會通過之普通決議案，黃小紅女士（「黃女士」）已被罷免作為本公司執行董事之職務，由二零一一年十月十日起生效（「該罷免」）。由於該罷免，黃女士不再為本公司監察主任及授權代表，由二零一一年十月十日起生效。
董事會亦藉此機會宣佈委任本公司之執行董事黃浩然先生為本公司之新監察主任，由二零一一年十月十日起生效；及委任本公司之主席及執行董事莊躍進先生為本公司之新授權代表，由二零一一年十月十日起生效。
86 : GS(14)@2011-10-17 23:14:14

http://www.hkexnews.hk/listedco/ ... LN20111017036_C.pdf
批4,000萬股@25仙，不知名公司，向下炒?
87 : Hierro(1191)@2011-10-18 00:40:48

真大獲
88 : RY(2041)@2011-10-18 00:54:08

commission 10%....非常唔樂觀
89 : 鉛筆小生(8153)@2011-10-18 07:39:02

要死之前, 點都會抽一獲甘既
90 : Hierro(1191)@2011-10-18 11:21:46

86樓提及
http://www.hkexnews.hk/listedco/listconews/gem/20111017/GLN20111017036_C.pdf
批4,000萬股@25仙，不知名公司，向下炒?


是不是這一間？

http://redfordholdings.com/structure.htm

若是的話，即係同鄧生有關：

http://realblog.zkiz.com/greatsoup38/3014
91 : GS(14)@2011-10-18 22:13:12

http://www.sfc.hk/sfcprd/eng/pr/ ... =AVP731&applNo=0001
的確是呢間，但轉了工

http://orientaldaily.on.cc/cnt/finance/20110305/00271_001.html
好似喺上月小登科嘅鄧聲興就雙喜臨門，由泓福資產管理跳槽到長實（00001）旗下嘅AMTD擔任證券業務部總經理。

http://uat.finet.hk/mainsite/research/MKTEXP/0/0/17/
鄧聲興
AMTD證券業務部總經理

鄧聲興現為AMTD證券業務部總經理。鄧先生是香港股票市場上著名的投資分析評論員，又是香港專業財經分析及評論家協會副主席及多份報章的專欄作家和電台財經節目主持人。鄧先生擁有澳洲Edith Cowan University 金融及財務管理學位及東亞大學副學士學位。現為北京中國人民大學博士研究生，研究方向為現代證券投資理論。 1995年成為澳洲銀行及財務公會高級會員。 鄧先生於1997-2000年曾擔任香港大學校外進修學院證券分析課程導師。現時為香港理工大學專業進修學院及香港持續教育書院導師。
92 : Hierro(1191)@2011-11-04 01:39:45

http://realblog.zkiz.com/Hierro/28890
中國汽車內飾(8321.HK)---向下炒？
93 : greatsoup38(830)@2012-03-17 16:04:21

http://www.hkexnews.hk/listedco/ ... LN20120316073_C.pdf
終於學壞

本公司董事會（「董事會」）欣然宣佈，於二零一二年三月十六日（交易時段後），
本公司全資附屬公司Link Excellent Limited（「買方」）與Garretson Limited（「賣方」）訂
立無法律約束力之諒解備忘錄（「諒解備忘錄」），據此，買方有意收購而賣方有
意出售Accord Sky Limited（「目標公司」）100%已發行股本，而目標公司主要從事製
造及銷售「Capella」品牌嬰兒車。上述可能交易稱為「可能收購」。

可能收購之代價須待買方完成盡職審查後由賣方與買方磋商及協議後，方可作實。根據諒解備忘錄，賣方及買方將於諒解備忘錄日期後三個月之獨家期間內就
可能收購之正式協議（「正式協議」）條款進行真誠磋商。考慮到其獨家性質，買方同意向賣方支付誠意金1,000,000港元（「誠意金」）。誠意金須於賣方接獲買方有關其不擬進行可能收購之決定之書面通知後五個營業日內退還買方，或倘賣方及買方訂立正式協議，則該誠意金將用於買方就可能收購應付賣方之部分代價。
除上述披露之事宜外，訂立諒解備忘錄並不構成訂約各方就可能收購作出具法律約束力之承諾。
94 : CHAUCHAU(1254)@2012-03-17 17:20:13

「Capella」品牌嬰兒車喺香港市場頗受歡迎

ps.(並沒持股)
95 : greatsoup38(830)@2012-03-17 17:24:13

94樓提及
「Capella」品牌嬰兒車喺香港市場頗受歡迎

ps.(並沒持股)


你有用?
96 : CHAUCHAU(1254)@2012-03-17 17:29:20

早前要買車留意過,另見街上亦多人用
97 : greatsoup38(830)@2012-03-17 17:30:37

96樓提及
早前要買車留意過,另見街上亦多人用


真是無點留意
98 : CHAUCHAU(1254)@2012-03-17 17:33:43

97樓提及
96樓提及
早前要買車留意過,另見街上亦多人用


真是無點留意


未到個階段點會去留意,但肯定品牌係堅,千幾蚊一部
99 : 鉛筆小生(8153)@2012-03-18 11:37:03

不堅也很難上, 就算雙樺也堅
100 : greatsoup38(830)@2012-03-18 11:50:44

關係就入tag就得，免得標題太長
101 : 自動波人(1313)@2012-03-18 15:35:06

勁,由造車轉造嬰兒車

不過概念似乎遲了!
102 : danieldanielkoo(19748)@2012-03-22 14:01:11

呢間野個巿值好細....會點玩呢?
Capella bb車見過...但好似唔見佢有網站...會唔會都係D local brand?
103 : 龍生(798)@2012-03-22 16:16:20

佢個慨念好奇特, 又吹唔響, 又唔夠特別, 仲要係正行生意

但偏偏又唔似真做

個價抽起少少又擲番散

都唔知佢想點
104 : GS(14)@2012-03-22 22:14:32

102樓提及
呢間野個巿值好細....會點玩呢?
Capella bb車見過...但好似唔見佢有網站...會唔會都係D local brand?


http://www.capella.co.kr/
韓國貨
105 : GS(14)@2012-03-22 22:14:40

103樓提及
佢個慨念好奇特, 又吹唔響, 又唔夠特別, 仲要係正行生意

但偏偏又唔似真做

個價抽起少少又擲番散

都唔知佢想點


就是唔知囉
106 : 龍生(798)@2012-03-22 23:32:35

看不通就忍忍手, 就是了
107 : GS(14)@2012-03-25 10:35:43

http://www.hkexnews.hk/listedco/ ... LN20120323173_C.pdf
即刻玩野，2供1@10仙...唉，看來又給那班人才把持了
108 : GS(14)@2012-03-25 10:35:53

明日系相關人士
109 : GS(14)@2012-03-25 10:36:06

包銷商︰ 敦沛融資有限公司
110 : GS(14)@2012-03-25 10:36:26

今次是不用股東大會通過
111 : GS(14)@2012-03-25 10:36:41

更改每手買賣單位
股份現時之每手買賣單位為每手4,000股股份，而每手買賣單位之市值為1,240
港元（根據股份於最後交易日在聯交所所報之收市價每股0.310港元計算）。為增
加股份每手買賣單位之價值使其不低於2,000港元，以及為降低股東及本公司
投資者所產生之交易及登記成本，董事會建議將股份之每手買賣單位由4,000
股股份更改為12,000股股份，由二零一二年五月十五日（星期二）起生效。
根據股份之理論除權價（參考最後交易日之收市價0.310港元）計算，新每手買賣
單位之價值預期為2,880港元。更改每手買賣單位不會令股東之相關權利出現
任何改變。董事會認為更改每手買賣單位符合本公司及其股東之整體利益。
112 : Hierro(1191)@2012-03-27 23:05:33

小弟的最新文章：

一如所料，供股了！---中國汽車內飾(8321.HK)
http://realblog.zkiz.com/Hierro/32192
113 : GS(14)@2012-03-28 00:05:36

112樓提及
小弟的最新文章：

一如所料，供股了！---中國汽車內飾(8321.HK)
http://realblog.zkiz.com/Hierro/32192


都是咁啦
114 : 鉛筆小生(8153)@2012-03-28 00:14:50

40樓提及
我估可能乾跌去到0.2-0.5

市一大跌, 0.1 都唔奇

貨一早就邊左, 只係開車就難道


外面咁多靚殼



還未見0.1, 又錯了
115 : GS(14)@2012-03-28 00:15:13

114樓提及
40樓提及
我估可能乾跌去到0.2-0.5

市一大跌, 0.1 都唔奇

貨一早就邊左, 只係開車就難道


外面咁多靚殼



還未見0.1, 又錯了


0.01 都有機
116 : Hierro(1191)@2012-03-28 00:18:26

114樓提及
40樓提及
我估可能乾跌去到0.2-0.5

市一大跌, 0.1 都唔奇

貨一早就邊左, 只係開車就難道


外面咁多靚殼



還未見0.1, 又錯了



這隻d 貨明顯不是「邊」啦...
117 : GS(14)@2012-03-28 00:19:01

是邊了，但是d行散D
118 : Hierro(1191)@2012-03-28 00:19:51

117樓提及
是邊了，但是d行散D



我的看法和你相反
再者，某人不斷在沽沽沽
119 : Hierro(1191)@2012-03-28 00:21:02

這股的走勢跟那個人肯定有密切關係
120 : GS(14)@2012-03-28 00:26:24

119樓提及
這股的走勢跟那個人肯定有密切關係


所以咪話好集中囉
121 : Hierro(1191)@2012-07-05 22:28:01

http://www.hkexnews.hk/listedco/ ... LN20120705067_C.pdf

再供，都是0.1，但這次1供2，邊個跟邊個死！
122 : GS(14)@2012-07-05 22:33:40

每手股數加大3倍...唉
123 : fineram(806)@2012-07-05 22:49:55

好變態呀。供完無幾耐。多多錢都死
124 : iniesta(1400)@2012-07-07 00:39:05

其實呢D股冇買既點解要咁肉緊?
125 : fineram(806)@2012-07-07 08:55:32

124樓提及
其實呢D股冇買既點解要咁肉緊?


肉緊d會投入d.
126 : Hierro(1191)@2012-07-07 09:58:13

我無賭波，但睇波一樣好肉緊
127 : GS(14)@2012-07-07 14:59:20

我都幾喜歡研究呢
128 : RY(2041)@2012-07-07 16:05:37

今次如果多人供,幾千嗰就袋袋平安,每年供返一次半次仲好過賣殼炒股

結論係,算吧啦
129 : GS(14)@2012-07-07 16:06:34

128樓提及
今次如果多人供,幾千嗰就袋袋平安,每年供返一次半次仲好過賣殼炒股
結論係,算吧啦



買D野就出晒數啦，自己買就向下炒，炒夠又供
130 : Hierro(1191)@2012-07-07 23:56:29

人地都講到明買bb車啦，太賤啦，肯定唔夠佢地玩，所以...
131 : GS(14)@2012-07-07 23:56:47

130樓提及
人地都講到明買bb車啦，太賤啦，肯定唔夠佢地玩，所以...


我們可以投降
132 : Hierro(1191)@2012-07-08 00:09:08

131樓提及
130樓提及
人地都講到明買bb車啦，太賤啦，肯定唔夠佢地玩，所以...

我們可以投降



或者我地呢到有死士呢？哈哈

沖完涼回來再吹
133 : sunshine(3090)@2012-07-08 17:22:30

啱啱買，我就係死士之一，唔抽上去就唔供。
134 : GS(14)@2012-08-15 15:59:05

http://www.hkexnews.hk/listedco/ ... LN20120814223_C.pdf
上半年盈利跌10%，至260萬，第2季跌一半，至220萬
135 : GS(14)@2012-08-15 16:00:55

存貨14,723 13,806
貿易應收款項11 61,395 60,109
應收票據– 3,400
預付款項、按金及其他應收款項20,662 15,258

...
前景
根據中國汽車工業協會公佈的數據，截至二零一二年七月三十一日止七個月，
乘用車的生產及銷售分別約為8,785,000台及8,735,000台，相當於約8.5% 及7.5% 的
增長。在中國個人收入不斷增長下，本集團預期中國的乘用車生產及銷售於二
零一二年將繼續錄得穩定增長。
為保持穩步發展，本集團將不斷投放資源於：
1) 改善生產線，以擴大生產力；
2) 安裝新機器，以迎合客戶對高端產品不停轉變的需要及需求；
3) 進行研發，以在有關產品規格的最新技術趨勢上與時並進；
4) 加快推出新產品，以擴大市場佔有率及擴闊於中國的市場覆蓋率；及
5) 加強質量監控系統，以確保顧客繼續支持及鞏固本集團於中國無紡布產
品行業的口碑。
展望未來，為實現更豐厚回報及加強本集團的擴充，本集團將物色有潛力的投
資商機，務求多元化發展其業務範圍。
136 : 自動波人(1313)@2012-10-17 19:37:26

成立合營公司

http://www.hkexnews.hk/listedco/ ... LN20121017021_C.pdf

本公司董事會（「董事會」）欣然宣佈，於二零一二年十月十七日，本公司之全資附屬公司怡星
（無錫）汽車內飾件有限公司（「怡星無錫」）與株式會社三興（「三興」）訂立合營協議（「合營協
議」），以成立合營公司（「合營公司」），在中國從事生產及銷售用於汽車之聚酯短纖維。合營
協議之主要條款概述如下：
合營協議
日期： 二零一二年十月十七日
訂約方： (a) 怡星無錫；及
(b) 三興
合營公司之建議名稱： 楊州三興化纖有限公司，須經地方工商登記主管部門批准

合營公司之註冊資本： 合營公司之總註冊資本將為2,500,000 美元（相等於約19,380,000
港元），其中怡星無錫須出資1,000,000 美元（相等於約7,750,000
港元）， 佔合營公司總註冊資本之40%， 而三興須出資
1,500,000 美元（相等於約11,630,000 港元），佔合營公司總註冊
資本之60%。訂約方須於地方工商登記主管部門出具營業執照
後三個月內以現金出資。
業務範圍： 合營公司之業務範圍為在中國生產及銷售用於汽車之聚酯短纖
維。
董事會組成： 合營公司之董事會須由五名董事組成，其中兩名董事由怡星無
錫提名，三名董事由三興提名。主席由三興提名，副主席則由
怡星無錫提名。

資金來源
董事會擬從本公司及其附屬公司（「本集團」）之內部資源撥付向合營公司作出權益出資所需之
資金。
三興之背景
三興為於韓國成立之公司，從事生產用於汽車╱工業內飾地氈及無紡地工織布之膨體連續長
絲紗及短纖維。就本公司董事在作出一切合理查詢後所深知，三興及其最終實益擁有人均為
獨立於本公司或其任何附屬公司之董事、主要行政人員或主要股東或任何彼等各自之聯繫人
士（定義見香港聯合交易所有限公司創業板證券上市規則（「創業板上市規則」））之第三方，且
與上述各方概無關連。

成立合營公司之理由
本集團主要從事製造及銷售用於汽車內飾件之無紡布產品。本集團亦接受買賣無紡布產品之
銷售訂單。本集團之生產需要聚酯短纖維以生產無紡布。董事會相信，與三興成立合營公
司，將使本集團可確保原料供應及橫向加快本集團之生產擴充計劃，以應付客戶之需求。
137 : lam(884)@2012-10-17 20:33:33

又想炒多轉？人多擠迫都係時候講88啦......
138 : CHAUCHAU(1254)@2012-10-17 20:38:57

137樓提及
又想炒多轉？人多擠迫都係時候講88啦......
E,乜你唔係上次周生出文話清貨咩?
139 : lam(884)@2012-10-17 20:44:03

138樓提及
137樓提及
又想炒多轉？人多擠迫都係時候講88啦......
E,乜你唔係上次周生出文話清貨咩?

真亦假時假亦真！越無人玩既越吸引......8212許又係一個好例子，但個個睇好真係村長個女----你愛
140 : fineram(806)@2012-10-17 21:56:16

139樓提及
138樓提及
137樓提及
又想炒多轉？人多擠迫都係時候講88啦......
E,乜你唔係上次周生出文話清貨咩?

真亦假時假亦真！越無人玩既越吸引......8212許又係一個好例子，但個個睇好真係村長個女----你愛


村長叫李愛呀....同個女無關
141 : GS(14)@2012-10-17 23:34:49

139樓提及
138樓提及
137樓提及
又想炒多轉？人多擠迫都係時候講88啦......
E,乜你唔係上次周生出文話清貨咩?

真亦假時假亦真！越無人玩既越吸引......8212許又係一個好例子，但個個睇好真係村長個女----你愛


真是個圖假成咁...


142 : GS(14)@2012-10-17 23:35:07

140樓提及
139樓提及
138樓提及
137樓提及
又想炒多轉？人多擠迫都係時候講88啦......
E,乜你唔係上次周生出文話清貨咩?

真亦假時假亦真！越無人玩既越吸引......8212許又係一個好例子，但個個睇好真係村長個女----你愛

村長叫李愛呀....同個女無關

資料
143 : CHAUCHAU(1254)@2012-11-24 03:28:56

http://www.hkexnews.hk/listedco/ ... LN20121123024_C.pdf
董事會欣然宣佈，本公司已於二零一二年十一月二十三日向聯交所遞交正式申請，以根據
創業板上市規則及主板上市規則的相關條文轉板。轉板將不涉及本公司發行任何新股份。
144 : greatsoup38(830)@2012-11-24 10:13:31

唔怪之得...

呢排好多隻都是咁，唔通...
145 : lam(884)@2012-11-25 09:26:08

唔通咩？
146 : GS(14)@2013-01-24 01:23:03

http://www.hkexnews.hk/listedco/ ... LN20130123054_C.pdf
本公司董事會（「董事會」）謹此知會本公司股東及準投資者，根據本集團截至二零一二年
十二月三十一日止年度的未經審核管理賬目的初步審閱，預期本集團截至二零一二年十二月
三十一日止年度的溢利會較截至二零一一年十二月三十一日止年度者將錄得顯著跌幅。該虧
損主要歸因於日益上漲的原材料成本導致截至二零一二年十二月三十一日止年度的毛利率有
所下跌所致。
除上述者外，董事會認為本集團的整體財務狀況及業務營運仍約持強健穩定。
147 : 自動波人(1313)@2013-03-01 22:13:35

申請轉主板
148 : CHAUCHAU(1254)@2013-03-02 11:37:50

波人攪錯左,通告係駁回申請,轉主板失敗
149 : greatsoup38(830)@2013-03-02 12:09:57

148樓提及
波人攪錯左,通告係駁回申請,轉主板失敗


無可持續發展的業務
150 : 自動波人(1313)@2013-03-02 15:32:41

噢...是的是的!
151 : greatsoup38(830)@2013-03-06 01:14:55

死心不息
152 : qt(2571)@2013-03-30 00:44:48

年報
153 : qt(2571)@2013-03-30 00:45:02

年度業績
154 : greatsoup38(830)@2013-03-30 22:46:35

盈利降67%，至600萬，5,100萬現金
155 : greatsoup38(830)@2013-03-31 19:51:03

向8037 買橡膠業務
156 : greatsoup38(830)@2013-03-31 19:51:19

8321 版本
157 : greatsoup38(830)@2013-04-06 22:28:55

http://www.hkexnews.hk/listedco/ ... LN20130319098_C.pdf
8321 不能轉主板
158 : greatsoup38(830)@2013-05-11 17:50:15

盈喜
159 : 自動波人(1313)@2013-05-15 23:10:00

印股買垃圾
160 : greatsoup38(830)@2013-05-16 00:25:44

又用人頭種債
161 : greatsoup38(830)@2013-05-21 13:00:15

哈哈
162 : greatsoup38(830)@2013-06-01 22:20:28

oil
163 : greatsoup38(830)@2013-08-15 00:52:29

8321
3個月盈利降50%，至100萬，6個月盈利降9成，至20萬，輕債，又做trading
164 : iniesta(1400)@2013-08-22 02:51:29

有個新非執董，人工5000
sorry 用手機，冇link....
165 : greatsoup38(830)@2013-08-22 23:04:40

164樓提及
有個新非執董，人工5000
sorry 用手機，冇link....


多份兼職，幾好
166 : greatsoup38(830)@2013-10-04 00:56:09

變相拆細，36,000股變1萬股一手
167 : greatsoup38(830)@2013-10-04 00:56:25

盈喜
168 : kirinb(42375)@2013-10-07 09:36:53

又升２０％
169 : kennyice(39871)@2013-10-07 16:29:11

做乜事咁勁?
170 : GS(14)@2013-10-07 22:43:17

169樓提及
做乜事咁勁?


盈喜，呢隻股神奇，1蚊跌到10仙，又變番1蚊
171 : 老占(1472)@2013-10-07 23:56:26

170樓提及
169樓提及
做乜事咁勁?


盈喜，呢隻股神奇，1蚊跌到10仙，又變番1蚊


供股> 再供股> 再拆細
172 : greatsoup38(830)@2013-11-19 23:52:35

唔搞
173 : greatsoup38(830)@2014-01-02 00:38:04

反訊號
174 : GS(14)@2014-02-23 12:46:04

8321

盈利增2倍，至1,800萬，1,700萬現金
175 : GS(14)@2014-02-26 01:15:22

仲評估緊
176 : GS(14)@2014-03-18 00:30:52

轉主板
177 : apeapeho(46372)@2014-03-21 17:29:31

greatsoup在176樓提及
轉主板


大機會轉到嗎?
178 : greatsoup38(830)@2014-03-22 19:30:25

機會一般
179 : apeapeho(46372)@2014-03-24 10:28:15

greatsoup38在178樓提及
機會一般


幾時有消息ar?
180 : greatsoup38(830)@2014-03-24 23:33:47

3個內唔得就叫失敗
181 : greatsoup38(830)@2014-03-25 23:40:31

有乜都唔玩啦
182 : apeapeho(46372)@2014-04-01 15:04:04

由0.88跌到呢家都未彈過!!玩边科啊
183 : GS(14)@2014-04-01 23:51:58

隻股炒起咁多，算啦
184 : VA(33206)@2014-04-09 22:37:51

梅偉琛 智通財技：問與答 (二十三)
12:42  
問 : (ST) 你如何看中國汽車內飾(8321)? Leon答：ST，你好。中國汽車內飾(8321) 正向聯交所提交轉主板上市申請，這兩年創業板轉主板的申請審批尚算可以，只要符合轉主板的條件，一般都能成功轉板。轉板後可享受殼價的提升，但中國汽車內飾現時市值五億元，似已反映轉板效應。 (利益申報：執筆時，筆者或相關人士，並沒持有上述股票)
185 : GS(14)@2014-05-02 09:27:15

盈警
186 : i3wai(51130)@2014-06-22 22:41:14

今次好似幾大機轉到
睇佢呢3年profit都過到profit test

但又六月尾都未公布
187 : greatsoup38(830)@2014-06-22 23:29:13

i3wai在186樓提及
今次好似幾大機轉到
睇佢呢3年profit都過到profit test

但又六月尾都未公布


他d盈利有些問題
188 : GS(14)@2014-07-14 23:16:46

盈喜
189 : stockreal123(51904)@2014-07-29 21:28:49

yes
190 : GS(14)@2014-08-16 21:41:20

轉主板，編號48
191 : GS(14)@2014-09-18 09:49:16

place 230m [email protected]
192 : ninomiyau(41302)@2015-01-18 13:12:13

隻嘢係咪向下炒緊?
193 : greatsoup38(830)@2015-01-18 14:57:30

機會都幾大
194 : ninomiyau(41302)@2015-03-19 03:28:23

散戶又係果句，輸完又嚟賭過...
195 : greatsoup38(830)@2015-03-20 00:38:07

唔玩就得，不好的是報紙推
196 : greatsoup38(830)@2015-09-28 23:12:06

http://webb-site.com/articles/trouble2015.asp
Bubbles and troubles in Hong Kong
24th September 2015

As readers may recall, last year, Lerado Group (Holding) Co Ltd (Lerado, 1225) announced the proposed sale of its core business of baby strollers and infant car seats to Canadian listed firm Dorel Industries Inc (Dorel) for HK$930m. Lerado was planning to squat on most of the cash proceeds and only pay out $0.30 per share, or $228m. For this reason, we opposed the sale, because of concern that Lerado would become a cash shell trading at a discount to its net asset value. Your editor, David Webb, is a disclosed substantial shareholder currently holding over 8%. However, the sale was approved by shareholders on 16-Sep-2014 and completed on 31-Oct-2014.

Our concerns have now proven justified, culminating in current egregious proposals not just by Lerado but by other listed companies. We hope to stop them, if the regulators will require certain parties to play fairer. This article is long and complicated, and we thought about breaking it into pieces, but the picture becomes clearer if you assemble the whole jigsaw, so here it is. Apart from Lerado, this article covers transactions by numerous other listed companies in which you may have an interest, and several billion US dollars of bubbles.

So pour yourself a large coffee and let's get started.
Lerado share movements

The first sign of movement in Lerado came on 25-Nov-2014. Intelligence Hong Kong Group Ltd (IHK) is a company owned 68.27% by Lerado Chairman Henry Huang Ying Yuan (Mr Huang) and 31.73% by his wife, Jamy Huang Chen Li Chu. IHK owns 148,353,540 shares which was 19.50% of Lerado at 31-Dec-2014, before the recent dilutions. On 25-Nov-2014, our system shows those shares moving from CTBC Asia Ltd (the local subsidiary of a Taiwan bank) where they had rested since 30-Dec-2009, to Convoy Investment Services Ltd (Convoy IS), the brokerage sister of Convoy Financial Holdings Ltd (Convoy FH, 1019). Convoy IS is in the process of trying to list on the GEM in the form of CIS Holdings Ltd, which filed an application proof on 23-Mar-2015, sponsored by Quam Capital Ltd.

There can be any number of reasons for such transfers, but one possibility is that the shares are security for a loan. Banks and brokers are exempt from disclosing security interests in shares pledged to them. It wouldn't be so worrying were it not for the fact that Mark Mak Kwong Yiu (Mr Mak), CEO of Convoy FH and a director of Convoy IS, is also claimed to be an INED of Lerado since 25-Apr-2014. Mr Mak joined Convoy as CFO in 2002.

You may recall that in Some bubbles for New Year (31-Dec-2014) we warned about a bubble then called Finsoft Corporation (Finsoft, 8018), which was then trading at $1.235 (adjusted for the subsequent 2:1 split), with a market value of HK$4.94bn, or 110 times its net asset value. Convoy FH owned over 5% of Finsoft. The stock didn't stop there though. It reached a high of $2.92 on 20-May-2015, when Finsoft was valued at HK$11.68bn. Since then, it has crashed 94.8% to its close on Wednesday (23-Sep-2015) at $0.139, down a net 88.7% since our article. Finsoften aren't what they seem.

The Finsoft bubble allowed Convoy FH to book unrealised gains of HK$238.4m for 2014. It sold 40m shares (2%) of Finsoft on 20-Jan-2015 for about $73.5m (split-adjusted: $0.919 per share) and went below the 5% disclosure threshold. The sale was purportedly on-market but it was far larger than market volume that day of 1.925m shares so the disclosure must be wrong.

Returning to Lerado, another large chunk of 96,805,800 shares (12.71% at 31-Dec-2014) was held by Hwa Foo Investment Ltd (Hwa Foo), 30% controlled by Patrick Chen Chun Chieh (Mr Chen), an Executive Director and the son of the late co-founder of Lerado, and 70% by his mother. He joined the board on 3-Apr-2008 following his father's death on 14-Feb-2008. On 8-Sep-2014 those shares moved from HSBC (where they had rested since 27-Jun-2007) to UBS Securities HK Ltd , and then, more interestingly, they moved to small broker Win Fung Securities Ltd (Win Fung) on 9-Dec-2014, two weeks after IHK's holding moved to Convoy IS. So the Huangs and the Chens had moved custody of 32.21% of Lerado after leaving it untouched for years. More on Win Fung below.
Dispute with Dorel

First let's mention that on 10-Feb-2015, Lerado announced that it was in dispute with Dorel over the final net asset value of the business, which may lead to a partial repayment of the purchase price, in an unspecified "significant" amount.

On 27-Mar-2015, Lerado announced that it could not reach agreement with Dorel, so under the terms of the sale they had agreed to go to arbitration with an independent accountant, not yet appointed. In the 2014 annual results announcement on 30-Mar-2015, Lerado revealed that the disputed amount was HK$307m, which accordingly had been booked as a liability in the balance sheet. Still, Lerado ended 2014 with cash of $797m or HK$1.048 per share and no bank borrowings. The disputed amount was about $0.404 per share, so even if they have to pay all of that back, there would have been $0.644 per share of cash, and net assets of $633m or $0.832 per share.

On 20-Jul-2015, Lerado announced that it and Dorel had appointed RSM Nelson Wheeler as the independent accountant to determine the disputed items. Two months later, the result has not yet been announced. If Lerado were to win all of it, then the pro forma net asset value at 31-Dec-2014 increases to $1.236 per share.
Lerado swaps shares for property from CIFG

The day after the results, 31-Mar-2015, Lerado announced the acquisition of a property in Guangzhou from China Investment and Finance Group Ltd (CIFG, 1126) for HK$39m, but despite being flush with cash, only HK$1m was payable in cash and the rest in 76m new Lerado shares (9.49% of then existing shares) issued under the general mandate at $0.50 each, again a discount to cash and NAV per share.

The intended use of the property is as premises for the residual business of Lerado, which is mainly mobility scooters for the elderly and disabled, or what it calls "medical products". However, even if intended use of the property sounds plausible, the issue of shares at a discount to net cash and NAV was entirely inappropriate. The deal completed on 17-Apr-2015, giving CIFG a 8.59% stake in Lerado. Our system shows that CIFG deposited the shares into CCASS with Astrum Capital Management Ltd (Astrum) on 5-May-2015.

CIFG is not a regular listed company, but is a closed-end investment company listed under Chapter 21. This prohibits taking controlling positions (over 30%) in companies, and requires it to adhere to its stated investment restrictions. We asked the Stock Exchange why CIFG was allowed to invest in property in the first place. The result was this "clarification announcement" on 7-Aug-2015, admitting that investment properties were outside the scope of CIFG's Investment Policy and blaming it on the former Chairman and Vice Chairman. They had been removed by the Board on 14-Sep-2012, 6 months after becoming uncontactable.
Lerado begins money-lending and stockbroking

The "Prospects" section of Lerado's 2014 results indicated a new direction. The board had "concrete financial knowledge and background" and had decided to diversify into "securities trading, money lending business and other financial and property investment." It revealed that on 23-Feb-2015, Lerado had agreed to buy an unnamed target company, for HK$1.6m plus its net asset value. The target was a securities broker and planned to engage in margin financing business after the acquisition was completed. On 17-Apr-2015, Lerado announced that it would reallocate HK$300m of its cash pile for these activities.

On 2-Jul-2015 Lerado announced the name of the target, Yim Cheong Share Broking and Investment Co Ltd, and that the acquisition was completed that day. This was then renamed Black Marble Securities Ltd (Black Marble Securities), and Lerado intended to pump HK$200m into it. This small, nearly-dormant broker at that point had a minimal two licensed staff and minimal holdings in its CCASS account shown here.

Policy note: This highlights a defect in the Listing Rules: if you make a "Major Acquisition" (over 25% of your total assets), then you need shareholders' approval, but if you buy or establish a small company and then pump your funds into this new line of business, then this is completely exempt, even though shareholders are exposed to very new and different risks.

Lerado had also established BlackMarble Capital Ltd, incorporated 28-Jan-2015, a licensed money-lender. The application was gazetted on 27-Feb-2015 and the license was granted on 22-May-2015.
Lerado option grants

On 12-Feb-2015, Lerado granted options over 75m new shares (equivalent to 9.86% of the existing shares), of which half went to an unspecified number of employees, and half to "5 consultants". The options were exercisable for 2 years at $0.592 per share. It makes no sense whatever to be granting options which exercise at less than net cash per share, and much less than NAV per share, diluting both. Staff could have been incentivised with a restricted share purchase scheme to use the company's cash to buy stock in the market, which closed at $0.58 on the date of the option grants.

Despite being options of 2 years duration, 48m of the 75m were quickly exercised. We arranged an inspection of the share register on 14-Apr-2015 to discover who had been in such a hurry. We combined that with two filings of allotments by Lerado, which did not name the recipients. Here are the results:
Shareholder   Shares   Date entered   Status
Chu Chun Ting   7,500,000   11-Mar-2015   1 employee, 1 consultant
Kung Yiu Fai   7,500,000   11-Mar-2015
Chan Kam Fuk   7,500,000   17-Mar-2015   employee
Law Yee Man, Thomas   3,000,000   17-Mar-2015   employee
Wang Zewei   7,500,000   20-Mar-2015   consultant
Wong Sin Fai, Cynthia   7,500,000   20-Mar-2015   consultant
Kwok Wai Leung   7,500,000   2-Apr-2015   consultant
Total so far   48,000,000   14-Apr-2015   3 employees, 4 consultants

That leaves 1 more consultant who has not exercised the options. We recognise some of these names:

  Chan Kam Fuk is Dominic Chan Kam Fuk (Dominic Chan), proprietor of accountancy firm Dominic K.F. Chan & Co. He was appointed as Company Secretary of Lerado on 1-Aug-2014.
  Thomas Law Yee Man (Mr Law), an architect, is an INED of two listed companies, AcrossAsia Ltd (AcrossAsia, 8061) and Sage International Group Ltd (Sage, 8082). Here's a connection: Mr Law joined AcrossAsia on 28-May-2010, replacing Mr Mak of Convoy, who resigned as INED four days earlier. Perhaps Mr Mak helped to arrange Mr Law as his replacement at AcrossAsia. And here's another connection: Leung Tin Fu (Mr Leung), founder and Chairman of Sage until 14-Dec-2007, is also a pre-IPO holder of 10% of Convoy IS. Dominic Chan was an INED of Sage, resigning the same day as Mr Leung. We don't know what role Mr Law plays as an "employee" of Lerado.

  Cynthia Wong Sin Fai (Cynthia Wong) is a solicitor who consults for Robertsons and has been Company Secretary of Suncorp Technologies Ltd (Suncorp, 1063) since 15-Feb-2011. We'll come back to that. We don't know what role she plays as a "consultant" to Lerado.

  Wang Zewei (Mr Wang) is the name of the person who in 2014 sold 22.5% of Sincere Smart International Ltd to Hao Wen Holdings Ltd (Hao Wen, 8019) for HK$69m, valuing the business at $306.7m when it had net assets of $2.9m. Two other companies, Capital VC Ltd (Capital VC, 2324) and Unity Investments Holdings Ltd (Unity, 0913), bought 14% and 29.5% for $42.7m and $90m respectively, without naming the vendor(s). For more, see our article Hao Wen, Capital VC and Unity today. We don't know what role Mr Wang plays as a "consultant" to Lerado. He was the only mainlander on the list, and he gave an office address at 10 Gaoxin South 4th Road, Nanshan District, Shenzhen.

Incidentally, Mr Mak was also an Executive Director of Computech Holdings Ltd, now named China Mobile Games and Cultural Investment Ltd (CMG, 8081), from 30-Jul-2008 to 28-Apr-2014, three days after he joined Lerado. In fact he was the only ED of CMG from 17-Sep-2009 to 8-Nov-2011. The Convoy FH IPO prospectus dated 29-Jun-2010 said that despite this, Mr Mak considered Convoy his main focus and "has devoted more than 80% of his time to his duties" at Convoy during 2007-2009 and he would continue to allocate a similar proportion of his time to Convoy after listing. That basically meant that CMG only had about 0.2 Executive Directors!

Win Fung acted as the placing agent for CMG in a placing on 22-Apr-2015.

The option shares were deposited into CCASS via various brokers as follows. Click on the dates to see the movements in CCASS:
Date   Broker   Number
15-Apr-2015   SBI China Capital Financial Services Ltd (SBI CCFS)   7,500,000
29-Apr-2015   Win Fung   7,500,000
8-May-2015   Gransing Securities Co Ltd (Gransing)   7,500,000
27-May-2015   Gransing   7,500,000
24-Jun-2015   Prudential Brokerage Ltd   7,500,000
4-Aug-2015   Convoy IS   3,000,000
13-Aug-2015   UOB Kay Hian (HK) Ltd   7,500,000
Total      48,000,000

It appears likely that Mr Law deposited his 3m shares with Convoy IS, as all the other deposits matched the 7.5m option grants.

Incidentally, the other pre-IPO investor in 10% of Convoy IS is Howard Jiang Qi Hang, who featured in several previous investigations on Webb-site Reports.

Gransing is a name you will see again - it has acted 4 times as a placing agent for Convoy FH, in a bond placing on 21-Jan-2015 and a bond placing on 16-Sep-2014 as well as two unannounced bond placings on 8-Jul-2014 and 14-Nov-2014 mentioned in Convoy FH's annual report. Gransing's client list in Webb-site Who's Who also shows that it has acted as placing agent for Hao Wen, Suncorp and WLS Holdings Ltd (WLS, 8021), a company which we cover below.
CIFG-Lerado cross-holding

On 22-Apr-2015, probably in response to queries from the regulators, Lerado made a "voluntary announcement" trying, and in our view failing, to justify its decision to use shares rather than cash to buy the property from CIFG.

On 21-May-2015, Lerado announced that it had agreed to subscribe for 130m shares (12.44%) of CIFG at at $0.275, or $35.75m in total, setting up a cross-holding between the two, as CIFG still held 8.59% of Lerado. This was, incidentally, highly dilutive to CIFG, a 66.9% discount to its NAV per share at 30-Apr-2015 of $0.83. This fact was omitted from the CIFG announcement. The issue completed on 2-Jun-2015. Our system indicates that Lerado deposited 70m CIFG shares with Gransing on 23-Jun-2015, and deposited 60m CIFG shares with Kingston Securities Ltd (Kingston) the next day.

On 11-Aug-2015, Lerado cut its holding in CIFG from 128.8m shares (12.32%) to 103.392m shares (9.89%), selling the shares at an average $0.196, a 29% loss. As the stake was cut below 10%, Lerado is no longer a "substantial shareholder" and "connected person" of CIFG under the Listing Rules.

Policy note: the disclosure threshold for substantial shareholdings in HK-listed companies was reduced by law from 10% to 5% on 1-Apr-2003, but the Listing Rules have never been updated to match this.
Lerado issues shares to CAID (0048)

On 26-May-2015, Lerado announced the acquisition of Brilliant Summit Ltd from China Automotive Interior Decoration Holdings Ltd (CAID, 0048), for HK$45m, but again, not using any of the cash pile. Instead, it issued 75m shares at $0.60 each, or 7.82% of the enlarged issued shares of Lerado, further diluting existing shareholders. The target was "engaged in the trading of garment accessories, such as nylon tape, polyester tape and polyester string". It had net assets of just $7.24m and a net profit in the year to 31-Mar-2015 of $0.9m.

In giving reasons, Lerado claimed that "certain fabric products and expertise knowledge of the Target Group can be utilised in the Group's business of manufacturing medial products, including but not limited to powered and non powered mobility aid, wheel chairs and other durable equipment". Stretching the polyester tape further, they claimed that the Target Group's "sizable clientele" would allow Lerado to "penetrate into a new market." This rather ignores the fact that Lerado already had its own expertise in sourcing fabrics for baby strollers, infant car seats and mobility aids over many years.

CAID had purchased Brilliant Summit from its manager, a Mr Cheung Ngai, for HK$42m on 15-May-2013. He apparently goes by the name of "Elman" and apart from Brilliant Summit (products here), he runs another company in the same line of business called San Wah Holdings Ltd. CAID, announcing the sale of Brilliant Summit to Lerado, said that "as a result of the constantly increasing costs of sales and competition, the Company is of the view that its business is not expected to grow at its current rate without further investments and developments." CAID intended to hold the Lerado shares "to achieves earnings in the form of capital appreciation."

The transaction completed on 16-Jun-2015. We can see that CAID deposited the 75m new Lerado shares with Win Fung in two batches, 40m on 23-Jun-2015 and 35m on 14-Jul-2015. Of all the brokers it could use, why this little firm, and why is this the same firm in which Mr Chen and one of the option holders also deposited their Lerado shares? The shares are positioned in the same custodian ahead of an important vote on Lerado's future. To summarise those deposits of shares with Win Fung:
Shareholder   Shares   Deposit date
Mr Chen (Hwa Foo)   96,805,800   9-Dec-2014
An exercised option holder   7,500,000   29-Apr-2015
CAID   40,000,000   23-Jun-2015
CAID   35,000,000   14-Jul-2015
Total   179,305,800   

CAID's new INED or mooncake coordinator

For some light relief, on 4-Sep-2015 CAID appointed a new INED and audit committee member, Ms Adeline Ng Li La, who "has over 10 years of experience in human resources and corporate management". She also has a Certificate of Human Resources Management from HK Baptist University and is "a senior administrative officer of a renowned international technology company in Hong Kong". Wow, she sounds highly qualified, doesn't she?

A quick search discovers her Linked In page (copy here). Since May 2015, she has been personal assistant to the General Manager of Amadeus Hong Kong Ltd - and her duties include "supervise the receptionist and the cleaning lady", "coordinate mooncake distribution", "manage pantry cabinet" and planning the Christmas party. Now this of course is all important work, but probably not that relevant to the duties of a listed company director and audit committee member. We wonder how she was introduced to CAID. This is probably not what HKEx had in mind when it started promoting board diversity, but it's what you get when as a regulator, you let controlling shareholders vote on INED elections.
CAID and Convoy

On 30-Jun-2015, CAID announced a placing via Convoy IS, listing the Financial Adviser as Opus Capital Ltd (Opus Capital) and using the full 20% general mandate of 276.48m shares at $0.485, a 19.2% discount to the closing price of $0.60. However, the price then collapsed, and on 9-Jul-2015, they cut the placing price to $0.345, a 42.5% discount to the original closing price. The placing completed on 21-Jul-2015. Our CCASS analysis shows that 125.48m shares were deposited with Astrum, only 68m with Convoy IS and 25m with Kingston, with the remaining 58m to 4 other brokers.

CAID's interim results for 30-Jun-2015 disclosed a huge unrealised gain of RMB 448.6m (HK$561m) on "held-for-trading investments" which then had a market value of RMB564.0m (HK$705m). In other words, a gain of about 389% in 6 months. No normal stock will give you that, but a bubble stock will. Net tangible assets at 30-Jun-2015 were RMB761.9m (HK$952m) or about $0.689 per share, so the investments accounted for 74% of that.

CAID's interim report contains the following statement, which we regard as false and misleading:

"At 30 June 2015, there was no significant investment held by the Group."

Policy note: Some of the listed companies which have recently reported exceptionally large percentage gains on listed securities must own bubble stocks. If you know what stocks a listed company owns, then you would be able to take the SFC's concentration warnings into account and discount those investments to what you regard as fair value, rather than relying on inflated market valuations. But unfortunately, the Stock Exchange and SFC do not require such disclosure, even when inflated listed investments make up the bulk of a companies net assets. They simply rely on the company having to announce losses as inside information after the bubble has burst, rather than telling you that they hold bubble stocks in the first place.

This is despite the fact that Listing Rules Appendix 16 paragraphs 32(4) and 40(2) (or on GEM, Rules 18.41(4) and 18.59) require that companies disclose "significant investments held, their performance during the financial [year/half-year] and their future prospects". It seems that SEHK just doesn't want to enforce this.

Although the Listing Rules which require such disclosure contain no definition of "significant", it should be seen in the context of the size of the holder's balance sheet and therefore the potential impact on shareholder value if the market value of the investments were to change. Whether the investment is "held-for-trading" or as a long-term "available for sale" asset is irrelevant to the potential impact on shareholder value, except for the fact that profits tax applies to trading.

Separately, many listed companies have avoided the notifiable transaction rules in Chapter 14 by declaring themselves to be "in the business" of trading securities. This then allows them to invest as much of their shareholders' money as they like on purchasing "held-for-trading" securities without announcing the transactions, because they are deemed transactions "of a revenue nature in the ordinary and usual course of business" under Listing Rule 14.04(1)(g). The Stock Exchange should close this loophole. Investments in securities, regardless of how they are booked, should be subject to the notifiable transaction rules.

You might wonder then why CAID did not just cash in some of its $705m of investments rather than raise $94.2m in a placing of 20% new shares, claiming that it needed the money. The results failed to identify these spectacular investments, but noted that by 31-Aug-2015, the value had decreased by 23.5% since the end of June. That's about HK$224m of loss.
CIFG and Lerado: parallel open offers

On 17-Aug-2015, Lerado announced a massive 3:1 open offer of new shares at $0.15 each, a 68% discount to the market price of $0.47, with no excess applications. The primary underwriter is Gransing, the Financial Adviser is Octal Capital Ltd (Octal Capital) and the IFA is Opus Capital, the same as the Financial Adviser to CAID.

As we've said before, deep discount open offers are a form of extortion of existing shareholders, because they are faced with the choice of either being heavily diluted economically, or putting in cash to prevent the dilution. Unlike rights issues, the holder does not have the third option of selling his entitlements to recover the discount and thereby mitigate the economic damage. For this reason, the UK Listing Rules include a limit (set decades ago) of not more than a 10% discount on open offers. Hong Kong, still in many ways a developing market, allows this extortion to continue. See UK Listing Rule 9.5.10.

Adding to this abuse is that an open offer often involves no ability for shareholders to make "excess application" for unsubscribed shares. Nor are the unsubscribed shares sold in the market to capture the premium above the issue price for the benefit of passive shareholders. This leaves the underwriter with the benefit of the discount on shares which shareholders cannot or do not subscribe. In these circumstances, the open offer in practice is a conditional placing of deeply discounted shares with the "underwriter", subject to a right of first refusal by existing shareholders pro rata to their holdings.

Gransing cannot end up as a controlling shareholder of Lerado, so it has to have sub-underwriters. From a disclosure of interest, we can see that Capital VC (mentioned above) is a sub-underwriter for 370m shares, or 9.64% of the enlarged capital. Another disclosure shows that Barry Lau Wang Chi is a sub-underwriter for 370m shares. He is a Responsible Officer of Adamas Asset Management (HK) Ltd (Adamas), which will feature below.

On 9-Sep-2015, CIFG announced a huge 8:1 open offer with no excess applicatoins, "underwritten" by Black Marble Securities, which is owned by Lerado. The Financial Adviser to CIFG is Akron Corporate Finance Ltd (Akron) and the IFA is Opus Capital, the same as Lerado's IFA and CAID's FA.

As Lerado owns less than 10% of CIFG, the underwriting is not a "connected transaction". However, it is blatantly clear that Lerado has a "material interest" in the CIFG transaction and should be prohibited from voting in the EGM of CIFG to approve the open offer. Furthermore, Lerado stands to benefit from any unsubscribed shares at the discounted offer price. As there are no excess applications, this is in effect a discounted placement with Lerado subject to clawback by existing holders.Listing Rule 2.15 states:

"Where a transaction or arrangement of an issuer is subject to shareholders' approval under the provisions of the Exchange Listing Rules, any shareholder that has a material interest in the transaction or arrangement shall abstain from voting on the resolution(s) approving the transaction or arrangement at the general meeting."

Correspondingly, we submit that CIFG should not be permitted to vote in the Lerado EGM, because obviously Lerado is engaged in a commercial transaction with CIFG to provide it with funding under the CIFG open offer.
Mr Chen's "disposal" at a 53% loss

Now, according to a disclosure of interest, on 9-Sep-2015, Mr Chen, ED of Lerado, sold his entire interest of 97,823,800 shares, including a personal holding of 1,018,000 shares and those held by Hwa Foo. Some of it was on-exchange at $0.25, but most of it was off-market at $0.22 because total market volume that day was only 7,625,800 shares. When we look at CCASS movements, on the settlement date of 11-Sep-2015 we see his personal holding of 1,018,000 shares leaving Core Pacific Yamaichi, and only 2,805,800 shares leaving Win Fung, and there have been no reductions in Win Fung's balance since then. So it appears that the other 94,000,000 shares were transferred, off market, to other clients of Win Fung and remain there.

As an ED of Lerado, Mr Chen would have been prohibited from voting in favour of the proposed open offer, so it is a matter of great concern that these shares may have been placed in friendly hands, along with the positions held by CIFG and CAID, to vote in favour (if they are not required to abstain).

This disposal, at a deep discount to cash and to net asset value, of a key block of shares, really makes no economic sense for Mr Chen. If he was unhappy with the effects of the proposed open offer, he could have joined us in voting against the proposal. He was only prohibited from voting in favour. At a purported disposal price (for most of his shares) of $0.22, he appears to have accepted a loss of 53% since the open offer was announced. We find this hard to believe. Accordingly we urge the SFC to investigate the true nature of the transactions and who has bought the shares. We would be surprised if the "buyers" had not been mentioned elsewhere in this article.

China 33 Media (8087)

There's another open offer we need to tell you about, and the background is this.

On 26-Jan-2015, China 33 Media Group Ltd (C33M, 8087) announced that its controlling shareholder, Lizhong Ltd (Lizhong), which had held 243.756m shares (43.13%) had 5 days earlier pledged 192m shares (32.00%) to a lender and on 22-Jan to 26-Jan Lizhong had sold its remaining 66.756m shares (11.13%) in the market. They didn't say who the lender was, but a subsequent disclosure of interest shows that it is funds managed by Adamas, which was mentioned above. Our analysis shows the average price received by Lizhong in the 3 days was $0.4192 per share, a total of $27.98m. Now, why did Lizhong need to sell those shares and borrow that money by pledging the remainder? Read on.

On 10-Apr-2015, CIFG, via its 100% subsidiary New Express Investment Ltd, agreed to subscribe 120m shares (16.67%) of China 33 Media Group Ltd (C33M, 8087) at $0.22, exhausting its general mandate, for a total of HK$26.4m. The deal completed on 22-Apr-2015, diluting Lizhong from 32.00% to 26.67%. Our system shows that on 6-May-2015, CIFG deposited its C33M shares with Gransing.

Three months later, on 24-Jul-2015, C33M announced a massive 7 for 1 open offer at $0.10, a 75.6% discount to the closing price of $0.41, without excess applications. The Financial Adviser was Octal Capital (the same as for Lerado's open offer), and the underwriters were Gransing, Kingston and RHB OSK Securities HK Ltd (RHB OSK). The IFA again was Opus Capital, the same as for Lerado. Lizhong undertook to take up part of its entitlement amounting to 844,799,700 shares, which to the nearest thousand is 4.4 shares for each share it owns, not 7. That would cost it $84.5m, but of course, it had already raised about $27.98m by selling shares in the market in January, so there was a funding gap of $56.5m, or about $0.294 per existing share, which it might have borrowed from Adamas funds.

If CIFG was to maintain its holding, it would have to put in another $0.70 for each share it held. It had sold a few shares but still held 113.622m (15.78%). The share price dived 26.8% on the day after the news, but the prospect strangely seemed to delight CIFG, which undertook not to sell any more and to take up all its entitlements to 795.354m shares at a cost of $79.5m. However, on 4-Aug-2015, C33M announced that it and Gransing had agreed to cut CIFG's commitment to 290m shares. As a result CIFG would be diluted to 7.01% of C33M.

Under GEM Listing Rule 10.39(1) or Main Board Listing Rule 7.24(5)(a), if an open offer is at a ratio higher than 1 for 2 then it must be approved by "independent" shareholders excluding the controlling shareholder or, if none, the executive directors and their associates. So the largest holder of C33M, Lizhong, could not vote in favour at the EGM, as it is an associate of the Chairman.

How convenient, then, that there was another "independent" shareholder who could vote in favour. Look at the EGM results on 31-Aug-2015. CIFG almost certainly voted its 113.622m shares in favour, and only 2,050 other shares voted in favour, while 28,638,000 shares voted against. The open offer was thereby approved, and the prospectus was published on 14-Sep-2015.
Update, 26-Sep-2015

The C33M open offer prospectus discloses that several sub-underwriters have been engaged. Gransing, with a commitment of 1,905,200,300 shares (33.07% of the enlarged shares), engaged SBI CCFS for 800m shares (13.89%) and 3 other unnamed sub-underwriters for a total of 540m shares (9.37%), each with less than 5% of enlarged shares. RHB OSK, with a commitment of 500m shares (8.68%) had engaged 2 unnamed sub-underwriters to take all of them.

Kingston, with an underwriting commitment of 1500m shares (26.04%), had engaged but then terminated 4 sub-underwriters to take all of it. One was Harvest Aspect International Ltd, which a filing shows is owned by William Yu Tsung Chin, for 644.64m shares (11.19%). The remaining 3 each had less than 5% but totaled 14.85%. After these 4 were terminated, Kingston engaged a single sub-underwriter for the whole lot. Guess who? Black Marble Securities (owned by Lerado).

SBI CCFS and Black Marble have each failed to file a disclosure of interest.

The denominator in the calculation of percentage for disclosure of interests under s308 of the Securities and Futures Ordinance is based on the number of "issued shares", not the number which may be in issue in the future. So in a 7:1 open offer, there are new shares equivalent to 700% of existing shares. All the filings by the underwriters and sub-underwriters in the C33M case use the wrong denominator (the number of shares which will be in issue if the open offer completes) and hence show the wrong percentage, which should be multiplied by a factor of 8. Anyone with an underwriting commitment equal to 5% or more of the existing shares (in the case of C33M, 36m shares) should make a filing, and clearly, that has not happened, with several sub-underwriters of Gransing, RHB OSK and Kingston. The SFC should require them to correct their filings and to procure filings by their sub-underwriters, including those which have now been terminated.
GreaterChina Professional Services (8193)

Now let's look at how Lerado (via Black Marble Securities) and Akron (Financial Adviser to CIFG on its open offer) have been working together in another transaction.

GreaterChina Professional Services Ltd (GPS, 8193) is listed on GEM and owns Greater China Appraisal Ltd, which values real estate and other assets. On 13-Nov-2014, GPS began to deviate from its core business, by buying 80% of Golden Vault Ltd, which indirectly owns a mainland advertising business with in-elevator poster frames and LCD displays in Changshu, PRC, for HK$110m in promissory notes.

Golden Vault had turnover of RMB 7.34m in 2013 and net assets of RMB 5.73m (HK$7.16m) at 30-Sep-2014. This business was valued by Roma Appraisals Ltd at $184m, because, hey, elevators are difficult to get into - especially when they are going up. That valuer is owned by Roma Group Ltd (Roma, 8072) and the financial adviser on the profit forecast was Akron.

A disclosure of interest shows that on 11-May-2015, China Environmental Energy Investment Ltd (CEEI, 0986) increased its holding in GPS from 2.63% to 5.13%, buying 21.495m shares at $0.556 per share. From our CCASS system we see the shares deposited with Southwest Securities (HK) Brokerage Ltd (SWSHK, formerly Tanrich Securities Co Ltd).

On 8-Jul-2015, Roma announced that it had agreed to lend up to HK$58m to Brilliant One Holdings Ltd (Brilliant One) for 12 months at 12% p.a., secured by 310.85m shares in an unnamed GEM-listed company and guaranteed by persons named Ip Kwok Kwong and Wong Chi Keung, the ultimate owners of Brilliant One. That non-disclosure of the GEM company's name was silly, because it was easily determined that Brilliant One was the 36.23% controlling shareholder of GPS, which eventually announced the loan facility on 4-Aug-2015. Ip Kwok Kwong is the MD of GPS, while Wong Chi Keung (this one) is an accountant with 13 INED positions. The loan facility includes a maximum loan-to-value ratio of 65%. So if they draw the full loan, then the share price falling below $0.287 would trigger a top-up obligation. The shares were moved from Emperor Securities Ltd to Infast Brokerage Ltd on 9-Jul-2015.

On 9-Jul-2015, the day after the share pledge, GPS announced a huge proposed placing of shares under a specific mandate, 2.6bn shares at $0.10, a 74.4% discount to the market price of $0.39, via Black Marble Securities, which is owned by Lerado. The Financial Adviser is Akron (the same as for Lerado's open offer). That represents 303% of the existing shares, and they are not even bothering to make the shares available to existing shareholders by an open offer or rights issue. Simultaneously, it was proposed that SEEC Media Group Ltd (SEECM, 0205) would subscribe 1.4bn shares at the same price, a total of $140m, for 28.82% of the enlarged shares.

Policy note: As we mentioned above, open offers or rights issues larger than 1 for 2 (a 50% enlargement of issued shares) must be subject to shareholders' approval with controlling shareholders abstaining, or if there are none, then with executive directors and their associates abstaining. That does provide some small measure of protection, (unless the vote is being manipulated with warehoused shares). However, this protection is negated by the fact that a massive placing under a "specific mandate" can be approved without requiring controllers or executive directors to abstain. The Listing Rules should be amended to close the loophole so that controllers/executive directors should be required to abstain from voting in favour of any proposal to approve a "specific mandate" that enlarges the issued shares by more than 50%.

Brilliant One, which has pledged its controlling shareholding to Roma, was allowed to vote to approve this outrageous proposal.

Of the $395.1m net proceeds, GPS intends to use $100m in its money-lending subsidiary, Colbert Finance Ltd, and $150m to develop its securities brokerage business. It doesn't own a stockbroker yet, but it plans to either buy one or set one up. The EGM approved the placing on 14-Sep-2015 without objection. With an avalanche of shares due to hit the market at $0.10, it is quite impressive that the stock still closed at $0.495 on 23-Sep-2015.
SEECM (0205)

Now let's look at a fourth open offer involving Lerado (via Black Marble Securities) and Opus Capital.

SEECM is, or was, principally engaged in advertising agency, distribution of books and magazines. And securities trading, of course, like all shoddy companies should be. It announced its investment in GPS on 10-Jul-2015.

On 17-Jul-2015, SEECM announced that it had agreed to subscribe 103.02m shares (16.67%) of China New Economy Fund Ltd (CNEF, 0080) at $0.385, for a total of HK$39.66m, exhausting CNEF's general mandate. CNEF is another Chapter 21 investment company, and that was a 61.5% discount to the NAV of CNEF at 30-Jun-2015 of $1.00. As we noted in our article Some Bubbles for New Year on 31-Dec-2014, CNEF had shares in the Finsoft bubble alongside Convoy FH, and Tony Tai Man Hin, the CFO and Company Secretary of CNEF, was an INED of Finsoft. He retired from Finsoft on 5-May-2015. The CNEF announcement of the subscription named Astrum as the placing agent and did not mention the discount to NAV.

Also on 17-Jul-2015, SEECM announced that it is applying to the SFC to set up a stockbroker. Now everyone wants to be a broker. Lerado, GPS and SEECM.

On 19-Aug-2015, SEECM announced a huge open offer, 3 for 1 at $0.10, a 61.5% discount to the market price of $0.26. The Financial Adviser is Opus Capital (the FA of CAID and the IFA of C33M and Lerado), the IFA is Hercules Capital Ltd (Hercules) and the underwriter is Black Marble Securities, owned by Lerado. Again there will be no excess applications, so the "underwriter" gets the benefit of discounted unsubscribed shares. Of net proceeds of $624m, SEECM plans to use HK$365m to set up a stockbroker, $30m to set up a corporate finance advisory and asset management firm and $225m for the acquisition and operation of an unspecified e-commerce platform.

The shares dived on the news, dropping 35.4% to $0.168 the next day. But they weren't done yet. On 9-Sep-2015, they decided to increase the carnage by consolidating the shares 2:1 and then changing the offer terms to 5 new shares for each consolidated share at $0.10, equivalent to $0.05 before the consolidation. So the offer discount becomes an effective 80.8% discount to the original closing price of $0.26. This will raise a bit less though, HK$519m. This news caused another drop in the price, by 16.7% from $0.156 to $0.13 the next day. So the stock price had now halved even before putting the plan to a vote.

A circular for the capital reorganisation went out on 18-Sep-2015 for an EGM on 12-Oct-2015. We urge shareholders to vote against the resolutions. They are special resolutions that require a 75% majority to pass, so blocking it is more feasible than usual. If it passes, then a circular to propose the open offer is due out on 28-Oct-2015.
Chan Cheong Yee and CESHK

There is a common person to a number of these companies. Chan Cheong Yee (C Y Chan) is a Responsible Officer of China Everbright Securities (HK) Ltd (CESHK). CESHK is the investment manager of four Chapter 21 companies: CIFG, CNEF, China Innovation Investment Ltd (CII, 1217) and China Investment Development Ltd (CID, 0204). C Y Chan is an ED of all 4 companies, and he is also an ED of Capital VC.
CID (0204)

CID is in its own little bubble - it closed on 23-Sep-2015 at $0.157, compared with NAV of $0.024 at 31-Aug-2015.
CEEI (0986)

Now remember we mentioned CEEI, the investor in GPS? On 12-Nov-2014, CEEI announced a placing of 48,190,489 shares at $0.97 per share to raise HK$46.28m, exhausting the general mandate, followed by a huge 8:1 rights issue at $0.195 per share, an 82.4% discount to the market price of $1.11, to raise between $376m and $451m. Excess applications were allowed. At the time, CEEI had no substantial shareholders.

Win Fung was both the placing agent and the rights issue underwriter. The placing was on a best efforts basis, and on 27-Nov-2014, the placing price was cut to $0.66. The placing was completed on 3-Dec-2014, and all the shares were deposited into the CCASS account of Win Fung for its clients. Not a single share moved out of that account until after the EGM to approve the rights issue. And guess what, the EGM results on 18-Dec-2014 show that the number of shares voted in favour of the rights issue was 48,437,576, just 247,087 more than the number of placing shares.

On 12-Mar-2015, CEEI announced that it would start investing in "quality stock and other financial products", so don't say you weren't warned! On 17-Apr-2015, CEEI announced that it had bought 51m shares (0.337%) of Suncorp (mentioned above) that day in the market for HK$61.45m at an average of $1.205 after a huge run up in the share price following completion of a placing at $0.245 per share on 13-Apr-2015. The stock closed at $0.204 on 23-Sep-2015, down 83% since the purchase by CEEI. Some of the other investments by CEEI are covered below.
WLS (8021)

Now let's tell who may have benefitted from a huge bubble in the shares of WLS Holdings Ltd (WLS, 8021), a construction company.

As background, on 21-Oct-2014, WLS announced that CIFG would subscribe for 79m shares (16.67% of enlarged) at $0.177, a 0.6% premium to market, exhausting the general mandate. On the face of it, WLS had no other substantial shareholders. The deal completed on 31-Oct-2014. The shares were deposited with Fordjoy Securities and Futures Ltd (Fordjoy) on 5-Nov-2014. CIFG rapidly sold off the shares, from 12-Nov-2014, dropping below 5% on 3-Dec-2014.

WLS owns a licensed money-lender, Gold Medal Hong Kong Ltd, incorporated on 19-Mar-2014 and licensed on 26-Nov-2014.

On 21-Jan-2015, WLS announced a 5:1 share consolidation and a proposed massive placing of 540m consolidated shares (563.16% of the existing shares) at $0.30 via SWSHK (then Tanrich Securities Co Ltd). The Financial Adviser was Akron. This placing price was a 42.3% discount to the adjusted closing price of $0.52. At the 5-Mar-2015 SGM to approve the placing, votes in favour were 89,597,500, or 18.69% of the issued shares. Total turnout was only 19.00%. We suspect most of those votes in favour were shares previously held by CIFG, but we'll never know for sure.

Of the 540m shares, we know that CEEI took 63m shares (9.91% of enlarged), because it announced the subscription on 18-Mar-2015. Disclosures of interests show that Samuel Chiu Se Chung, a licensed Representative of Roofer Securities Ltd, also subscribed 9.9%. Unity, mentioned above, subscribed 31.5m shares (4.95%), as did Capital VC, mentioned above and Avant Capital Management (HK) Ltd (Avant), as asset manager. Mr Ye Ruiqiang subscribed 4.95%. As of 31-Dec-2014, he owned 6.44% of Capital VC.

There are 4 subscribers whom we cannot identify. A person named Zhang Yan subscribed 40.67m shares (6.40%) which were probably deposited with Emperor Securities Ltd, and a person named Zheng Wanying subscribed 31.33m shares (4.93%). A person named Civic Cheung Sun Kei subscribed 54m shares (8.49%) and another named Cheung Kam Hong subscribed the same number.

A person named Wong Chun Wah subscribed 23m shares (3.62%). It's a common name but we see that the same number went to the custody of Henik Securities Ltd, where there is a licensee called Wong Chun Wah. Similarly a person named Ma Kin Lung subscribed 31.0m shares (4.88%), and we see that number deposited with Get Nice Securities Ltd, where Ma Kin Lung is a licensed representative.

A person named Tam Siu Ki subscribed 54m shares (8.49%), increasing his stake to 9.28%. That may or may not be the same as Simon Tam Siu Ki, who was a representative of RHB OSK (then known as Prudence Securities Co Ltd) until his license was revoked on 30-Oct-2003 for rat-trading and other trading malpractices. In summary, then after the placing, the holdings were:
  Name   Shares   Stake %
1   CEEI (0986)   63,000,000   9.91
2   Samuel Chiu Se Chung   63,000,000   9.91
3   Tam Siu Ki   59,000,000   9.28
4   Cheung Kam Hong   54,000,000   8.49   
5   Cheung Sun Kei, Civic   54,000,000   8.49
6   Zhang Yan   40,670,000   6.40
7   Avant   31,500,000   4.95
8   Capital VC (2324)   31,500,000   4.95
9   Unity (0913)   31,500,000   4.95
10   Ye Ruiqiang   31,500,000   4.95
11   Zheng Wanying   31,330,000   4.93
12   Ma Kin Lung   31,000,000   4.88
13   Wong Chun Wah   23,000,000   3.62
  Total   540,000,000   85.71

The WLS placing completed on 27-Mar-2015 and the CCASS deposits are here. By that time, the stock had more than doubled to $1.25. Unlike the allotments after the IPO, there was no concentration warning. Yet 13 holders held 85.71% of the stock.

The price continued to climb. On 15-May-2015, with the stock at $2.26, 7.53x the placing price, WLS announced a 7:1 bonus issue. The stock spiked again and was suspended at $4.27 on 17-Jun-2015, prompting the company to announce that it was negotiating for a possible share issue. After a brief correction to $2.50, it was suspended again on 19-Jun-2015, pending announcement on 23-Jun-2015 of a "framework agreement" for possible subscriptions by Avant and Shin Kong Capital Management Inc (SKCM) of 1920m and 5760m shares (post-bonus) at $0.06875, a 78% discount to the bonus-adjusted closing price of $0.3125, to raise $528m gross and enlarge the issued shares by 151%.

While the stock was suspended, it went ex-bonus on 23-Jun-2015 and the bonus shares were distributed on 3-Jul-2015, so for 10 days straddling the half-year point, only 1/8 of the company was tradable. When trading in those shares resumed on 24-Jun-2015, the stock shot up again on heavy volume, reaching a daily high of $1.22 on 26-Jun-2015. Remember that most of the existing shares had been issued at a bonus-adjusted $0.0375, so they were now up 32.5x. WLS closed at $1.05 on 30-Jun-2015, allowing those listed companies which held the stock to book enormous "fair value gains" in their interim results. At the end of June, WLS had a market capitalisation of HK$5341m, compared with net tangible assets at 30-Apr-2015 of HK$282m ($0.055 per share), so it was trading at 18.9x NAV.

Disclosures of interest indicate that SKCM was using a vehicle called SKCM TMT I, L.P., which was 50% owned by Chiang Chun Yi and 50% by Yam Tak Cheung, and managed by SKCM TMT GP Co. Ltd, which is 40% owned by SKCM. After all that excitement, SKCM backed out of the deal on 8-Aug-2015 citing disagreement over due diligence on WLS, but Avant signed a new agreement on 12-Aug-2015 to continue to subscribe 1920m shares at $0.06875, conditional on WLS issuing at least 252m shares in a fund-raising exercise so that Avant ends up with 29.48% of less - certainly under the 30% takeover trigger.

Now this long and winding road takes us back to Lerado. On 18-Aug-2015, WLS announced two placings via Black Marble Securities, owned by Lerado. The underwritten tranche is of 360m shares (7.08% of existing shares) at $0.06875, and there is a further "best efforts" placing of 5400m shares (106.15%) at the same price, at 82.1% discount to the closing price of $0.385. Together these could raise $389.22m mostly for, you guessed it, money-lending and securities business. The shares closed on 23-Sep-2015 at $0.27, down 74.3% since the end of June, but still at 4.9x NAV.
Raise the umbrellas: China Jicheng (1027)

Perhaps the most ridiculous bubble in our market at present (although there is a lot of competition for that title) is umbrella maker China Jicheng Holdings Ltd (CJ, 1027) which listed on 13-Feb-2015. It peaked on 18-Sep-2015 at $3.18 with a market value of HK$47.7bn, compared with net tangible assets in the 30-Jun-2015 interim results of $399.6m, or $0.0267 per share. So it was trading at 119x NTA.

Adjusting for a 25:1 stock split in June, CJ's IPO priced the shares at $0.044, so was up 72.3x since the IPO. This gives new meaning to the term "umbrella movement". The initial custody positions of the 150m IPO shares (25%) are in our records here. The top 3 brokers will now be familiar to you: Gransing (8.72% of CJ), Win Fung (8.18%) and SWSHK (3.73%), a total 20.64% or 82.54% of the float.

On 14-May-2015, the SFC warned that 16 shareholders owned 24.02% of CJ, or 96.08% of the float, leaving 0.98% of CJ for everyone else. The stock closed at $13.76 the day before that warning, or $0.5504 after the stock split, so it is up 5.14x since then.

In its annual results for 31-Mar-2015, CEEI (mentioned above) disclosed a holding of 12.67m shares (2.11%) in CJ at a purchase cost of $1.10 per share, which means they were allocated in the IPO, because they have never traded that low. After the stock split that will be 316.75m shares at $0.044. So CEEI doesn't always pay bubble prices for bubble shares - it occasionally gets in at the bottom.

The controlling shareholder of CJ is its Chairman, Huang Wenji, with 11.25bn shares (75%) which, on paper, makes him a US$ umbrella multi-billionaire. We note that on 17-Sep-2015, he deposited 1.5bn shares into CCASS with Black Marble Securities, owned by Lerado. That could be preparation for a placing of existing shares and possibly a subscription of new ones, if anyone is dumb enough to buy them.

Lerado interim results show massive gain

Lerado is one of several companies which have made enormous market gains in the first half of 2015 without disclosing what stocks it bought. In the 30-Jun-2015 interim results, it disclosed "held-for-trading investments" comprising "equity securities listed in Hong Kong" of HK$702.1m. It also said that by 28-Aug-2015, the value had declined by 11%. It booked an unrealised gain of $626.5m, implying a purchase cost of $75.6m and a gain of 829% in 6 months or less. No normal stock does that. Whatever stock(s) they hold, it must be bubble paper, and investors deserve to know what it is so that they can make their own assessment of "fair value" rather than relying on an artificial market price.

After providing for $105m of profits tax on the gains, Lerado had net tangible assets at 30-Jun-2015 of $1220m, or $1.27 per share. But if those gains evaporate, then the NTA drops to $698.5m, or $0.728 per share. Both figures are before dilution from the proposed open offer. If the offer proceeds, then that NAV would be diluted to about $0.430 (with the gains) or $0.295 (without the gains). Both figures assume that Lerado loses the Dorel arbitration, which is worth $307m, which is $0.320 per share before the open offer or $0.080 per share after the open offer.
Capital VC's open offer

On 13-Mar-2015, Capital VC announced a 5:1 share consolidation to be followed by a 7:1 open offer at $0.25 per consolidated share without excess applications. That was a 76.5% discount to the adjusted closing price of $1.065 per share. The Financial Adviser was Akron, and the "underwriter" was SBI CCFS. The last published NAV at 28-Feb-2015 was an adjusted $4.821, so the issue discount to NAV was 94.8%. The stock sold off on the news, down 39.9% the next day to an adjusted $0.64.

Policy note: Chapter 21 investment companies like Capital VC have to publish their NAV monthly. This involves valuing all their listed investments at market prices, so they know what they are. Until 2002, these announcements had to be published in newspapers, so space was at a premium. Now that announcements are online for the last 13 years, this is no longer the case. Yet the Listing Rules still only require Chapter 21 companies to disclose the top 10 investments once per year in the annual report. This is ridiculous. The top 10 investments should be disclosed every month so that shareholders know what risks they are taking.

Again, investors faced the extortion of having to either see the investment heavily diluted, or put in more cash, and no excess applications were allowed, so it is really a placing with the "underwriter" subject to first refusal of existing holders pro rata. The underwriter benefits from any unsubscribed shares at a discount to market. To eliminate the possibility of SBI CCFS holding a controlling stake, it had to arrange sub-underwriters. They included Gransing, for 180m shares, Jun Yang Securities Co Ltd (Jun Yang Securities), for 152m, Avant, for 142.5m, and Fordjoy, for 80m shares.

Incidentally, SBI CCFS is 52% owned by Cao Guo Qi, a director of several listed companies, and 48% by Zhang Xiongfeng, the current Chairman of CMG, mentioned above.

On 11-Jun-2015, Capital VC shareholders approved the consolidation and open offer without objection. Voting turnout was only 14.39% of the issued and eligible shares, probably including the 6.44% owned by Ye Ruiqiang.

Policy note: shareholders are often unaware of opportunities to protect themselves by voting against such egregious proposals, because the SFC does not require banks and brokers who hold their stock to inform them of EGMs and seek voting instructions. As a result, most banks and brokers, in the small print of the client contracts, state that they are not obliged to do so. This is a major barrier to investor participation in governance, and the SFC should act to resolve this, as we said in our submission Principles of Responsible Regulation (26-May-2015).

On 24-Jun-2015, six days before Capital VC's financial year-end, it announced that it was changing its year-end to 30-Sep-2015, so it would produce a second set of condensed "interim" results for the 12 months to 30-Jun-2015. The purported reason for this was:

"to align the Company's financial year end date with that of the Company's principal associate, CNI Bullion Limited, which is the Group's substantial investment."

This holds no water though. Remember, Capital VC is a Chapter 21 investment company, so under Rule 21.04(3)(a), it is not allowed to take "legal, or effective, management control of underlying investments" and under Rule 21.04(3)(b) it is required to maintain a "reasonable spread of investments". So there is no logical reason to align the year ends of Capital VC and any of its investments, including CNI Bullion Ltd, which only accounted for 9% of Capital VC's NAV at 31-Dec-2014.

So what was the real reason for extending the year-end? In our view, to delay the annual disclosure of the portfolio. It's so embarrassing to have to show that your castle is built on sand.

On 15-Jul-2015 Capital VC announced that its NAV at 30-Jun-2015 was $9.0782 per share, and on 27-Aug-2015 it announced the second interim results for the 12 months to June. Capital VC booked a pre-tax profit on financial assets of $1314m for the 12 months, compared with $163m in the first 6 months, so the second-half profit was $1151m. As an investment company, it does not distinguish between realised and unrealised gains, but we can deduce them from the amount of deferred tax, which is tax that is only payable when they cash out. Note 8 shows deferred tax of $132m, so as profits tax is 16.5% they have about $800m of net unrealised gains, probably in bubble stocks.

Anyway, with that NAV in mind, let's return to the open offer. 7:1 at $0.25, versus NAV of $9.0782, so the open offer would dilute NAV to $1.354 before expenses. Shareholders who did nothing would lose 85% of their net asset value. Yet, when the offer closed on 9-Jul-2015, only 23.7% of the shares were subscribed. That left the underwriters and whoever was behind them with 66.75% of the company, acquired at $0.25 per share. The market price closed that day at $0.32. Due to market losses in July, the NAV closed that month at $1.0292, and $0.8824 at the end of August. Amazingly there was nobody with a disclosed 5% shareholding after the offer closed.

Meanwhile, even in market price terms, the shareholders who did not subscribe (and most of them did not vote against the open offer) had seen the price collapse from $1.065 before the open offer to $0.32, even while Capital VC was racking up huge gains as a holder of the unnamed inflated stocks.
Jun Yang (0397)

Jun Yang Securities is owned by Jun Yang Financial Holdings Ltd (Jun Yang, 0397). Until August, this was known as Jun Yang Solar Power Investments Ltd, but that's out of fashion, so now, like everyone else, it wants to be a financial services powerhouse.

Note 24 on page 113 of Jun Yang's 2014 annual report reveals that it owned 2.49% of Tech Pro Technology Development Ltd (Tech Pro Technology, 3823) and 4.49% of Town Health International Medical Group Ltd (Town Health, 3886). Those had a market value of about HK$235m and $280m respectively, out of total listed equities of $854m. Jun Yang booked an unrealised gain on held-for-trading investments of HK$350m for 2014, without which it would have made a loss before tax of $98m.
Tech Pro Technology (3823)

This is another bubble stock, up 93.14% in 2014, and it has kept on going, up a net 22.62% this year so far. It closed on 23-Sep-2015 at $1.87, valuing the firm at HK$12.13bn. When a company includes the syllable "Tech" in its name twice, you know it is desperate for attention. The company makes LED lamps and losses. Oh and football. Yes, it has bought a French soccer club, FC Sochaux-Montbeliard SA. After all, why sponsor the shirts when you can buy the whole thing?

The interim report at 30-Jun-2015, shows net tangible assets of RMB475m (HK$594m) or about HK$0.092 per share. Turnover for the period was RMB111m, so if you annualize that you get RMB222m or HK$278m. So the shares are trading at about 20.4x NTA and about 44x turnover.

L&A (8195)

This is another bubble stock. L & A International Holdings Ltd (L&A, 8195) makes cashmere sweaters. It listed on 10-Oct-2014 after a placing at $0.06 per share (adjusted for the 10:1 split on 21-Apr-2015). In the placing, the top 10 placees received 89.74% of the float. It closed on 23-Sep-2015 at $2.92, up 48.7x since the listing. The market value is HK$11.68bn, compared with net tangible assets of HK$129m at 31-Mar-2015, or about $0.032 per share, so it trades at 90x book value. Revenue for the year was $350m, so it trades at 33x sales.

Despite this ridiculous valuation, or perhaps because of it, CEEI bought 69.384m L&A shares (1.73%) in the market from 17-Apr-2015 to 12-May-2015, spending a total of HK$112.7m or an average of $1.62 per share. This was announced on 12-May-2015. Of course, we don't know who the sellers were. Lucky them.

On 24-Jun-2015, the SFC issued a concentration warning, noting that 19 shareholders held 23.18% out of the 25% float.
Roundup

What you have seen here is a repeated pattern of abuse. The key steps in several transactions are:

  Position votes in friendly hands which are not visibly connected to controlling shareholders or executive directors, by issuance of new shares or transfer of existing shares.
  Arrange loan financing for any existing controller to take up entitlements, or even sell shares in the market with enough time gap to deter allegations of insider dealing.
  Announce either (i) a large, deep-discount open offer without excess applications; or (ii) a "special mandate" placing, which in the first case will need "independent" shareholders' approval and in the latter, just shareholders' approval.
  Use friendly votes to approve the proposal which damages the financial interests of anyone who cannot or does not put up cash (in the case of a placing, this isn't even an option).
  Complete the fund-raising and receive deeply discounted shares as the underwriter, sub-underwriter or placee of the shares.

Hong Kong deserves better if it wishes to make a claim to be a world-class financial centre.

© Webb-site.com, 2015
197 : GS(14)@2015-10-19 02:39:36

http://webb-site.com/articles/CAID.asp
CAID (0048) gains from umbrella bubble
10th October 2015

In our article Bubbles and Troubles in Hong Kong (24-Sep-2015) we noted that there were huge unrealised investment gains in the interim results of China Automotive Interior Decoration Holdings Ltd (CAID, 0048) for the 6 months to 30-Jun-2015 and that it had failed to disclose what these investments were, claiming:

"At 30 June 2015, there was no significant investment held by the Group"

Webb-site filed complaints with SEHK (under the Listing Rules) and the SFC (under the Securities and Futures Ordinance, that this was a false and misleading statement). Last night, CAID made an announcement, noting that "errors have been found" in this binary statement. So it was false. CAID now discloses 3 investments. The largest by far is about 227.3m shares (1.52%) of umbrella-maker China Jicheng Holdings Ltd (CJ, 1027). As we noted in the article, this stock is in a huge bubble. CAID says these shares were purchased for about RMB 7.9m (HK$9.9m) which implies that they were allocated in the IPO at HK$0.044 (split-adjusted).

At 30-Jun-2015, CAID's shares in CJ were valued at RMB 371.2m, or 48.7% of CAID's net tangible assets of RMB 761.9m. The other 2 holdings disclosed yesterday were 0.7% of Suncorp Technologies Ltd (Suncorp, 1063, also mentioned in our article) and 0.8% of China Properties Investment Holdings Ltd (CPI, 0736). CPI was also in a bubble and has dropped 89.5% from $2.37 to $0.25 since 30-Jun-2015. Suncorp was a bubble but peaked at $1.51 on 5-May-2015, and was already down to $0.52 by 30-Jun. It closed on Friday at $0.222, down 57.3% since the end of June. Meanwhile the umbrella bubble is staying up. By last night, CJ had only fallen 9.6% since 30-Jun-2015 and had a market value of HK$28.2bn, or 70.6x its net tangible assets of $399.6m.

In Chinglish, the CAID announcement says:

"Although the recent weakness in the stock market, the Board expects the performance of Significant Investments will still contribute positive return to the Group in the near future"

The Board does not give any reasons for that expectation. In our view, nobody could reasonably expect a bubble to grow larger or even to stay inflated, assuming that person did not know of any plan to make that happen. CJ accounted for 65.8% of the held-for-trading investments at 30-Jun-2015, and the other two holdings are down sharply, so it is hard to see how the overall portfolio returns "in the near future" could be expected to be positive. The Stock Exchange should require CAID to either justify that statement or withdraw it.

As readers will recall, CAID also holds 75m shares (7.82%) of Lerado Group (Holding) Co Ltd (Lerado, 1225) received at $0.60 each in exchange for a business sale. At the 30-Jun-2015 closing bid price of $0.59, these were worth HK$44.25m, or RMB 35.4m. So the 4 investments together amounted to RMB 514.6m, or 91.2% of CAID's investments. Lerado closed on Friday at $0.27, down 54.2% since the end of June.
Lerado next?

So now we have identified 2 shareholders of the umbrella bubble, namely CAID with 1.52% and China Environmental Energy Investment Ltd (CEEI, 0986) with 2.11%, out of the 25% float. As we noted in the article, CEEI also bought into the Suncorp bubble. Given the other identified connection between CAID and Lerado Group (Holding) Co Ltd (1225), we suspect that Lerado's massive market gains for the first half of 2015 also involve a shareholding in CJ, but so far, they're not saying. The SFC probably knows who held the stock at 27-Apr-2015, because it announced that 16 shareholders then held 96.1% of the float.

© Webb-site.com, 2015
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海東青(2228)新聞專區

1 : GS(14)@2011-05-23 22:16:04

http://news.hkheadline.com/dailynews/headline_news_detail_columnist.asp?id=148857§ion_name=wtt&kw=%B0%5D%B8gforum%A1X%A1X%AE%FC%AAF%ABC%C4%F2%C2X%B2%A3%AA%A7%A5%AB%A6%FB%B2v
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中國汽車內飾 (0048，8321)專區 (關係：794、2228、692、295)

1 : GS(14)@2014-08-16 21:42:23

http://realforum.zkiz.com/thread.php?page=0&tid=8324

以後用此專區代替舊專區
2 : ninomiyau(41302)@2014-12-31 10:53:52

日日都有個匯豐大盤沽落去，但手法完全唔似庒，散戶斬倉咁款....
隻嘢唔賣我都唔知上市嚟為乜....
咩新聞咩消息都冇...想悶死人....
3 : GS(14)@2015-03-19 16:25:21

....除董事會與數位獨立第三方就收購若干公司進行相討外....
4 : GS(14)@2015-04-09 02:10:22

盈利降20%，至1,400萬，9,000萬現金
5 : GS(14)@2015-05-26 20:39:22

1225買48股權
6 : GS(14)@2015-05-26 20:47:51

1225 買 48 的野
7 : GS(14)@2015-05-26 21:32:02

48 賣野畀1225
8 : GS(14)@2015-05-26 22:52:56

48賣野予1225
9 : GS(14)@2015-05-28 03:16:17

有關可能收購事項之諒解備忘錄
10 : GS(14)@2015-06-29 12:17:20

盈喜
11 : GS(14)@2015-07-09 23:14:20

批股價降至34.5仙
12 : greatsoup38(830)@2015-08-25 01:49:53

買垃圾膠
13 : greatsoup38(830)@2015-08-31 22:49:55

轉虧300萬，5.98億現金
14 : greatsoup38(830)@2015-09-15 01:53:45

cap 水
15 : greatsoup38(830)@2015-12-04 01:27:31

洗錢
16 : greatsoup38(830)@2015-12-06 23:26:29

Webb 提醒，這是購入康健系垃圾，包括集成控股(1027)
17 : greatsoup38(830)@2016-01-05 02:59:32

盈喜
18 : greatsoup38(830)@2016-04-05 02:48:43

48轉虧5,500萬，3.32億可變現資產，持有1225，1027
19 : greatsoup38(830)@2016-06-22 02:11:18

不談了
20 : greatsoup38(830)@2016-07-03 10:32:38

48買8100垃圾
21 : greatsoup38(830)@2016-07-03 10:32:38

48買8100垃圾
22 : GS(14)@2016-07-08 15:05:32

盈利警告
23 : greatsoup38(830)@2016-08-28 02:20:40

配售3.3億股@14.5仙
24 : greatsoup38(830)@2016-09-09 05:53:29

48認購1225股
25 : greatsoup38(830)@2016-09-18 23:13:52

盈利增6倍，至700萬，1.7億現金
26 : GS(14)@2016-10-15 04:03:29

8100、1226和48合資搞證券行
27 : greatsoup38(830)@2017-01-11 04:22:21

盈警
28 : GS(14)@2017-04-03 03:48:14

虧損降7成，至1,500萬，2.7億可變現資產
29 : GS(14)@2017-04-22 09:45:22

自願公告
合營公司之資料
謹此提述中國汽車內飾集團有限公司（「本公司」）日期為二零一六年十月十四日
及二零一七年四月五日之公告（「該等公告」），內容有關就成立合營公司以投資於
智易東方證券有限公司之須予披露交易。除本公告另有界定外，本公告所用詞彙
與該等公告所界定者具有相同涵義。
除於該等公告披露之資料外，本公司謹此於下文提供合營公司之資料。
合營公司之資料
合營公司為Prominent Alliance Limited（「Prominent Alliance」），一間於英屬處女群
島註冊成立之有限公司。Prominent Alliance分別由KEEN CAPITAL、BAIYE及智易
東方控股擁有42%、28%及30%權益，其主要從事投資於智易東方證券有限公司。
30 : greatsoup38(830)@2017-07-27 02:00:58

本公司董事會（「
董事會
」）謹此知會本公司股東及潛在投資者，根據初步審閱本集
團之未經審核管理賬目，預期本集團截至二零一七年六月三十日止六個月將錄得
虧損。該虧損乃主要由於截至二零一七年六月三十日止六個月可供出售金融資產
之減值虧損約人民幣
190,000,000
元所致。
31 : greatsoup38(830)@2018-04-09 00:38:44

虧，輕債，持1027
32 : GS(14)@2018-04-09 01:03:35

虧，輕債，持1027
33 : GS(14)@2018-08-30 03:07:18

虧，輕債
PermaLink: https://articles.zkiz.com/?id=285077

康城4A期匯璽3期申預售共2228伙

1 : GS(14)@2017-05-06 11:28:44

【明報專訊】樓價指數屢創新高，發展商趁機積極申請預售樓花加快推盤步伐。地政總署顯示，4月共有3個新盤新申請預售，其中焦點為近年採取「月月有樓賣」策略的新地（0016），旗下南昌站匯璽3期（1188伙）、將軍澳日出康城第4A期（1040伙），已於上月申請預售，兩盤合共提供2228伙；連同資本策略（0497）屯門新盤城‧點（204伙），3盤合共2432伙申請預售。

海之戀兩期2406伙全獲批預售

至於4月獲批預售項目，共有4個涉3489伙，包括遠展（0035）已開售的沙頭角尚澄（261伙）、建灝地產啟德天寰（822伙），以及長實（1113）荃灣西灣畔項目海之戀（兩期共2406伙）；可留意的是，長實已表明最快下周將向傳媒開放海之戀1期示範單位，以及公布開售詳情。

美聯首席分析師劉嘉輝稱，4月獲批預售樓花單位，除比3月批出474伙，按月升逾6.3倍外，相關數量更創2012年9月批出3795伙後、逾4年半來新高。另截至4月為止，滾存待批預售樓花共8884伙，較3月的9941伙，按月減少1057伙或11%。

新地雷霆：5至6月或4盤齊發

另外，新地（0016）副董事總經理雷霆表示，除元朗錦田PARK YOHO Genova、北角海璇（上述兩盤待批預售）、馬鞍山雲海（已獲批預售）外，同系單位數目79伙的西半山巴丙頓山，設於銅鑼灣世貿中心的示範單位已準備就緒，由於屬舊契項目可隨時出擊，意味集團5至6月有機會4盤齊發。

華懋集銷售部總監吳崇武稱，集團旗下單位總數953伙的荃灣西全‧城匯，相信最快6月才獲批預售，正部署第三季推出。


來源: http://www.mpfinance.com/fin/dai ... 9125&issue=20170506
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