ZKIZ Archives


漢華專業服務(8193)專區(關係:中國星、殼王、8340、0310、1189、0867、1143、2362)

1 : GS(14)@2011-05-25 22:12:25

http://www.hkexnews.hk/listedco/listconews/gem/20110525/GLN20110525008_C.HTM
招股書
2 : GS(14)@2011-05-25 22:18:53

http://www.hkexnews.hk/listedco/ ... 93_1081061/C117.pdf
主體是評估公司

毒人
黃之強先生
黃先生為合資格會計師,彼於1 9 9 2年為一個上市項目工作時認識葉先生。於最後實際可行日期,黃先生實益持有本集團31.30%的實際權益。


郭倩敏女士
郭倩敏女士為黃先生的配偶。於2 0 0 8年5月至2 0 1 0年1月期間,彼初步持有漢華專業服務2 6 . 9%的實際權益,並持有漢華企業服務2 4 . 5%的實際權益。彼於2 0 1 0年3月不再擁有任何本集團的股權。

嘉進投資
嘉進投資為一家於聯交所上市的公司(股份代號:310)。其自2010年11月起透過其全資附屬公司Simply Joy實益擁有本公司20%的實際股權。於最後實際可行日期,嘉進投資仍然實益持有本集團20%的實際權益。

首次公開發售前投資
嘉進投資(其亦為一家持牌放款公司)的全資附屬公司於2010年5月20日訂立貸款協議,向Famous Boom提供貸款。作為向Famous Boom授予該貸款的代價,Bi l l ion Gr eat(其持有Famous Boom的100%已發行股份)同意按期權費用1.00港元向嘉進投資授出漢華專業服務200股已發行股份的認購期權(經日期為2010年6月28日的補充協議作補充)。於2010年9月9日,嘉進投資按總行使價5,000,000港元行使該認購期權,相當於配售價折讓約90.74%。

http://www.hkexnews.hk/listedco/ ... TN20110329086_C.pdf
收 購 漢 華 專 業 服 務 集 團 之 權 益
於2010年11月24日, 本 公 司 以 代 價500萬港 元 完 成 收 購 漢 華 專 業 服 務 集 團 有 限 公 司(「漢 華 集 團」)20%之 權 益。漢 華 集 團 為 本 公司 之 投 資 經 理 漢 華 資 本 有 限 公 司 之 控 股 公司, 主 要 向 位 於 香 港 及 中 國 之 企 業 及 私 人客 戶 提 供 綜 合 專 業 服 務 業。

彼 等 之 服 務 可大 致 分 為 三 大 類,
即(i)資 產 顧 問 及 資 產 評 估服 務;
(ii)企 業 及 諮 詢 服 務;
以 及(iii)資 本 市場、企 業 融 資 顧 問 服 務 及 資 金 管 理 等。

董 事 會 相 信,透 過 收 購 漢 華 集 團,本 集 團 可受 益 於 其 在 顧 問、 投 資 及 管 理 方 面 擁 有 之寶 貴 專 業 服 務 經 驗, 有 助 本 集 團 實 現 資 本增 值 及 成 長。
3 : GS(14)@2011-05-25 22:19:17

往績記錄期內各年 度╱期間,由本集團提供的各評估服務類別所收取的費用範圍載列
如下:
截至2009年
3月31日
止年度
截至2010年
3月31日
止年度
截至2010年
12月31日
止九個月期間
(港元) (港元) (港元)
房地產及固定資產評估
1,000–
1,720,000
1,800–
1,700,000
1,500–
880,000
礦物資產評估
40,000–
1,080,000
30,000–
2,200,000
80,000–
780,000
企業價值及無形資產估值
8,000–
894,000
30,000–
1,000,000
10,000–
460,000
金融工具及衍生工具估值
8,000–
146,000
4,000–
110,000
2,000–
300,000
4 : GS(14)@2011-05-25 22:19:33

儘管委聘費用可大相徑庭,但費用低於10 0 , 0 00港元的委聘佔本集團資產評估服務的委聘總數約79%。
5 : GS(14)@2011-05-25 22:27:48

http://webb-site.com/dbpub/advis ... =N&sort=addup&snap=
由於他隱瞞部分客戶的資料,我建議我這個對照下

http://www.hkexnews.hk/listedco/ ... 93_1081061/C117.pdf
6 : GS(14)@2011-05-25 22:30:30

http://www.hkexnews.hk/listedco/ ... 93_1081061/C126.pdf
用埋中瑞岳華,non big 4,係人都知毒

應收關連方
漢華專業服務集團有限公司 葉國光先生及梁兆康先生 — — 2 7 2 1 , 5 5 2 — 2 7 2 1 , 5 5 2
7 : GS(14)@2011-05-25 22:31:24

http://www.hkexnews.hk/listedco/ ... 93_1081061/C102.pdf
8340、紅雞、英皇又有份
8 : GS(14)@2011-05-25 22:35:13

http://www.hkexnews.hk/listedco/ ... 93_1081061/C119.pdf
祕書十級毒

梁兆康先生...自1999年起,梁先生開始擔任建諾測量師行有限公司的董事總經理,其為一家由梁先生成立的公司,從事工料測量及建築成本諮 詢。由於建諾測量師行有限公司的業務主要專注於提供工料測量諮 詢服務和編製估算建築項目成本的專業工料測量師報告。鑒於建諾測量師行有限公司的業務性質及專業知識領域乃與本集團不同,故梁先生於建諾測量師行有限公司的角色應該不會產生與本集團的任何沖突或競爭。

歐陽長恩先生,...於2004年底,歐陽先生兼任證監會負責企業融資部的執行董事。於最後實際可行日期,歐陽先生為中慧國際控股有限公司(股份代號:1143)的獨立非執行董事。

胡志強先生,54歲,....胡先生現時為康哲藥業控股有限公司(於聯交所上市的公司(股份 代號:8 6 7))及金川集團 國際資源有限公司(於聯交所上市的公司(股份代號:2362))的獨立非執行董事

袁國 基先生,...。2 0 0 9年至2 0 1 0年期間,彼獲中國金展控股有限公司委任為財務總監及公司秘書,該公司為於聯交所上市的公司(股份代號:1 6 2)。

馮美玲女士,41歲,於2010年加入本集團,並獲委任為本集團監察部總監。彼負責本集團的公司秘書事務。馮女士持有科廷科技大學財務碩士學位。馮女士為香港特許秘書公會及特許秘書及行政人員公會 會員。在加入本集團前,彼於1 9 9 9年至2 0 0 1年獲委任為中國星集團有限公司的公司秘書。於2 0 0 6年至2 0 0 9年間,馮女士獲永安旅遊(控股)有限公司委任擔任其公司秘書。兩間公司均於聯交所上市。彼目前亦為嘉進投資的公司秘書及授權代表
9 : GS(14)@2011-05-25 22:35:58

張錦成先生,48歲,....彼現時為一家於聯交所主板上市的公司康哲藥業控股有限公司的獨立非執行董事。
10 : 炒炒炒(10307)@2011-05-28 22:16:12

毒人是什麼意思呢?

這隻股很乾下@@
11 : 鱷不群(1248)@2011-05-28 22:54:09

陳葉馮是變了國富浩華

買油買礦,必備好友smiley


最高薪五名人士,薪金連花紅共292.5萬元,其他葉國光獨佔147.5萬元,其實四位平均年薪只有36.25萬元,普通職員會賺多少?梁兆康九個月只收一千人士,有幸成為最低工資受益者
12 : GS(14)@2011-05-29 10:27:18

11樓提及
陳葉馮是變了國富浩華

買油買礦,必備好友smiley


最高薪五名人士,薪金連花紅共292.5萬元,其他葉國光獨佔147.5萬元,其實四位平均年薪只有36.25萬元,普通職員會賺多少?梁兆康九個月只收一千人士,有幸成為最低工資受益者


搞錯左,不過中瑞岳華做auditor的公司就...
http://webb-site.com/dbpub/advis ... =N&sort=remup&snap=
197、8103、中國消防、1008、2228、8212...
13 : GS(14)@2011-05-29 10:27:39

10樓提及
毒人是什麼意思呢?

這隻股很乾下@@


近毒股的人就叫毒人,傳媒的最佳朋友,炒上唔成就向下炒

乾是肯定的了,但主事人的態度如何,不能控制
14 : GS(14)@2011-05-29 10:28:57

11樓提及
陳葉馮是變了國富浩華

最高薪五名人士,薪金連花紅共292.5萬元,其他葉國光獨佔147.5萬元,其實四位平均年薪只有36.25萬元,普通職員會賺多少?梁兆康九個月只收一千人士,有幸成為最低工資受益者


那個Pre-IPO 價格低得驚人,真是看不出年賺3,000多萬
15 : 炒炒炒(10307)@2011-05-31 01:23:39

玩唔玩得過lei?
有冇人買@@
16 : Hierro(1191)@2011-05-31 01:35:02

8樓提及
http://www.hkexnews.hk/listedco/listconews/gem/20110525/08193_1081061/C119.pdf
祕書十級毒

梁兆康先生...自1999年起,梁先生開始擔任建諾測量師行有限公司的董事總經理,其為一家由梁先生成立的公司,從事工料測量及建築成本諮 詢。由於建諾測量師行有限公司的業務主要專注於提供工料測量諮 詢服務和編製估算建築項目成本的專業工料測量師報告。鑒於建諾測量師行有限公司的業務性質及專業知識領域乃與本集團不同,故梁先生於建諾測量師行有限公司的角色應該不會產生與本集團的任何沖突或競爭。

歐陽長恩先生,...於2004年底,歐陽先生兼任證監會負責企業融資部的執行董事。於最後實際可行日期,歐陽先生為中慧國際控股有限公司(股份代號:1143)的獨立非執行董事。

胡志強先生,54歲,....胡先生現時為康哲藥業控股有限公司(於聯交所上市的公司(股份 代號:8 6 7))及金川集團 國際資源有限公司(於聯交所上市的公司(股份代號:2362))的獨立非執行董事

袁國 基先生,...。2 0 0 9年至2 0 1 0年期間,彼獲中國金展控股有限公司委任為財務總監及公司秘書,該公司為於聯交所上市的公司(股份代號:1 6 2)。

馮美玲女士,41歲,於2010年加入本集團,並獲委任為本集團監察部總監。彼負責本集團的公司秘書事務。馮女士持有科廷科技大學財務碩士學位。馮女士為香港特許秘書公會及特許秘書及行政人員公會 會員。在加入本集團前,彼於1 9 9 9年至2 0 0 1年獲委任為中國星集團有限公司的公司秘書。於2 0 0 6年至2 0 0 9年間,馮女士獲永安旅遊(控股)有限公司委任擔任其公司秘書。兩間公司均於聯交所上市。彼目前亦為嘉進投資的公司秘書及授權代表


堅毒,見到都驚
玩呢d 真係賭錢
17 : GS(14)@2011-05-31 22:04:34

15樓提及
玩唔玩得過lei?
有冇人買@@


畀你拿到配售值得賭,毒成咁
18 : 炒炒炒(10307)@2011-06-01 02:04:16

17樓提及
15樓提及
玩唔玩得過lei?
有冇人買@@


畀你拿到配售值得賭,毒成咁

唔敢入,冇買到=0=
19 : Hierro(1191)@2011-06-19 00:29:27

我們這個server中有一位blog友的公司和8193的業務相當類似
20 : GS(14)@2011-06-19 12:58:40

19樓提及
我們這個server中有一位blog友的公司和8193的業務相當類似


唔怪之得的佢上次問啦,呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊
21 : Hierro(1191)@2011-06-20 00:22:27

20樓提及
19樓提及
我們這個server中有一位blog友的公司和8193的業務相當類似


唔怪之得的佢上次問啦,呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊



係啊,又識多了幾位朋友
22 : GS(14)@2011-06-20 22:22:05

21樓提及
20樓提及
19樓提及
我們這個server中有一位blog友的公司和8193的業務相當類似


唔怪之得的佢上次問啦,呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊



係啊,又識多了幾位朋友


多叫他們上線,我們未來好需要人,多過錢
23 : Hierro(1191)@2011-06-21 00:32:21

22樓提及
21樓提及
20樓提及
19樓提及
我們這個server中有一位blog友的公司和8193的業務相當類似


唔怪之得的佢上次問啦,呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊



係啊,又識多了幾位朋友


多叫他們上線,我們未來好需要人,多過錢


我和我的戰友都認為
只要有錢,就會有人
24 : GS(14)@2011-06-21 07:42:30

我唔需要只要錢的人,那些要錢的人根本不明白核心觀念
25 : Hierro(1191)@2011-06-21 10:34:01

24樓提及
我唔需要只要錢的人,那些要錢的人根本不明白核心觀念


其實我越來越贊成萬惡計劃
26 : GS(14)@2011-06-21 21:20:01

25樓提及
24樓提及
我唔需要只要錢的人,那些要錢的人根本不明白核心觀念


其實我越來越贊成萬惡計劃


我個人不希望搞這些,就算付錢都是付給長期網友
27 : Hierro(1191)@2011-06-21 21:25:38

26樓提及
25樓提及
24樓提及
我唔需要只要錢的人,那些要錢的人根本不明白核心觀念


其實我越來越贊成萬惡計劃


我個人不希望搞這些,就算付錢都是付給長期網友



你這個是好提議
再者我和龍生還沒有好人選

但,現在有沒有這樣的網友?
28 : GS(14)@2011-06-21 21:32:35

27樓提及
26樓提及
25樓提及
24樓提及
我唔需要只要錢的人,那些要錢的人根本不明白核心觀念


其實我越來越贊成萬惡計劃


我個人不希望搞這些,就算付錢都是付給長期網友



你這個是好提議
再者我和龍生還沒有好人選

但,現在有沒有這樣的網友?


你找下雪貓、pars、Wilbur、拔刺者那些睇下能不能組成一個好D的組合...雖然我認為他們不太需要錢,但是我認為他們文筆和閱讀能力有番咁上下的,睇下他們能不能寫下類似我上次給你那個網站級數的文章?
29 : Hierro(1191)@2011-06-21 21:35:34

28樓提及


你找下雪貓、pars、Wilbur、拔刺者那些睇下能不能組成一個好D的組合...雖然我認為他們不太需要錢,但是我認為他們文筆和閱讀能力有番咁上下的,睇下他們能不能寫下類似我上次給你那個網站級數的文章?



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作?
30 : GS(14)@2011-06-21 21:36:24

29樓提及
28樓提及


你找下雪貓、pars、Wilbur、拔刺者那些睇下能不能組成一個好D的組合...雖然我認為他們不太需要錢,但是我認為他們文筆和閱讀能力有番咁上下的,睇下他們能不能寫下類似我上次給你那個網站級數的文章?



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作?


如果他們出來的話,就多找一個人領軍啦,或者拔刺者領住先...
31 : Hierro(1191)@2011-06-21 21:42:51

30樓提及
29樓提及
28樓提及


你找下雪貓、pars、Wilbur、拔刺者那些睇下能不能組成一個好D的組合...雖然我認為他們不太需要錢,但是我認為他們文筆和閱讀能力有番咁上下的,睇下他們能不能寫下類似我上次給你那個網站級數的文章?



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作?


如果他們出來的話,就多找一個人領軍啦,或者拔刺者領住先...



有沒有另一個?他經常性不在香港
32 : GS(14)@2011-06-21 21:43:37

31樓提及
30樓提及
29樓提及
28樓提及


你找下雪貓、pars、Wilbur、拔刺者那些睇下能不能組成一個好D的組合...雖然我認為他們不太需要錢,但是我認為他們文筆和閱讀能力有番咁上下的,睇下他們能不能寫下類似我上次給你那個網站級數的文章?



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作?


如果他們出來的話,就多找一個人領軍啦,或者拔刺者領住先...


有沒有另一個?他經常性不在香港


其他人我也不懂,如果是咁,你睇睇可以找邊個領隊?
33 : Hierro(1191)@2011-06-21 21:47:39

32樓提及


其他人我也不懂,如果是咁,你睇睇可以找邊個領隊?


最慘我一個人也handle不了整個寫手團隊
否則派龍生去就最好

再者,若有多個領隊幫手睇睇寫手班會更好
就是寫手班,我整個星期冇文交功課呢
這樣真是不太好

最理想是每個領隊親身帶兩個寫手
現在我和龍生已經達到這個數
34 : GS(14)@2011-06-21 21:48:28

33樓提及
32樓提及


其他人我也不懂,如果是咁,你睇睇可以找邊個領隊?


最慘我不個人也handle不了整個寫手團隊
否則派龍生去就最好

再者,若有多個領隊幫手睇睇寫手班會更好
就是寫手班,我整個星期冇文交功課呢
這樣真是不太好

最理想是每個領隊親身帶兩個寫手
現在我和龍生已經達到這個數


其實應該咁做,骨幹帶下線,最好一個搞三個,不過最多三層好
35 : Hierro(1191)@2011-06-21 21:51:20

很難

有心有力有時間的人難找

再者,三層已達一間小型公司的規模
36 : GS(14)@2011-06-21 21:52:13

35樓提及
很難

有心有力有時間的人難找

再者,三層已達一間小型公司的規模


就是想搞個低成本的組織,可以快速地搞大,然後就請部分網友
37 : Hierro(1191)@2011-06-21 21:53:42

36樓提及
35樓提及
很難

有心有力有時間的人難找

再者,三層已達一間小型公司的規模


就是想搞個低成本的組織,可以快速地搞大,然後就請部分網友


有個穩定的班底
再有穩定的現金流
就去馬

我最多可以放一半時間出來搞
38 : GS(14)@2011-06-21 21:55:13

37樓提及
36樓提及
35樓提及
很難

有心有力有時間的人難找

再者,三層已達一間小型公司的規模


就是想搞個低成本的組織,可以快速地搞大,然後就請部分網友


有個穩定的班底
再有穩定的現金流
就去馬

我最多可以放一半時間出來搞


慢慢來,唔好太急,一定搞到的...因為我見到我地的對手都做唔到呢D,我是要齊正面,反面同客觀的評論,仲有各地的報紙新聞,還有配合埋高管搜尋...
39 : Hierro(1191)@2011-06-21 21:56:56

38樓提及
37樓提及
36樓提及
35樓提及
很難

有心有力有時間的人難找

再者,三層已達一間小型公司的規模


就是想搞個低成本的組織,可以快速地搞大,然後就請部分網友


有個穩定的班底
再有穩定的現金流
就去馬

我最多可以放一半時間出來搞


慢慢來,唔好太急,一定搞到的...因為我見到我地的對手都做唔到呢D,我是要齊正面,反面同客觀的評論,仲有各地的報紙新聞,還有配合埋高管搜尋...



每樣都不能急
但也不能慢

做得慢就會被人淘汰
現實世界中要成功
只能做第一
40 : GS(14)@2011-06-21 21:58:45

是呀,一定要做第一,但是我知道太慢是唔得,但這個時候真的不太適合擴張,擴張是在2008年那些時候最好
41 : Hierro(1191)@2011-06-21 21:59:51

40樓提及
是呀,一定要做第一,但是我知道太慢是唔得,但這個時候真的不太適合擴張,擴張是在2008年那些時候最好



和經濟氣候有關?
42 : GS(14)@2011-06-21 22:03:32

41樓提及
40樓提及
是呀,一定要做第一,但是我知道太慢是唔得,但這個時候真的不太適合擴張,擴張是在2008年那些時候最好


和經濟氣候有關?


擴張成本,低成本就撐得住
43 : Hierro(1191)@2011-06-21 22:05:07

42樓提及
41樓提及
40樓提及
是呀,一定要做第一,但是我知道太慢是唔得,但這個時候真的不太適合擴張,擴張是在2008年那些時候最好


和經濟氣候有關?


擴張成本,低成本就撐得住



你是對的
我對買office的興趣不大

但租的話怎樣看?
我和龍生去過睇一些工廠區office

~$9000就可以有1100尺
其實不錯
44 : GS(14)@2011-06-21 22:15:09

一定唔會租office,買office的長遠利益高太多了

如果經營到十幾二十年,就會看到差別,做唔掂都仲有本可以收番
45 : Hierro(1191)@2011-06-21 22:16:54

44樓提及
一定唔會租office,買office的長遠利益高太多了

如果經營到十幾二十年,就會看到差別,做唔掂都仲有本可以收番



但工廠的租金回報不吸引
似乎買不如租
46 : GS(14)@2011-06-21 22:18:35

45樓提及
44樓提及
一定唔會租office,買office的長遠利益高太多了

如果經營到十幾二十年,就會看到差別,做唔掂都仲有本可以收番


但工廠的租金回報不吸引
似乎買不如租


唔是計租金,是計通漲,1年5%,10年複起來就62%了

如果可以借到錢買,你的實際供款在10年後就下降了38%了,到時你面對著高昂的租金,經營成本輕好多,想發展個生意,又可加按搞大,再大D就拆出來或者同網友的物業合併,之後我地就甩身啦
47 : Hierro(1191)@2011-06-21 22:21:36

借到錢買是一回事

若不借錢
我不見得我拿著的資金做投資的回報會跑輸通賬
48 : GS(14)@2011-06-21 22:22:51

47樓提及
借到錢買是一回事

若不借錢
我不見得我拿著的資金做投資的回報會跑輸通賬


講唔埋的,最穩陣的做法是跟隨最高成功率的去做,就算博都是細細地博,博到就放番入長期,咁就可以慢慢做大
49 : GS(14)@2011-06-21 22:23:49

最穩打穩紮,低調咁做,但是要專注同耐性,只要夠長命,所有東西慢慢都是你的
50 : Hierro(1191)@2011-06-21 22:24:52

48樓提及
47樓提及
借到錢買是一回事

若不借錢
我不見得我拿著的資金做投資的回報會跑輸通賬


講唔埋的,最穩陣的做法是跟隨最高成功率的去做,就算博都是細細地博,博到就放番入長期,咁就可以慢慢做大


我同意
你給我10萬,我可以好快幫你變100萬
但你給我1000萬要我變1億的話,我會死給你看

所以我贏了錢後,也把贏得的變長期,甚至洗左佢
51 : Hierro(1191)@2011-06-21 22:27:13

49樓提及
最穩打穩紮,低調咁做,但是要專注同耐性,只要夠長命,所有東西慢慢都是你的


你有你的道理
我很希望可以快點跟你一起工作
一起搞好這個forum
52 : GS(14)@2011-06-21 22:27:30

時間未到講甚麼都是空談
53 : GS(14)@2011-06-21 22:27:51

51樓提及
49樓提及
最穩打穩紮,低調咁做,但是要專注同耐性,只要夠長命,所有東西慢慢都是你的


你有你的道理
我很希望可以快點跟你一起工作
一起搞好這個forum


我做野好悶的
54 : Hierro(1191)@2011-06-21 22:28:19

52樓提及
時間未到講甚麼都是空談


只差一步
你不明白
因為龍生還未跟你說他的計劃
55 : GS(14)@2011-06-21 22:29:10

54樓提及
52樓提及
時間未到講甚麼都是空談


只差一步
你不明白
因為龍生還未跟你說他的計劃


寄去e-mail啦,一有人甚麼都易搞
56 : GS(14)@2011-06-25 13:59:47

http://www.hkexnews.hk/listedco/ ... LN20110624092_C.pdf
摘 要
• 本 公 司 股 份 於2011年5月31日 在 聯 交 所 創 業 板 成 功 上 市。
• 本 集 團 截 至2011年3月31日 止 財 政 年 度 之 收 入 約 為55.6百 萬 港 元(2010年:50.9百 萬 港元 ),較2010年 之 收 入 增 加 約9.2%。
• 本 集 團 截 至2011年3月31日 止 財 政 年 度 之 除 稅 前 溢 利 為28.6百 萬 港 元(2010年:33.5百 萬 港 元 ),較2010年 之 除 稅 前 溢 利 減 少 約14.6%。
• 本集團截至2011年3月31日止財政年度之權益股東應佔溢利為25.4百萬港元(2010年:26.7百 萬 港 元 ),較2010年 之 權 益 股 東 應 佔 溢 利 減 少 約4.9%。
• 每 股 基 本 盈 利 為6.78港 仙(2010年:每 股7.13港 仙 ),較2010年 之 每 股 基 本 盈 利 減 少 約4.9%。

本 集 團 之 服 務 成 本 主 要 包 括 直 接 勞 工 成 本。於 本 年 度,本 集 團 之 直 接 勞 工 成 本 約 為11,900,000港 元(2010年:約6,600,000港 元 ),較2010年 增 加 約80%。

本 集 團 於 截 至2011年3月31日 止 年 度 的 行 政 開 支 約 為15,100,000港 元(2010年:約8,200,000港元 ),較2010年 增 加 約84.1%。本 集 團 於 本 年 度 的 行 政 開 支 增 加 主 要 由 於 行 政 員 工 成 本 及 租 金 開支增加所致。於本年度,本集團的行政員工成本約為6,200,000港元(2010年:約3,200,000港元),較2010年 增 加 約93.8%。於 本 年 度,本 集 團 的 租 金 開 支 約 為3,300,000港 元(2010年:約1,400,000港 元 ),較2010年 增 加 約135.7%。
57 : GS(14)@2011-07-17 21:36:36

http://www.hkexnews.hk/listedco/ ... LN20110717002_C.pdf
漢華專業服務有限公司(「本公司」)董事會(「董事會」)欣然宣佈,本公司已於最近就有關收購目標公司(「目標公司」)約20%已發行股本之可能收購事項(「可能收購事項」)與潛在賣方(「潛在賣方」)訂立諒解備忘錄(「諒解備忘錄」)。目標公司之主要資產為於兩間附屬公司(統稱「該等附屬公司」)之全部股權。

該等附屬公司主要從事利用互動線上投資者關係平台提供投資者關係服務;向零售、機構及私人投資者提供上市公司客戶之最新資料;供買賣股票及債券使用之金融數據傳輸;蒐集及發佈金融數據、股份買賣及金融交易;提供金融新聞及資料;網站設計或開發;線上營銷及金融營銷;以及提供相關服務。潛在賣方、目標公司及彼等之實益擁有均為獨立於本公司及其關連人士之第三方,且與彼等並無關連。

咪即係我地做那些? 我就睇你幾多錢...
58 : pars(2406)@2011-07-17 22:14:36

岩價你地都可以賣盤喎。
59 : GS(14)@2011-07-17 22:31:20

先考慮打好陣勢,然後才想賣盤,目的都是引入網友同投資者為主
60 : Hierro(1191)@2011-07-17 22:51:40

57樓提及
http://www.hkexnews.hk/listedco/listconews/gem/20110717/GLN20110717002_C.pdf
漢華專業服務有限公司(「本公司」)董事會(「董事會」)欣然宣佈,本公司已於最近就有關收購目標公司(「目標公司」)約20%已發行股本之可能收購事項(「可能收購事項」)與潛在賣方(「潛在賣方」)訂立諒解備忘錄(「諒解備忘錄」)。目標公司之主要資產為於兩間附屬公司(統稱「該等附屬公司」)之全部股權。

該等附屬公司主要從事利用互動線上投資者關係平台提供投資者關係服務;向零售、機構及私人投資者提供上市公司客戶之最新資料;供買賣股票及債券使用之金融數據傳輸;蒐集及發佈金融數據、股份買賣及金融交易;提供金融新聞及資料;網站設計或開發;線上營銷及金融營銷;以及提供相關服務。潛在賣方、目標公司及彼等之實益擁有均為獨立於本公司及其關連人士之第三方,且與彼等並無關連。

咪即係我地做那些? 我就睇你幾多錢...



我不相信他們提供的資訊,能有我們這裏的水平
最多應只是似etnet那類
61 : 龍生(798)@2011-07-17 23:31:15

我反而好有興趣佢會買邊間, 競爭對手係點
62 : GS(14)@2011-07-18 21:27:36

做到重大收購就好睇啦,睇下我地有甚麼競爭對手都好
63 : GS(14)@2011-07-18 21:27:52

如果佢賣到呢個價錢,我就可以賣貴D
64 : Hierro(1191)@2011-07-19 19:26:46

63樓提及
如果佢賣到呢個價錢,我就可以賣貴D



其實你知唔知rf最值錢的是甚麼?
65 : Heidi(3062)@2011-07-19 21:05:37

是人
66 : GS(14)@2011-07-19 21:49:36

64樓提及
63樓提及
如果佢賣到呢個價錢,我就可以賣貴D


其實你知唔知rf最值錢的是甚麼?


我都覺得係個人
67 : Hierro(1191)@2011-07-20 00:37:20

66樓提及
64樓提及
63樓提及
如果佢賣到呢個價錢,我就可以賣貴D


其實你知唔知rf最值錢的是甚麼?


我都覺得係個人



可惜這個人不能賣
我亦不想這個人被買

哈哈
68 : GS(14)@2011-07-20 22:25:26

你都有少少份ga
69 : Hierro(1191)@2011-07-21 00:58:08

68樓提及
你都有少少份ga


我只是small potato
湯你才是主角

還有很多東西要跟你學呢
70 : GS(14)@2011-07-21 07:38:32

邊有野學,全部都係公開資料
71 : Hierro(1191)@2011-08-17 01:36:32

http://www.hkexnews.hk/listedco/ ... LN20110816054_C.pdf
湯,這個由你解讀最好

但好似不是你心中所想的那種公司

其中一間被收購公司網頁:http://www.tomolion.com/html/index.php

人物明天才起底
72 : GS(14)@2011-08-17 07:22:08

http://hk.todayir.com/tc/index.php
應該是呢個才對...賺100萬賣1.3億估值,有點那個

其實嚴格來講是一個公關公司...但是性質類似我地...

「現有股東」 指 目 標 公 司 於 本 公 告 日 期 的 現 有 股 東 , 即 賣 方 、 W i l k i n s o n &
Coopers Assets Limited、Chau Ki Shun、Pang Wai King及Mok
Koon Yip

「賣方」 指 GNEC 2011 Limited,一家於英屬處女群島註冊的公司

所以我要那估值不太貴,哈哈哈
73 : pars(2406)@2011-08-17 10:17:58

佢個網站寫得幾好喎,夠簡潔清楚。
74 : GS(14)@2011-08-17 22:08:52

73樓提及
佢個網站寫得幾好喎,夠簡潔清楚。


同感
75 : See_you_later(15688)@2011-08-30 10:30:01

股價由上市之後跌剩0.25, 究竟佢地咁係咪昆佢地班投資者
76 : See_you_later(15688)@2011-08-30 14:16:13

漢華專業(08193)半日跌19% 稱不明跌因
【12:54】2011年08月30日

【on.cc專訊】漢華專業服務(08193)表示,留意到最近公司股價下跌,茲聲明董事會對該下跌的原因毫不知情。董事會亦確認,現時並無與根據上市規則須予披露的意圖收購或變賣的有關商談或協議,亦不知悉任何根據上市規則所訂明的一般責任而須予披露,或屬價格敏感性質的事項。

該股半日收報0.243元,跌19%,成交62.87萬元。


即係一沉不起??
77 : GS(14)@2011-08-30 20:44:06

75樓提及
股價由上市之後跌剩0.25, 究竟佢地咁係咪昆佢地班投資者


上次買那個網已經一口吃掉不少錢...又賺唔到錢,自然有人懷疑啦
78 : GS(14)@2011-08-30 20:44:20

咁就要計計底線
79 : GS(14)@2011-08-30 20:44:52

不如你睇下那張收購公告先啦
80 : See_you_later(15688)@2011-08-31 09:58:25

其實評估業務同投資平台有乜直接關係? 之前上市好似話直接買評估公司, 而家又話人地子公司有相關業務就買.....即係乜都好. 兩家主人應該披露雙方關係.
81 : GS(14)@2011-08-31 19:34:46

有的,是朋友即不是關連人士
82 : GS(14)@2012-02-29 23:53:32

http://www.hkexnews.hk/listedco/ ... LN20120229003_C.pdf
大獲

漢華專業服務有限公司(「本公司」)董事會(「董事會」)謹此公佈,本公司與英皇融資有限公司
(「英皇融資」)相互協定終止英皇融資根據本公司、大唐域高融資有限公司(「域高融資」)與英
皇融資於二零一一年五月二十四日訂立之合規顧問協議出任本公司其中一名聯席合規顧問,
由二零一二年二月二十九日起生效。英皇融資已確認與董事會並無意見分歧。本公司另一聯席
合規顧問域高融資將成為本公司唯一合規顧問。除本公告所披露者外,就董事會所知,並無任
何其他有關英皇融資辭任之事宜需提請香港聯合交易所有限公司(「聯交所」)及本公司股東注
意。
83 : greatsoup38(830)@2012-06-27 00:45:22

http://www.hkexnews.hk/listedco/ ... LN20120626001_C.pdf
盈利倒退70%,至約3仙,8仙現金

展望
全球經濟仍面臨嚴峻挑戰。歐洲及美國經濟復蘇勢頭尚未恢復,中國亦宣佈低於過往之國內生
產總值增長目標,意味著中國經濟若干領域之投資放緩。然而,根據國務院的十二五計劃,中
國確立了七個戰略新興產業以確保經濟的快速穩定增長。因此,中國仍在世界舞臺上扮演重要
角色。
儘管全球經濟環境起伏不定影響本集團資產顧問服務及資產評估等傳統業務的增長,惟大中
華區對專業商業服務的需求將仍然強勁,區內(尤其是中國)公司的規模不斷拓展、業務越趨複
雜、市場位置越見分散,對資產評估、程序及規則以及投資配對方面的領先專業顧問服務的需
要將相應增加。憑藉本集團核心業務分部的現有競爭優勢及市場地位,本集團能夠物色更多潛
在拓展機會。
憑藉透過未來可能之橫向收購而令客戶基礎持續增長、預期收購TodayIR將產生協同效益、專
業團隊經驗豐富以及提供方便的一站式專業服務等競爭優勢,本集團將不斷把握市場機會,提
高服務質量及範圍,冀能為股東帶來持續增長的回報。
84 : GS(14)@2012-07-26 17:40:54

http://www.hkexnews.hk/listedco/ ... LN20120726029_C.pdf
漢華專業服務有限公司(「本公司」),連同其附屬公司統稱「本集團」)之董事會(「董事會」)謹
此通知本公司股東及有意投資者,根據現有資料,預期本集團截至二零一二年六月三十日止
三個月之未經審核第一季度業績將較二零一一年同期業績大幅增加,其增加乃主要由於本集
團完成一項成功收費性質之企業服務及諮詢委聘而增加收益所致。
85 : GS(14)@2012-08-11 16:41:34

http://www.hkexnews.hk/listedco/ ... LN20120810095_C.pdf
轉虧為盈
86 : greatsoup38(830)@2012-11-10 16:25:37

http://www.hkexnews.hk/listedco/ ... LN20121109086_C.pdf
業績急增5倍,至300萬,第2季增1倍,至150萬,2,900萬現金

展望
全球經濟仍面臨嚴峻挑戰。歐洲及美國經濟復蘇勢頭尚未恢復,中國亦宣佈低於過往之國內生
產總值增長目標,意味著中國經濟若干領域之投資放緩。然而,大中華區對專業企業服務的需
求仍見持續,區內(尤其是中國)公司的規模不斷拓展、業務越趨複雜、市場位置越見分散,對
資產評估、程序及規則以及投資配對方面的領先專業顧問服務的需要預期將保持穩定。憑藉本
集團核心業務分部的現有競爭優勢及市場地位、透過未來可能之橫向收購而令客戶基礎持續增
長、預期收購TodayIR將產生協同效益、專業團隊經驗豐富以及提供方便的一站式專業服務等
競爭優勢,本集團將不斷把握市場機會,提高服務質量及範圍,冀能為股東帶來持續增長的回
報。
87 : greatsoup38(830)@2013-01-18 01:39:01

http://www.hkexnews.hk/listedco/ ... LN20130117032_C.pdf
漢華專業服務有限公司(「本公司」),連同其附屬公司統稱「本集團」)之董事會(「董事會」)謹
此通知本公司股東及有意投資者,根據現有資料,預期本集團截至二零一二年十二月三十一日
止九個月之未經審核第三季度業績將較二零一一年同期業績大幅增加,其增加乃主要由於本集
團完成一項資產顧問服務委聘而增加收益所致。
88 : GS(14)@2013-06-30 14:58:20

8193

盈利增2倍,至2,620萬,840萬現金,AR...
89 : greatsoup38(830)@2013-08-10 19:01:14

8193

盈利增1倍,至370萬
90 : greatsoup38(830)@2013-11-07 00:16:26

盈警
91 : greatsoup38(830)@2013-11-12 23:55:08

3個月轉虧170萬,6個月盈利降3成,至220萬,輕債
92 : aaaavvvv(42169)@2013-11-14 16:46:10

路過.....
93 : greatsoup38(830)@2014-02-07 01:01:38

盈警
94 : jacksonwai1985(20740)@2014-02-07 10:07:38

呢隻由上個月17號開始日日螞蟻操兵錦由兩毫幾升到五毫,會唔會係2月12號股東會前有人偷步入 ? 而家有盈警就
應該唔關業績事啦。
95 : greatsoup38(830)@2014-02-08 12:38:12

jacksonwai198594樓提及
呢隻由上個月17號開始日日螞蟻操兵錦由兩毫幾升到五毫,會唔會係2月12號股東會前有人偷步入 ? 而家有盈警就
應該唔關業績事啦。


d人見他市值平一點吧
96 : GS(14)@2014-06-25 09:51:50

8193

盈利增20%,至3,100萬,輕債,AR...
97 : greatsoup38(830)@2014-07-09 10:12:47

http://www.metrohk.com.hk/pda/pd ... 7-07&categoryID=all
落腳迪拜
返回



中東經濟近年發展迅速,迪拜成為了區內的經貿中心。迪拜不單建有矚目的七星級豪華酒店及全球最高的摩天大廈,亦擁有全球第三大的港口,其分銷平台覆蓋中東、亞洲、歐洲和非洲等地超過全球四成人口;因此,迪拜亦成為香港公司的落腳點,葉國光就是以此為據點,在中東發展金融生意。



進軍中東

「現在很多中國企業都會到中東、甚至非洲投資,有些國企希望在中東進行一些基建項目,例如海水化淡、污水處理等設施。事實上,中東確實需要這些基建服務,想找一些有經驗的專家來幫他們策劃項目。」漢華專業服務董事總經理葉國光說,他的公司於香港一直從事金融服務,他認為投資中東機不可失,一直有意進軍當地,為香港及中國企業提供支援服務,尋找投資機遇。

漢華看準迪拜的優越地理位置,以此作進軍中東市場的橋頭堡。葉國光坦言,初初到迪拜時,人生路不熟,連找辦公室落腳亦成問題,「幸得貿發局迪拜辦事處的協助,幫助我們在當地找辦公室和物色人才,令我們成為首間在迪拜開設全資擁有公司的香港企業。」站穩陣腳後,漢華積極為內地及香港企業尋找中東地區的發展項目,包括各種基建及建築工程。

將迪拜作進軍中東橋頭堡

葉國光指出,「中東商人看好東方市場,希望來中國或東方投資……所以,我們積極了解他們的需要,提供合適支援,協助他們尋找更多投資機會。」

由於中東是伊斯蘭地區,借貸、融資限制較多,因此葉說他們當中間人也要下一番功夫,「研發新的投資產品,做好橋樑工作,從而幫助伊斯蘭教國家的公司,把有特別規定用途的資金釋放出來。」

中東市場2014年的經濟表現樂觀,預期海灣合作六國全年平均GDP增長高於4%。此外,迪拜去年成功爭取舉辦2020年世界博覽會,又將與鄰國卡塔爾於2022年合辦世界盃,兩項盛事將帶動地產、基建,以至旅遊和零售等行業,市場前景亮麗。

香港貿發局中東及非洲首席代表馮渤表示,迪拜在中東及非洲地區的轉口貿易擔當樞紐角色,所以貿發局亦在此設辦事處,舉辦推廣香港產品的活動,「港商在迪拜除了能接觸中東及非洲買家,亦會認識到來自俄羅斯等獨聯體國家及印度等長駐或定期往返當地的貿易商。」

馮渤補充,貿發局將於今年11月在迪拜舉行時尚生活匯展,為港商提供推廣品牌和產品的平台,協助港商了解市場需要及拓展商機。



2011年 迪拜外商直接投資(FDI)排名十強

國家/地區 百分比 金額 (億美元)

1.英國 20.1 84.23

2.印度 8.5 35.50

3.日本 7.3 30.76

4.法國 5.1 21.55

5.美國 4.8 20.16

6.瑞士 4.8 20.04

7.伊朗 4.0 16.77

8.荷蘭 3.0 12.71

9.中國香港 3.0 12.63

10.英屬處女群島 2.3 9.61



Source: Dubai Statistics Centre




▲迪拜的分銷網絡覆蓋幾大洲,而迪拜國際金融中心(DIFC)自由區更容許外資在當地成立獨資公司,造就不少商機。


▲漢華專業服務有限公司董事總經理葉國光在迪拜當地開設全資擁有的公司。


▲近年港府加強與中東的商經聯繫,圖為五年多前,財經事務及庫務局局長陳家強(右一)出席迪拜國際金融中心論壇。(資料圖片)
98 : jacksonwai1985(20740)@2014-07-19 17:46:57

湯財你覺得佢二供一 @0.2 動機如何呀?
99 : greatsoup38(830)@2014-07-20 00:15:37

jacksonwai198598樓提及
湯財你覺得佢二供一 @0.2 動機如何呀?


無錢咪供股囉
100 : GS(14)@2014-07-25 17:23:35

8193 profit warning
101 : GS(14)@2014-08-05 00:38:21

股權集中
102 : GS(14)@2014-08-13 10:59:46

以3,900萬向蔡其源收購金銀交易商博信金銀30%股權,以1億新股支付
103 : GS(14)@2014-08-13 11:00:15

http://www.manloong.com/
http://cn.ebulliongroup.com/?p=569
萬隆集團主席蔡奇源先生經由香港貴金屬同業協會穆第十七屆第五次執行委員會議決,榮任香港貴金屬同業協會會長。蔡奇源先生熱心社會公益,聲望矞孚,已於2014年5月16日假美麗華酒店頂樓宴會廳舉行「第十七屆執行委員會就職典禮暨會長聘任儀式」。
104 : greatsoup38(830)@2014-08-27 23:59:21

供股得3份接納,認購人股權增至20%
105 : greatsoup38(830)@2014-11-15 10:04:50

3個月虧增3倍,至680萬,6個月轉虧1,700萬,6,300萬現金
106 : GS(14)@2015-06-03 01:45:12

盈警
107 : greatsoup38(830)@2015-07-05 02:51:55

轉虧2,700萬,重債
108 : greatsoup38(830)@2015-07-13 00:05:06

205認購8193股份
109 : greatsoup38(830)@2015-07-13 00:06:19

205認購14億股,又配售26億股@0.1

110 : GS(14)@2015-07-23 02:24:25

buy more rubbish
111 : greatsoup38(830)@2015-08-05 01:33:48

賣盤
112 : greatsoup38(830)@2015-09-28 23:13:59

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
113 : GS(14)@2015-10-21 03:19:33

買垃圾
114 : GS(14)@2015-10-25 14:12:38

洗錢
115 : greatsoup38(830)@2015-11-10 01:45:57

PROFIT WARNING
116 : greatsoup38(830)@2015-11-16 01:22:47

loss, low debt
117 : greatsoup38(830)@2015-12-10 01:17:29

買進匯證券
118 : GS(14)@2016-01-20 23:04:38

8072買8193 的19.9%股權
119 : 炮哥(56969)@2016-01-21 10:33:59

看來原主連原有業務都不要了
120 : GS(14)@2016-01-21 14:34:25

炮哥118樓提及
看來原主連原有業務都不要了


有機會再上一次市
121 : GS(14)@2016-01-23 16:56:49

15,000一手變5,000一手
122 : greatsoup38(830)@2016-03-26 03:39:24

虧損增277%,至3,400萬,3億可變現資產,持有8195、8193、1389、736、8087、1027、8109、1063,已成康健系
123 : GS(14)@2016-06-23 16:57:28

盈利警告
124 : greatsoup38(830)@2016-06-24 07:56:02

盈警
125 : greatsoup38(830)@2016-06-24 07:56:29

盈警
126 : greatsoup38(830)@2016-06-26 23:59:50

虧損增2成,至3,300萬,1.26億可變現資產
127 : greatsoup38(830)@2016-06-26 23:59:50

虧損增2成,至3,300萬,1.26億可變現資產
128 : greatsoup38(830)@2016-07-03 15:09:04

虧損降45%,至3,800萬,986持有745、802、1027、1063、1225、2324、8021、8193、8195
129 : greatsoup38(830)@2016-07-07 02:21:59

傾緊rubbish 投資
130 : greatsoup38(830)@2016-08-18 06:34:00

盈警
131 : GS(14)@2016-08-19 17:17:04

986 SELL 1027 BUY 8217 SELL 8193
132 : GS(14)@2016-08-19 17:19:49

986 SELL 1027 BUY 8217 SELL 8193
133 : greatsoup38(830)@2016-08-21 05:05:20

8120 holds 8195、1389、8193、986、8087、736、1027、8217
134 : GS(14)@2016-10-15 03:57:27

http://hkstock.cnfol.com/gangguzixun/20161014/23621479.shtml
汉华专业服务(08193.HK)公布,公司订立收购事项之条款大纲,拟以1.3亿英镑(12.7亿港元),向独立第三方Allamhouse,收购侯城足球会。本公告日期,公司或银团并无就建议收购事项订立具法律约束力之协议

  目标集团经营职业足球业务,以侯城足球会(Hull City Association Football Club)名义参加英格兰超级联赛。建议收购事项须待就条款大纲项下拟进行交易取得英格兰足球超级联赛同意后,方告完成。有关

  董事会相信,收购目标集团将为集团带来扩充及多元发展其业务及收益流之机遇,特别是在中国媒体广告及相关市场。
135 : GS(14)@2016-10-15 03:57:39

買球會
136 : GS(14)@2016-10-20 11:21:14

986 sell 8193
137 : GS(14)@2016-11-06 18:50:17

8179
1. 買賣8193
2. 買賣8217
138 : GS(14)@2017-01-26 10:52:40

1226 hold 8021 8027 8193 621 802
139 : GS(14)@2017-01-31 16:29:08


This follows a complaint to HKEX by Webb-site on 26-Dec-2016 that CIFG had failed to disclose details of "significant investments" as required by paragraph 32(4) of Appendix 16 of the Listing Rules. We calculate that the holdings included 3.32% of WLS (8021), 3.90% of KPM (8027), 1.30% of GCPS (8193), 4.49% of AMCO (0630) and 4.86% of RCG (0802).

這跟隨著Webb-site在2016年12月26日對對港交所關於中國投融資(1226)並未根據上市規則16章32.4條的要求披露的大額投資的詳情。我們計算過,他持有3.32%匯隆(8021)、吉輝控股(8027)3.90%、漢華專業服務(8193) 1.30%、隽泰控股(630)4.49%及宏霸控股(802)4.86%。
140 : greatsoup38(830)@2017-02-08 22:57:20

盈警
141 : greatsoup38(830)@2017-03-18 12:22:57

檢查中心
142 : greatsoup38(830)@2017-04-02 14:40:03

1259 買 8193 票據
143 : GS(14)@2017-04-21 17:42:39

內幕消息
本公告乃漢華專業服務有限公司(「本公司」,連同其附屬公司統稱「本集團」)根據
香港法例第571章證券及期貨條例第XIVA部及香港聯合交易所有限公司創業板證
券上巿規則(「創業板上巿規則」)第17.10條作出。
於2017年4月20日,本公司董事(「董事」)會(「董事會」)得悉,本公司執行董事葉
頌偉先生(「葉先生」)被廉政公署拘捕。
董事會認為,於本公告日期,葉先生被拘捕對本集團並無重大不利影響,而本集
團的業務及營運維持正常。除上文披露者外,董事會並不知悉任何其他未發佈的
內幕消息。

144 : GS(14)@2017-04-22 09:02:07

本公司董事(「董事」)會(「董事會」)得悉,執行董事葉頌偉先生(「葉先生」)被廉政
公署拘捕。基於董事會目前可得資料,董事會認為葉先生因涉嫌個人參與與本集
團並無關連之事宜而被拘捕。
董 事會 已於 2017 年 4 月21 日起 暫停 葉 先生 之執 行董 事 職務 ,直 至 另行 通知 為 止。
本公司將於適當時候另行提供最新資料。

145 : greatsoup38(830)@2017-04-23 19:03:12

Webb曰:
The arrest is in relation to his alleged personal involvement in a transaction of one of the clients of the Group. He has resigned due to his decision to devote more time to his personal endeavours. Roma is a valuer via subsidiary Roma Appraisals Ltd, and a list of HK-listed clients is in Webb-site Whos Who.

被捕原因畢關於他涉嫌個人參與本集團一名客戶之交易。他辭職的原因是投放更多時間處理個人事務。羅馬是通過其附屬公司羅馬評估有限公司經營估值業務,其中有上市多間公司都在Webb-site Whos Who中找到是他的客戶。



GCPS (8193): ED David Yip Chung Wai arrested by ICAC | Client list
Company announcement, 21-Apr-2017
GCPS, via 80.1% subsidiary Greater China Appraisal Ltd, is a valuer. The other 19.9% is owned by Roma (8072), another valuation group. It is probably not a coincidence that on the same day, Roma has announced that its Chairman and CEO Kelvin Luk Kee Yan has also been arrested by the ICAC.

Webb曰:
漢華評值有限公司是估值師,並由透過漢華專業服務有限公司持有80.1%。其餘19.9%是由另一家估值集團羅馬國際(8072)持有。他們同日被捕肯定不是巧合。羅馬已經公告他們主席及行政總裁陸紀仁已被廉政公署調查。
146 : greatsoup38(830)@2017-04-23 19:09:21


He has resigned "due to his personal commitments". The company does not mention that Mr Luk has been arrested by the ICAC. Mr Luk has simultaneously resigned as Chairman and CEO of Roma (8072).

他因為「彼之個人事務」,辭去該職。公司無提及他已經被廉政公署拘捕。陸先生同時辭任羅馬的主席。
147 : GS(14)@2017-06-25 15:04:46

盈警
148 : bylee(26720)@2017-06-27 11:08:14

free falling
david webb effect?
149 : greatsoup38(830)@2017-06-28 02:08:46

無人知
150 : greatsoup38(830)@2017-06-28 05:51:34

脫離康健系:243、1389、1027
151 : greatsoup38(830)@2017-06-28 17:53:36

虧,空殼輕債
152 : greatsoup38(830)@2017-08-13 22:37:59

本公司董事會(「董事會」)謹此通知本公司股東及有意投資者,根據本集團未經審核
綜合管理賬目,與截至二零一六年六月三十日止三個月相比,預期本集團截至二零一
七年六月三十日止三個月(「期內」)將會錄得重大虧損,此乃出售按公允價值計入損
益的金融資產之重大虧損及由於股票市場環境波動導致按公允價值計入損益的金融資
產之公允價值變動所致。

153 : GS(14)@2017-11-09 06:46:47

虧,輕債,持有1398、802、8021、1380
154 : GS(14)@2017-11-29 09:54:09

於2017年11月28日( 交易時段後 ),本公司與配售代理訂立配售協議,據此,配
售代理 有條件同意 盡力按配 售價每股 配售股份 0.05 港元向不 少於六名 承配人配
售最多971,590,000股配售股份。將根據一般授權發行配售股份。
配 售 價 較 (i) 股 份 於 配 售 協 議 日 期 於 聯 交 所 所 報 之 收 市 價 每 股 0.051 港 元 折 讓 約
2.0 %;及(ii)股份於緊接配售協議日期前最後五個連續交易日於聯交所所報之平
均收市價每股約0.06港元折讓約16.7 %。
971,590,000股配售股份相當於(i)本公告日期本公司現有已發行股本4,857,968,600
股股份之約20.00 %;及(ii)經配發及發行配售股份擴大後本公司已發行股本合共
5,829,558,600股股份之約16.67 %( 假設本公司之已發行股本不會有其他變動 )。
155 : GS(14)@2018-02-05 04:07:15

Webb曰:
The Enigma Network investment company is blowing the general mandate, issuing 19.96% new shares at $0.05, not mentioning the 84.9% discount to Net Asset Value of $0.3308 at 31-Dec-2017. The board claims the issue is in the interests of the Company and the Shareholders as a whole. The placing agent, Infast Brokerage, is 95% owned by GCPS (8193), another Enigma member. 3 minutes eariler, Capital VC announced a grant of 275m options at $0.058 to unnamed persons. Thats another potential 10% enlargement of the share base at an 82.5% discount to NAV. We call on the SFC to direct the Stock Exchange to reject the listing application for all the new shares.

「謎之網絡」投資公司正在衝破一般授權限制,以5仙發行19.96%股權,並無提及發行價較在2017年12月31日淨值33.08仙折讓84.9%。董事局指出發行「對公司及股東有利」。配售代理進匯證券是由另一間「謎之網絡」成員漢華專業服務(8193)持有95%。3分鐘前,首都創投授出2.75億購股權,行使價5.8仙予一些未披露名稱人士。這是另一個折讓82.5%發行10%潛在擴大股本的可能性。我們已經通知證監會和聯交所聯絡,以否決發行新股的申請。
156 : GS(14)@2018-02-07 16:46:26

本公司董事會(「董事會」)謹此通知本公司股東及有意投資者,根據本集團未經審核
綜合管理賬目,與截至二零一六年十二月三十一日止九個月相比,預期本集團截至二
零一七年十二月三十一日止九個月(「期內」)將會錄得重大虧損,主要因為出售按公
允價值計入損益的金融資產之重大虧損及出售一間聯營公司虧損所致。
157 : GS(14)@2018-06-01 08:25:32

虧,8,100萬現金,8072借錢予8436、8193
158 : GS(14)@2018-06-16 02:42:07

盈警
159 : GS(14)@2018-06-26 08:04:05

虧,空殼重債
160 : GS(14)@2018-08-04 09:56:30

本公司董事會(「董事會」)謹此通知本公司股東(「股東」)及有意投資者,根據本集
團截至二零一八年六月三十日止三個月(「本期間」)未經審核綜合管理賬目,預期
本集團於本期間將會錄得純利,而於去年同期則錄得虧損淨額。上述由虧轉盈乃
主要歸因於按公允價值計入損益的金融資產之公允價值收益以及出售按公允價值
計入損益的金融資產之收益合共約7,000,000港元所致。
161 : GS(14)@2018-10-31 14:52:56

漢華專業服務有限公司(「本公司」,連同其附屬公司統稱「本集團」)根據香港聯合
交易所有限公司GEM證券上市規則(「GEM上市規則」)第17.10 (2)條及香港法例第
571章證券及期貨條例第XIVA部的內幕消息條文( 定義見GEM上市規則 )作出本公
告。
本公司董事會(「董事會」)謹此通知本公司股東(「股東」)及有意投資者,根據本公
司截至二零一八年九月三十日止六個月(「本期間」)未經審核綜合管理賬目,與截
至二零一七年九月三十日止六個月相比,預期本集團於本期間將會錄得虧損減少
介乎約80 %至90 %,主要由於本期間按公允價值計入損益的金融資產之公允價值
虧損約10,700,000港元所致。
本公告所載資料僅為根據於本公告日期未經本公司審核委員會確定或審閱及尚未
最終落實之本集團於本期間之未經審核綜合管理賬目作出之初步評估。有關本集
團於本期間之業績進一步詳情預期將於二零一八年十一月九日公佈。

162 : GS(14)@2018-11-03 08:54:19

本公司董事會(「董事會」)謹此通知本公司股東(「股東」)及有意投資者,根據本公
司截至二零一八年九月三十日止六個月(「本期間」)未經審核綜合管理賬目,與截
至二零一七年九月三十日止六個月相比,預期本集團於本期間將會錄得虧損減少
介乎約80 %至90 %,主要由於本期間按公允價值計入損益的金融資產之公允價值
虧損約10,700,000港元所致。
163 : GS(14)@2018-11-11 13:10:13

虧,輕債
164 : GS(14)@2019-01-30 23:51:08

本公司董事會(「董事會」)謹此通知本公司股東(「股東」)及有意投資者,根據本公
司截至二零一八年十二月三十一日止九個月(「本期間」)未經審核綜合管理賬目,
與截至二零一七年十二月三十一日止九個月相比,預期本集團於本期間將會錄得
虧損減少介乎約75 %至85 %,主要由於本期間按公允價值計入損益的金融資產之
公允價值虧損約13,300,000港元所致。
本公告所載資料僅為根據於本公告日期未經本公司審核委員會確定或審閱及尚未
最終落實之本集團於本期間之未經審核綜合管理賬目作出之初步評估。有關本集
團於本期間之業績進一步詳情預期將於二零一九年二月十二日公佈。
漢華 專業 服務 8193 專區 關係 中國 星、 、殼 殼王 王、 8340 0310 1189 0867 1143 2362
PermaLink: https://articles.zkiz.com/?id=274493

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