合一投資(0913)專區
1 :
GS(14)@2014-08-24 23:28:17http://realforum.zkiz.com/thread.php?tid=5786\r\n前專區
2 :
GS(14)@2014-09-12 01:30:481送4紅股
3 :
GS(14)@2014-09-21 14:14:11轉盈4,200萬，7,700萬現金
4 :
GS(14)@2014-12-15 23:58:2510合1，又1供4，每股16仙
5 :
greatsoup38(830)@2014-12-21 22:29:39華匯退出
6 :
ninomiyau(41302)@2014-12-28 05:50:50greatsoup38在5樓提及
華匯退出
真的嗎? 唔怪得中南証劵一下子清晒個倉...
不過咁樣向下炒的離場方式，唔太明... 硬係唔肯正正經經炒上皆大歡喜的....
7 :
greatsoup38(830)@2014-12-28 11:04:52他根本唔志在股票，低價沽股，更低就買回
8 :
ninomiyau(41302)@2014-12-28 23:11:03明晒，謝謝湯兄。
9 :
GS(14)@2015-01-08 15:58:56http://webb-site.com/articles/CNN.asp
華匯系的互相關係：474
412
273
279
1141
985
279
329
139
1227
1004
913
136
10 :
greatsoup38(830)@2015-03-13 01:04:15有大陸公司幫他們配股?
11 :
GS(14)@2015-04-12 01:54:12轉盈1.1億，5億資金
12 :
greatsoup38(830)@2015-07-16 01:13:28盈喜
13 :
GS(14)@2015-08-07 02:13:41轉虧7,000萬，13億可變現資產
14 :
greatsoup38(830)@2015-09-28 23:08:56http://webb-site.com/articles/sinceresmart.asp
Hao Wen, Capital VC and Unity
24th September 2015
Browsing through documents for a much longer forthcoming story, we came across two highly questionable acquisitions that link together 3 listed companies: Hao Wen Holdings Ltd (Hao Wen, 8019) and two Chapter 21 investment companies, Capital VC Ltd (Capital VC, 2324) and Unity Investments Holdings Ltd (Unity, 0913) that we have warned investors about in the past.
On 1-Sep-2014, Hao Wen Holdings Ltd (Hao Wen, 8019) announced the acquisition of 22.5% of Sincere Smart International Ltd (Sincere Smart, BVI), which owns 100% of Ideal Surplus Inc Ltd, a HK company which, according to Hao Wen, is "principally engaged in the provision of cloud platforms application and solutions". The "About us" page of its web site seems to confirm this, but if you click on the English "Home" button then you get a whole different experience - some sort of online Chinese betting platform. The vendor was a Mr Wang Zewei (Wang Zewei) and the deal completed on 8-Oct-2014.
The cash purchase price of HK$69m for 22.5% implies a valuation for 100% of HK$306.7m, compared with net profit from 7-Jan-2013 to 31-Mar-2014 of $3.4m and net assets of $2.9m, so this was a rich valuation indeed. Hao Wen was "principally engaged in the sale of biodegradable products and raw materials and the manufacture and sale of biomass fuel". You can see the synergy, can't you? No?
There was no mention of who owned the other 77.5% of Sincere Smart, so we dug, and found that in the 6 months to 31-Dec-2014, Capital VC bought an unspecified stake in Sincere Smart for HK$42.7m, see note 13 of the interim results. The open offer circular of Capital VC dated 24-Jun-2015, p53, discloses that the stake is 14.00%. So like Hao Wen, Capital VC had paid a price which implies a $305m valuation on Sincere Smart. The next page shows that in the 9 months to 31-Dec-2014, Sincere Smart lost HK$0.2m and ended with net assets of HK$2.7m. This is not what you would call a growth company.
But there was a third player. Note 12 of the 2014 annual report of Unity shows that it spent HK$90m on 29.5% of Sincere Smart, again a valuation of HK$305.1m. So the 3 companies, Hao Wen, Capital VC and Unity had altogether spent HK$201.7m on a 66% stake. However, on 5-Feb-2015, Unity agreed to sell its stake to "a third party" for HK$92m, of which $2m had been paid (see note 33) and $90m was due by 2-Oct-2015. That's rather convenient, because it avoids having to do an impairment test on the investment for the 2014 audit.
Capital VC has deferred its year end from 30-Jun-2015 to 30-Sep-2015, so it won't have to deal with that problem just yet.
The connection between Hao Wen and Unity goes further though.
Another investment made by Unity in 2014 was a 29.9% stake in Peak Zone Group Ltd (Peak Zone, BVI) for HK$90m, valuing the whole at $301m. Peak Zone is "engaged in the provision of integrated application." Note 17(iii) of the Unity 2014 annual report says Peak Zone made a profit of HK$0.392m and had net assets of HK3.092m, so this appears to be another vastly overpriced investment. Again, it was convenient that on 27-Feb-2015, after the year end and before the accounts were audited, Unity agreed to sell its stake to "a third party" for HK$108m, of which just $2m had been received and the rest was due by 31-Dec-2015. That raises the valuation of Peak Zone even further, to HK$361.2m. As Peak Zone was under contract for sale, no impairment test was applied.
By amazing coincidence, the 2014 annual results of Hao Wen include a footnote that on 6-Feb-2015, after the year end, it agreed to buy 5.4% of Peak Zone from an "independent third party" for HK$19.2m (implying a valuation of $355.6m), and the transaction was completed on 16-Feb-2015.
Webb-site Reports urges the SFC's corporate misconduct team to investigate these transactions.
15 :
GS(14)@2016-01-15 00:03:34盈警
16 :
Clark0713(1453)@2016-05-24 00:10:195合1, 每手由50,000股改為10,000股, 並1供2 , 供股購 $0.25
17 :
老爺(57692)@2016-05-24 02:10:06千古罪人
18 :
GS(14)@2016-05-24 22:58:23自己玩得開心就得
19 :
GS(14)@2016-07-11 16:54:39盈利警告
20 :
GS(14)@2016-08-01 04:05:19虧好多
21 :
ancient(55412)@2016-08-12 19:47:402016年8月12日
余再興 拆牌道勢
合一6年供股四次籌逾8億 嚇怕股東
風水佬呃你十年八載，但投資一家公司數年來不斷被要求「科水」的話，毋須十年八載已「供到怕」，老余講的是6年內喪供股4次、集資逾8億元的合一投資（00913）。該公司於5月宣布先「5合1」後再「1供2」，結果只有佔公開發售項下17%股東參與供股，包銷商再次成功收貨。
合一投資在5月宣布「5合1」，以每5股面值0.02元的股份合併為1股每股面值0.1元的合併股份，股份合併後，已發行股本變成5.82億股，而股價則由宣布時的0.067元合併成0.335元。
供股僅17%股東「落疊」
在合股後，該公司旋即進行「1供2」，每股供股價0.25元，換句說話，即是供股價較合併後的股份折讓25%。
合一投資於周三（10日）宣布供股結果，11.64億股的供股只獲40份有效申請，涉及1.98億股，佔公開發售項下可供股份僅17%，而未獲認購的9.66億股份則落入包銷商手中。供股完成後，包銷商新確證券的持股由0%增至55.33%，公眾股東則由100%降至44.67%。
為何一家公司以25%折讓價進行供股，仍然無人問津？看官們如看了老余為大家進行的小統計，便一清二楚。
有留意合一投資在過去5年來的合股供股記錄，不難發現該公司有輝煌且豐富的經驗：
（1）2010年7月「20合1」後，再度以0.36元「1供8」，集資額1.296億元，按公司投資目標進行投資；
（2）2011年10月以0.1元進行「1供2」，集資1.06億元，按公司投資目標進行投資；
（3）2012年3月「8合1」；
（4）2013年12月「1拆5」；
（5）2014年8月「1送4」；
（6）2014年12月「10合1」後再以0.16元「1供4」，集資3.62億元，1.7億元用作投資上市證券，1.7億元用作投資非上市證券；
（7）2016年5月「5合1」後再以0.25元「1供2」，集資2.8億元，2.7億元用作投資上市證券。
合一投資過去6年曾進行4次供股、4次合股、1次拆細及1次送紅股，結果彭博顯示該公司歷史股價高位在16.092元，以周四（11日）收市價0.255元計，股價較高位大跌98%，試問還有股東願意參與供股嗎？
賺錢不派息缺吸引力
該公司除了每隔一兩年便供股集資外，最令老余大惑不解的是，公司每次供股集資的用途都是投資，投資的對象包括上市及非上市公司，說到尾即是供股集資炒股。
或許有看官指出，合一投資過去數年均錄得股東應佔盈利，2013年、2014年及2015年分別賺1.052億元、2.679億元及1.127億元，但老余提醒看官，公司賺賤但不派息的話，與你有什麼關係？
老余過去曾經提醒大家，有些股份是研究細價股多年的我亦不敢炒的，包括6月20日老余以題為〈唔敢炒的股票〉、描述的高富集團（00263），除了高富集團外，還包括合一投資。
22 :
GS(14)@2016-08-13 12:05:18寫埋華匯系都唔敢，哈哈
23 :
greatsoup38(830)@2016-08-18 08:02:46虧300萬，8億多可變現資產
24 :
老爺(57692)@2016-08-20 20:41:07名如其實
係甘「Ｘ合一」
25 :
GS(14)@2016-08-20 22:59:50合一個名藝術成份好高
26 :
老爺(57692)@2016-08-20 23:01:40改名叫『特別股息』
27 :
greatsoup38(830)@2017-01-13 18:06:33董事會謹此通知股東及潛在投資者，根據本集團截至二零一六年十二月三十一日止年度之未經審核管理賬目及董事會目前可獲得的資料而作出的初步評估，比對截至二零一五年十二月三十一日止年度錄得的經審核綜合淨溢利，預期本集團於截至二零一六年十二月三十一日止年度將錄得綜合淨虧損。
28 :
greatsoup38(830)@2017-01-13 18:07:34本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據本集團截至二零一六年十二月三十一日止年度（「本年度」）之未經審核管理賬目及董事會目前可獲得的資料而作出的初步評估，比對本公司二零一五年年報所載截
至二零一五年十二月三十一日止年度（「二零一五年度」）錄得的經審核綜合淨溢利，預期本集團於本年度將錄得綜合淨虧損。該變動主要由於本集團上市權益投
資表現由二零一五年度錄得淨收益約238,600,000港元變動為本年度錄得淨虧損約367,600,000港元。
29 :
GS(14)@2017-04-09 15:28:08維持虧600萬，10億可變現資產
30 :
greatsoup38(830)@2017-06-04 17:24:59根據一般授權配售新股份
於二零一七年六月二日（交易時段後），本公司與配售代理訂立配售協議，據此，
配售代理已同意按盡力基準，向不少於六名獨立承配人配售最多116,000,000股
新股份，每股配售股份價格為0.10港元。
31 :
GS(14)@2017-07-05 04:37:33董事會謹此通知股東及潛在投資者，根據本集團截至二零一七年六月三十日止
六個月之未經審核管理賬目及董事會目前可獲得的資料而作出的初步評估，比
對截至二零一六年六月三十日止六個月所錄得者，預期本集團於截至二零一七
年六月三十日止六個月的未經審核綜合淨虧損將大幅增加。
32 :
GS(14)@2018-01-16 09:42:22盈利警告
33 :
GS(14)@2018-03-28 05:52:40虧損增3成，至900萬，4億可變現資產
34 :
GS(14)@2018-07-14 11:48:29董事會謹此通知股東及潛在投資者，根據本集團截至二零一八年六月三十日止
六個月之未經審核管理賬目及董事會目前可獲得的資料而作出的初步評估，比
對截至二零一七年六月三十日止六個月所錄得者，預期本集團於截至二零一八
年六月三十日止六個月的未經審核綜合淨虧損將大幅減少。
35 :
GS(14)@2019-01-16 02:42:46本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據本
集團截至二零一八年十二月三十一日止年度（「本年度」）之未經審核管理賬目及
董事會目前可獲得的資料而作出的初步評估，比對本公司二零一七年年度報告所
載截至二零一七年十二月三十一日止年度（「上一年度」）之經審核綜合淨虧損，預
期本集團於本年度的未經審核綜合淨虧損將大幅減少。該變動主要是由於本年度
上市投資之虧損比上一年度減少所致。