中民集團(0681，前基電控股)專區(關係：中民系、8085、0262、0384)

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中民集團(0681，前基電控股)專區(關係：中民系、8085、0262、0384)

1 : GS(14)@2010-07-25 19:19:03

新聞區:
(無)

專文:
681:
http://zkiz.com/tag.php?tag=681

2 : GS(14)@2010-07-25 19:19:46

http://www.hkexnews.hk/listedco/ ... TN20100725033_C.pdf
681

3 : GS(14)@2010-07-25 21:21:16

http://www.hkexnews.hk/listedco/ ... TN20100725039_C.pdf
業績公告不久之澄清

4 : GS(14)@2010-09-25 14:43:26

7樓提及
6樓提及
5樓提及
http://www.hkexnews.hk/listedco/listconews/gem/20100924/GLN20100924034_C.pdf

賣東西

看來又轉型了

轉番去炒陽宅?

太陽能骨灰呵呵

5 : GS(14)@2010-09-25 17:08:43

9樓提及
8樓提及
7樓提及
6樓提及
5樓提及
http://www.hkexnews.hk/listedco/listconews/gem/20100924/GLN20100924034_C.pdf

賣東西

看來又轉型了

轉番去炒陽宅?

太陽能骨灰呵呵

可能轉為火力發電 - 燒死屍

土葬太浪費土地資源

仲有肥料業務.

6 : GS(14)@2010-11-28 20:57:26

http://www.hkexnews.hk/listedco/ ... TN20101128008_C.pdf

公司完全無方向

7 : GS(14)@2011-03-27 16:06:30

http://www.hkexnews.hk/listedco/ ... TN20110324595_C.pdf
董事會宣佈，於2011年3月19日，本公司之間接全資附屬公司貴州中民與貴陽鐵路建設訂立協議，據此，貴州中民須以現金代價人民幣66,206,071.20元(約相當於港幣78,653,000元)向貴陽鐵路建設出售資產。中華人民共和國鐵道部亦同意按原標準調整還建貴州中民專用鐵路線。

8 : GS(14)@2011-04-05 16:11:40

http://www.hkexnews.hk/listedco/ ... TN20110328611_C.pdf

http://www.hkexnews.hk/listedco/ ... TN20090422396_C.pdf
又是港華那時賣出的東西之一

9 : GS(14)@2011-05-23 22:21:00

http://www.hkexnews.hk/listedco/ ... TN20110523268_C.pdf
無錢還

10 : GS(14)@2011-05-24 22:53:40

http://www.hkexnews.hk/listedco/ ... TN20110524265_C.pdf
又吹水

董事會謹此告知本公司現正就可能收購若干資產進行磋商。目前磋商仍處於初步階段及不一定落實。現時概無達成任何協定及可能收購之條款及條件尚未釐定。一旦落實，該可能收購可能會構成本公司之須予公佈交易。本公司將於適當時候根據香港聯合交易所有限公司證券上市規則（「上市規則」）另行發表

11 : GS(14)@2011-06-11 12:59:02

8樓提及
http://www.hkexnews.hk/listedco/listconews/sehk/20110328/LTN20110328611_C.pdf

http://www.hkexnews.hk/listedco/ ... TN20090422396_C.pdf
又是港華那時賣出的東西之一

http://www.hkexnews.hk/listedco/ ... TN20110610145_C.pdf
same

12 : GS(14)@2011-06-15 22:55:23

http://www.hkexnews.hk/listedco/ ... TN20110615420_C.pdf
把垃圾博彩業務打入，又是財技補習技倆

13 : GS(14)@2011-06-22 22:41:18

http://www.hkexnews.hk/listedco/ ... TN20110620282_C.pdf
盈警

14 : GS(14)@2011-07-06 07:57:23

http://www.hkexnews.hk/listedco/ ... TN20110703032_C.pdf

賺6千萬，現金負債大致持平

15 : GS(14)@2011-09-03 10:16:37

http://www.hkexnews.hk/listedco/ ... TN20110902727_C.pdf
吹水野

16 : GS(14)@2011-11-13 23:27:17

http://www.hkexnews.hk/listedco/ ... TN20111113006_C.pdf
財務摘要
• 截至2011年9月30日止六個月，本集團之營業額約港幣501,317,000元，較上個財
政年度同期增加約47.7%。
• 截至2011年9月30日止六個月，本集團毛利約港幣134,389,000元，較上個財政年
度同期增加74.7%。
• 截至2011年9月30日止六個月，本集團之股東應佔溢利激增至約港幣259,813,000
元（包括視作出售聯營公司之收益約港幣230,517,000元），而上個財政年度同期
淨虧損約港幣54,423,000元（包括出售可供出售金融資產虧損約港幣64,426,000
元）。
• 未計入非經常性項目，本集團之除稅前溢利約港幣52,163,000元，較2010年同期
之港幣19,376,000元增加169.2%。
• 本集團之資產負債水平維持穩健，負債與資本比率由16.7％（於2011年3月31日）
下降至14.2％。於2011年9月30日，本集團之現金儲備約港幣3.963億元。

real profit around 26m, finance not bad...but so many intangible asset...

...
本集團現有管道燃氣業務區域內，居民及工商業用戶仍然存在較大接駁潛力。本集團
將在穩步發展用戶的基礎上，進一步完善管道燃氣業務之收入結構，減少對一次性接
駁費的依賴，並充分利用中國天然氣大發展之契機，努力提升服務水準，強化企業管
理，開拓新市場，使管道燃氣業務為本集團之綜合經營效益作出穩定貢獻。
LPG業務
中國雲南、貴州、湖南西南部等地天然氣管網覆蓋率低、天然氣供應緊張，LPG以其易
於搬運及使用方便等優點，在未來一段時期內仍將作為當地城市燃氣領域之主要資源
繼續被廣泛使用。本集團自開展LPG業務以來，在保障穩定而充足的LPG資源供應的同
時，大力提高LPG運輸及儲存能力。本集團還通過併購等方式積極開拓新的業務區域，
百江西南及雲南百江股權收購事宜的完成，將有利地促使本集團於雲南、貴州等西南
地區LPG市場的份額得到增加，市場地位也進一步提高。與此同時，本集團還大力整合
現有LPG業務區域之終端零售網點，優化資源配置，穩固LPG零售市場，提高市場風險
之抵禦能力；以及不斷優化企業管理，提升客戶服務品質，促進集團LPG業務的快速發
展。
未來幾年，本集團將繼續加大LPG業務的投入，統一零售市場之服務模式，進一步提高
服務水準，塑造並強化本集團LPG品牌，提升本集團在當地的影響力，提高市場佔有
率，促使LPG業務為本集團之綜合經營效益作出更大貢獻。
彩票業務
目前，深圳樂彩已積極開設之投注站正式向廣大彩民銷售「深圳風采」、
「雙色球」、「七樂彩」、「3D」等傳統福利彩票品種，且新型福利彩票「快樂彩」亦即將
面市。本集團將繼續加大彩票業務投資力度，通過不斷增加彩票銷售網點，加大宣傳力
度，提升服務品質等方式，在鞏固現有業務基礎上進一步拓展彩票業務市場。同時，本
集團仍將不遺餘力地研發彩票新品種以滿足廣大彩民之購彩需求，並進一步擴大彩票
業務地域範圍，努力擴大彩票業務規模。相信，在中國彩票市場快速健康發展的背景
下，加之快樂彩高返獎、快速開獎之吸引力，深圳樂彩之彩票業務必將持續快速發展，
彩票業務的盈利增長點也必將為本集團創造豐裕的現金流及巨大的投資回報。
面對新的市場機遇，本集團將在確保既有管道燃氣業務穩定增長的同時，大力發展LPG
業務，積極拓展彩票業務，實現集團業務經營多元化發展，為股東釋放價值，更清晰地
確立及釐定集團業務的公平價值, 以更好的業績來回報全體股東及廣大投資者。
• 於2011年9月30日，每股資產淨值為港幣0.306元，較於2011年3月31日增長
8.1％。

17 : y2kcatman(5671)@2011-12-12 14:34:36

中民「快樂彩」月底擴至4店與海南島洽談開設營業廳

【本報記者林永祥報道】中民控股（0681）旗下的深圳市永恒樂彩科技開發公司近期積極開拓「快樂彩」業務，第四家「快樂彩」主題店將於月底在區內開設，另正與海南島當局洽談合作，在當地開設「快樂彩」營業廳，據消息透露，若成事既可令集團收益增長，亦令中國福利彩票的公益金額增加。

中民控股旗下的「快樂彩」業於上月27日正式展開後，在短短3個星期內，其「快樂彩」主題店己開設了3家，而第4家計劃在月底投入服務。永恒行政總裁楊佰青表示，根據與深圳福彩中心簽署的《中國福利彩票快樂彩遊戲代銷協議》，他們是深圳市除深圳福利中心的「快樂彩」遊戲的唯一代銷商設立「快樂彩」遊戲銷售點共280個。該集團預期在明年3月的主題店將增至20間，而一年內將設立200間銷售店。

至於投資金額方面，楊佰青表示，大型的主題店成本不超越50萬元。他更強調現時集團手持現金足夠，毋須進行任何融資。對於該業務的前景，他指出，中國福利彩票的金額快速增長，今年10月全國銷售額達至1,000億元（人民幣，下同）增長33%，預期年底將升至1,200億元。在10月的數字中深圳佔了28億元，升逾10%，故他十分看好這項業務。根據簽訂的協議，每期銷售額的59%作派獎，遠高於一般福利彩票的50%；另28%為中央公益金之用，餘下13%給予代理人。

楊佰青透露，該集團正探討申請利用互聯網及手機推廣「快樂彩」的可行性，包括系統配套等設施。他說，若成事預期將大大推動該業務的收入增長，而且發展空間龐大。最後楊佰青強調，中民控股目前無意放棄現有的燃氣業務，將繼續雙軌發展。該股上周五收報0.25元，無升跌。

新報今日獨家報導~

18 : GS(14)@2011-12-12 21:43:41

雖然我唔信佢地好耐，但是睇下都好

19 : siulaba1328(1216)@2012-01-14 19:00:52

深圳見到好多人都知快樂彩, 同好多人玩, 真係唔到你唔信 (我親眼見到), 而家佢地管理層都轉埋 (主席來頭好像好勁咁), 真係想入D, 不過唔知咩價位先叫做好位

20 : greatsoup38(830)@2012-01-14 19:03:38

隻股我唔太認為好自然，何況他還是以燃氣為主的

21 : GS(14)@2012-07-02 20:41:07

http://www.hkexnews.hk/listedco/ ... TN20120702009_C.pdf
盈利增16%，至6,000萬，債一般

財務及業務摘要
營業額突破港幣10億元至約港幣11.2億元，較2011年度之港幣8.5億元增加港幣2.7億元
(31.05%)。
我們將繼續把業務組合多元化。年內，我們收購了深圳樂彩其餘60％的股權而全資擁有
了深圳樂彩。深圳樂彩主要於中國深圳從事福利彩票代理銷售。
整體毛利率維持在26%左右。
2012年度本公司擁有人應佔溢利約港幣296.82百萬元，較2011年度大幅增加港幣251.18
百萬元。該增加主要是由於業務合併時將聯營公司之權益按公允值重新計量所錄得的港
幣235.66百萬元和經營溢利增加所致。
扣除非經營性項目，除稅前溢利為港幣113.07百萬元，與去年同期相比增加14.87％。
2012年的每股基本及攤薄盈利為港幣5.84仙（2011年：1.12港仙）。
截至2012年3月31日，每股資產淨值為港幣0.32元（2011年：港幣0.28元）。

前景展望
管道燃氣業務
近年，我國天然氣產業發展迅猛。國內天然氣探明儲量快速增長，年新增探明儲量保持在
4,000-5,000億立方米。天然氣消費結構不斷優化，逐漸轉變為各行業均衡發展的多元化，
壓縮天然氣（CNG）汽車消費量增長尤其迅速，天然氣發電的消費量也有較大幅度上漲。
2011年天然氣市場發展迅猛，表觀消費量達1,290億立方米，同比增長20.6%，其中，進口
量達310億立方米，同比增長82.3%。中國政府準備於「十二五」期間大力度推廣天然氣的
使用，預計「十二五」末（2015年），天然氣在能源消費結構中佔的比重由4%提高至8%，年
消費量達到2,600億立方米。天然氣供應能力將持續快速增長，供氣來源向多元化發展。預
計2020年我國天然氣產能將達到2,221億立方米。同時，國家制定了優惠的財政和稅收政
策，支持煤層氣和葉岩氣等非常規天然氣資源的開發力度，使之成為國內常規天然氣資源
的有力補充。不斷加大外部資源引進力度，形成了以中亞、中緬、中俄等陸上管道和沿海
液化天然氣為主的四個進口通道，並通過積極進行海外併購的方式，進行海外區塊開發，
努力保障國家用氣需求。在國家積極鼓勵民間資本、外資資本通過與國有企業合作的方式
進入石油天然氣建設領域的政策下，未來的國內天然氣市場供應將形成氣源多元化、供氣
企業多元化的格局。本集團也必將順勢而為，抓住良機，在原有管道燃氣業務區域內不斷
鞏固和拓展業務市場，進一步提升服務水準。相信在未來幾年，本集團管道燃氣業務將更
上一層樓。
液化石油氣業務
目前，中國的燃氣市場主要由三部分構成，分別是液化石油氣、天然氣和煤制氣。煤制氣
由於工藝複雜、投資大、風險高，發展受到一定限制，所以液化石油氣是天然氣主要的替
代能源。中國液化氣市場在經歷了1990年以來的快速增長後，現已形成大約2,400萬噸的
市場規模，是僅次於美國的全球第二大液化氣消費市場。中國的液化氣市場仍處在成長階
段，而遠非成熟。隨著國內天然氣價格改革的推進，天然氣價格將不斷上調，逐步實現與
國際市場接軌，而國內的液化石油氣市場早已與國際市場接軌，這意味著未來天然氣與液
化石油氣的價差會不斷縮小，液化石油氣將迎來一個新的發展契機。本集團將抓住此機
遇，更加重視零售市場開發，拓展零售網點，改善服務品質，在廣大使用者中擴大知名
度，提高市場影響力。
彩票代理業務
據中國財政部統計資料顯示，2011年全國彩票銷售規模首次突破了人民幣2,000億元，達
到約人民幣2,216億元，比上年增加人民幣553億元，增長達33.3%。其中，福利彩票銷售額
為約人民幣1,278億元，比上年增加約人民幣310億元，增長32.0%。同時財政部、民政部、
國家體育總局聯合發布了《彩票管理條例實施細則》，它是繼2009年7月施行《彩票管理條
例》之後中國彩票法制化建設和規範化管理的又一個重要成果，為中國彩票發展和管理提
供了重要制度保障。深圳樂彩之彩票業務已正式開展，銷售情況良好，隨著深圳樂彩銷售
範圍的不斷擴大，本集團將抓住中國彩票市場快速發展之巨大契機，努力拓展其市場份
額。相信，本集團彩票業務未來發展前景十分宏闊，彩票業務必將為本集團創造充足的現
金流及巨大的投資回報。
展望未來，本集團將繼續穩步發展管道燃氣業務，積極拓展液化石油氣市場，大力推動各
項彩票業務並努力擴大市場份額，為全體股東及廣大投資者創造更大投資回報。

22 : GS(14)@2012-11-07 00:28:31

http://www.hkexnews.hk/listedco/ ... TN20121106345_C.pdf
根據中民控股有限公司（「本公司」及其附屬公司統稱為「本集團」）管理賬
目之初步審閱，本公司董事會（「董事會」）謹此知會本公司股東（「股東」）
及準投資者，本集團預期截至2012年9月30日止六個月所錄得的溢利將會大幅少
於2011年同期的溢利。溢利的預期減少主要由於在截至2011年9月30止六個月
因進一步收購彩票業務而錄得約港幣230,000,000元之非經常性及非現金流的
收益 (有關詳情已截於本公司日期為2011年8月12日之通函及截至2011年9月30
日止六個月的中期報告內)，而本報告期間則無錄得該項有關收益。

23 : greatsoup38(830)@2012-11-26 23:12:03

http://www.hkexnews.hk/listedco/ ... TN20121125010_C.pdf
財務摘要
‧ 截至2012年9月30日止六個月，本集團之營業額約港幣602,832,000元，較去年同期
增加約20.2%。
‧ 截至2012年9月30日止六個月，本集團毛利約港幣151,597,000元，較去年同期增加
約12.8%。
‧ 管道燃氣及LPG分部溢利均較去年同期錄得增長。
‧ 截至2012年9月30日止六個月溢利減少約港幣238,556,000元或91.2%，大幅少於
2011年同期。溢利減少主要由於在截至2011年9月30止六個月因進一步收購彩票
業務而錄得約港幣231,000,000元之非經常性及非現金流的收益，而本報告期間則
無錄得該項有關收益。不計算該非經常性項目，本期間溢利減少約港幣8,039,000
元或25.8%，主要是由於一項無形資產－獨家彩票銷售經營權利的攤銷增加所致。
‧ 於2012年9月30日，每股資產淨值為港幣0.318元（2012年3月31日：港幣0.315元)

盈利跌一半，至1,400萬，債輕

前景展望
管道燃氣業務
今年以來，歐債危機從希臘向西班牙等大國蔓延，發達經濟體增長乏力，新興經濟體經濟
增速回落，世界經濟復蘇進程艱難曲折。複雜多變的內外部環境使得我國經濟下行風險
加大，但就業形勢表現尚可，物價上漲壓力明顯減緩，國際收支趨向平衡。展望下半年，
在「穩增長」預調微調政策效應顯現、房地產市場企穩等因素影響下，我國經濟有望逐步
企穩回升。再加之工業化、城市化進程的穩步推進，中國對能源將繼續保持旺盛需求。
2012年6月27日，中國政府下發了《全國城鎮燃氣發展「十二五」規劃》（下稱「規劃」）。根據
規劃，「十二五」期間，中國將堅持以天然氣為主，LPG、人工煤氣為輔，其他替代性氣體
能源為補充，促進城鎮燃氣行業的健康、穩定發展。同時，將以促進節能減排為出發點，
堅持技術研發和自主創新，通過延展城鎮燃氣行業的服務深度和廣度，大力推廣天然氣
分布式能源和燃氣汽車等技術，改進能源消費方式，實現能源節約和能源利用效率的提
升。
此外，規劃明確提出，到「十二五」期末，城鎮燃氣的供氣總量將達至約1,782億立方
米，較「十一五」期末增加113%。其中天然氣供應規模約1,200億m3；在應用方面，到
「十二五」期末，居民用氣人口將達到6.25億以上，居民用氣量預期達到330億m3，工業、
商業及服務企業用氣量將達到810億m3，交通運輸及其他用氣量達到642億m3；在燃氣管
網鋪設方面，「十二五」期間，我國新建城鎮燃氣管道約25萬公里，到「十二五」期末，城鎮
燃氣管道總長度達到60萬公里；此外，在應急氣源和設施建設方面，到「十二五」期末，我
國城鎮燃氣應急氣源儲備能力提高，城鎮應急氣源儲氣設施建設規模約達到15億立方米。
2012年10月14日，中華人民共和國國家發展和改革委員會發佈了全新的《天然氣利用政
策》（下稱「政策」），政策將天然氣用戶分為優先類、允許類、限制類和禁止類，提出優先
保證民用燃氣，天然氣化工和部分天然氣發電項目被列為禁止類。政策還提出繼續完善
天然氣價格機制，建立並完善天然氣上下游價格聯動機制。鼓勵在季節用量差異大的地
區研究推行天然氣季節差價政策。政策明確指出鼓勵地方各級政府在規劃、用地、融資、
收費等方面出台扶持政策，鼓勵天然氣利用項目有關技術和裝備自主化，鼓勵和支持汽
車、船舶天然氣加注設施和設備的建設。
本集團將繼續大力發展用戶，進一步完善管道燃氣業務之收入結構，減少對一次性接駁
費的依賴，充分利用好中國天然氣發展之契機，努力提升服務水平，開拓業務新市場，不
斷擴大企業影響力，使管道燃氣業務為本集團之綜合經營效益作出更大貢獻。
LPG業務
LPG具有污染少、發熱量高、易於運輸、壓力穩定、儲存設備簡單、供應方式靈活等諸多
優點，而中國雲南、貴州、湖南西南部等地天然氣管網覆蓋率低、天然氣供應緊張，這便
為LPG發展創造了環境。本集團自開展LPG業務以來，在保障穩定而充足的LPG資源供應
的同時，大力提高LPG運輸及儲存能力。本集團還通過股權並購等方式積極開拓新的業
務區域，收購百江西南及雲南百江的部份股權、洪江中民等項目的建成，將有利地促進本
集團於西南地區LPG市場的份額得到增加，市場地位得到進一步提高。與此同時，本集團
還大力整合現有LPG業務區域之終端零售網點，優化資源配置，穩固LPG零售市場，提高
市場風險之抵禦能力；以及不斷優化企業管理，提升客戶服務質量，促進本集團LPG業務
的快速發展。
未來，本集團將繼續加大LPG業務的投入，統一零售市場之服務模式，進一步提高服務水
平，塑造並強化本集團LPG品牌，最終提高市場佔有率，促使LPG業務為本集團之綜合經
營效益作出更大貢獻。
彩票業務
中國財政部剛公布了9月份全國彩票銷售情況。據統計，9月份全國彩票銷售額約人民幣
205.12億元，較7月和8月份銷量均有上升。其中，福利彩票同比增長約8.9%。加之中國廣
大彩民之購彩積極性持續高漲，相信中國彩票市場將繼續保持快速增長之態勢。目前，深
圳樂彩的彩票業務正在積極開展，銷售店面不斷增加，銷售收入不斷增長；深圳進彩之業
務也在積極準備中；另外，2012年8月，本集團又於深圳投資成立彩彩樂，經營範圍為益
智電子遊戲軟件技術及設備研發。本集團將繼續加大彩票業務投資力度，通過不斷增加
彩票銷售網點，加大宣傳力度，提升服務質量等方式，在鞏固現有業務基礎上進一步拓展
彩票業務市場。同時，本集團仍將不遺餘力地研發彩票新品種以滿足廣大彩民之購彩需
求，並進一步擴大彩票業務地域範圍，努力擴大彩票業務規模。相信，在中國彩票市場快
速健康發展的背景下，本集團之彩票業務必將持續快速發展，彩票業務這一新的盈利增
長點也必將為本集團創造更大的價值。
面對新的市場機遇，本集團將在確保既有管道燃氣業務穩定增長的同時，大力發展LPG
業務，積極拓展彩票業務，實現本集團業務經營多元化發展，以更好的業績來回報全體股
東及廣大投資者。

24 : greatsoup38(830)@2012-12-02 10:44:22

http://www.hkexnews.hk/listedco/ ... TN20121125010_C.pdf
681
財務摘要
‧ 截至2012年9月30日止六個月，本集團之營業額約港幣602,832,000元，較去年同期增加約20.2%。
‧ 截至2012年9月30日止六個月，本集團毛利約港幣151,597,000元，較去年同期增加約12.8%。
‧ 管道燃氣及LPG分部溢利均較去年同期錄得增長。
‧ 截至2012年9月30日止六個月溢利減少約港幣238,556,000元或91.2%，大幅少於2011年同期。溢利減少主要由於在截至2011年9月30止六個月因進一步收購彩票業務而錄得約港幣231,000,000元之非經常性及非現金流的收益，而本報告期間則無錄得該項有關收益。不計算該非經常性項目，本期間溢利減少約港幣8,039,000元或25.8%，主要是由於一項無形資產－獨家彩票銷售經營權利的攤銷增加所致。
‧ 於2012年9月30日，每股資產淨值為港幣0.318元（2012年3月31日：港幣0.315元）。
降60%，至1,100萬，債輕
管道燃氣業務
今年以來，歐債危機從希臘向西班牙等大國蔓延，發達經濟體增長乏力，新興經濟體經濟增速回落，世界經濟復蘇進程艱難曲折。複雜多變的內外部環境使得我國經濟下行風險加大，但就業形勢表現尚可，物價上漲壓力明顯減緩，國際收支趨向平衡。展望下半年，在「穩增長」預調微調政策效應顯現、房地產市場企穩等因素影響下，我國經濟有望逐步企穩回升。再加之工業化、城市化進程的穩步推進，中國對能源將繼續保持旺盛需求。2012年6月27日，中國政府下發了《全國城鎮燃氣發展「十二五」規劃》（下稱「規劃」）。根據規劃，「十二五」期間，中國將堅持以天然氣為主，LPG、人工煤氣為輔，其他替代性氣體能源為補充，促進城鎮燃氣行業的健康、穩定發展。同時，將以促進節能減排為出發點，堅持技術研發和自主創新，通過延展城鎮燃氣行業的服務深度和廣度，大力推廣天然氣
分布式能源和燃氣汽車等技術，改進能源消費方式，實現能源節約和能源利用效率的提升。
此外，規劃明確提出，到「十二五」期末，城鎮燃氣的供氣總量將達至約1,782億立方米，較「十一五」期末增加113%。其中天然氣供應規模約1,200億m3；在應用方面，到「十二五」期末，居民用氣人口將達到6.25億以上，居民用氣量預期達到330億m3，工業、商業及服務企業用氣量將達到810億m3，交通運輸及其他用氣量達到642億m3；在燃氣管網鋪設方面，「十二五」期間，我國新建城鎮燃氣管道約25萬公里，到「十二五」期末，城鎮
燃氣管道總長度達到60萬公里；此外，在應急氣源和設施建設方面，到「十二五」期末，我國城鎮燃氣應急氣源儲備能力提高，城鎮應急氣源儲氣設施建設規模約達到15億立方米。
2012年10月14日，中華人民共和國國家發展和改革委員會發佈了全新的《天然氣利用政策》（下稱「政策」），政策將天然氣用戶分為優先類、允許類、限制類和禁止類，提出優先保證民用燃氣，天然氣化工和部分天然氣發電項目被列為禁止類。政策還提出繼續完善天然氣價格機制，建立並完善天然氣上下游價格聯動機制。鼓勵在季節用量差異大的地區研究推行天然氣季節差價政策。政策明確指出鼓勵地方各級政府在規劃、用地、融資、收費等方面出台扶持政策，鼓勵天然氣利用項目有關技術和裝備自主化，鼓勵和支持汽車、船舶天然氣加注設施和設備的建設。
本集團將繼續大力發展用戶，進一步完善管道燃氣業務之收入結構，減少對一次性接駁費的依賴，充分利用好中國天然氣發展之契機，努力提升服務水平，開拓業務新市場，不斷擴大企業影響力，使管道燃氣業務為本集團之綜合經營效益作出更大貢獻。
LPG業務
LPG具有污染少、發熱量高、易於運輸、壓力穩定、儲存設備簡單、供應方式靈活等諸多優點，而中國雲南、貴州、湖南西南部等地天然氣管網覆蓋率低、天然氣供應緊張，這便為LPG發展創造了環境。本集團自開展LPG業務以來，在保障穩定而充足的LPG資源供應的同時，大力提高LPG運輸及儲存能力。本集團還通過股權並購等方式積極開拓新的業務區域，收購百江西南及雲南百江的部份股權、洪江中民等項目的建成，將有利地促進本集團於西南地區LPG市場的份額得到增加，市場地位得到進一步提高。與此同時，本集團還大力整合現有LPG業務區域之終端零售網點，優化資源配置，穩固LPG零售市場，提高市場風險之抵禦能力；以及不斷優化企業管理，提升客戶服務質量，促進本集團LPG業務的快速發展。
未來，本集團將繼續加大LPG業務的投入，統一零售市場之服務模式，進一步提高服務水平，塑造並強化本集團LPG品牌，最終提高市場佔有率，促使LPG業務為本集團之綜合經營效益作出更大貢獻。
彩票業務
中國財政部剛公布了9月份全國彩票銷售情況。據統計，9月份全國彩票銷售額約人民幣205.12億元，較7月和8月份銷量均有上升。其中，福利彩票同比增長約8.9%。加之中國廣大彩民之購彩積極性持續高漲，相信中國彩票市場將繼續保持快速增長之態勢。目前，深圳樂彩的彩票業務正在積極開展，銷售店面不斷增加，銷售收入不斷增長；深圳進彩之業務也在積極準備中；另外，2012年8月，本集團又於深圳投資成立彩彩樂，經營範圍為益智電子遊戲軟件技術及設備研發。本集團將繼續加大彩票業務投資力度，通過不斷增加彩票銷售網點，加大宣傳力度，提升服務質量等方式，在鞏固現有業務基礎上進一步拓展彩票業務市場。同時，本集團仍將不遺餘力地研發彩票新品種以滿足廣大彩民之購彩需求，並進一步擴大彩票業務地域範圍，努力擴大彩票業務規模。相信，在中國彩票市場快速健康發展的背景下，本集團之彩票業務必將持續快速發展，彩票業務這一新的盈利增長點也必將為本集團創造更大的價值。
面對新的市場機遇，本集團將在確保既有管道燃氣業務穩定增長的同時，大力發展LPG業務，積極拓展彩票業務，實現本集團業務經營多元化發展，以更好的業績來回報全體股東及廣大投資者。

25 : MrYeung(15476)@2012-12-08 20:48:10

中民走勢還看彩票業
http://www.headlinefinance.hk/sp ... lumn.php?person=176

今年表現最佳的股份之一，是油氣供應商，愛股新海能源(342) 股價及相關新聞和中國燃氣(384) 股價及相關新聞都大升特升，前者受惠於兼營零售；後者則奇貨可居。今次，筆者再介紹一隻冷門的油氣供應商給大家參考。

　　對於發盈警的公司，市場有戒心，及至宣佈業績證實盈利大倒退，自必難有好日子。今次談的的中民控股(681) 股價及相關新聞就是這樣的「衰股」。所謂衰股是指不懂得上升的股票；然而，偶爾也會有一兩隻被市場看錯，我想中民很可能是其中之一。

　　中民年前經過股權易手後，現時在內地主要從事兩類風馬牛不相及的業務，油氣供應及彩票銷售。中民是3月年結的公司，上半年度業績大倒退逾90%；然而，去年同期的高利潤只是帳面數字，不應作為比較準則。

　　中民在一些省市取得了油氣供應權，包括供應管道燃氣及分銷及零售液化石油氣，也準備成為天然氣供應商，油氣方面的業務持續增長並不輸給同類公司，但在彩票銷售方面，卻仍在起步階段，帳面上持續帶來虧損。

　　暫處起步靜待收成

　　油氣業的運作和前景可以放心，關鍵在於彩票業。中民代理的彩票主要在深圳銷出，至今開辦的售賣場有40個，上半年度剛開始有70萬元收入，這生意要花很多錢才取得經營權，現時中民的大股東是彩票業專家，在董事名單內，也有相關背景的人士，包括個別退休的副部長，中民售賣多種彩票，屬於社會福利機構，是正規生意，只待吸納客戶。

　　上半年度，中民的油氣業務帶來7000多萬元純利；博彩業則在帳面上蝕了3000多萬元，合共起來，中民只賺了4600萬元，每股0.28仙。

　　中民雖然是「毫子股」，但由於發行股數多，市值仍有9億元；帳面資產淨值約為18億元；合每股31.8仙，現價有50%折讓。不過，若果彩票業持續蝕本，則油氣業務的進展也不能改善整體業績，因此投資者須相信管理層對於彩票業的樂觀預期，才宜投入。我認為，此股可「小注博彩」，看錯了要有「貼牆紙」的心理準備；看對了則會由於某日因發盈喜而收成。若彩票業有盈利可分拆上市，便是大獎了！

　　曾廣標

26 : GS(14)@2012-12-08 21:13:47

彩票都唔掂

27 : 自動波人(1313)@2012-12-09 19:09:20

股已升

28 : greatsoup38(830)@2012-12-13 00:53:07

http://www.hkexnews.hk/listedco/ ... TN20121212488_C.pdf
自願性公布：
提高“快樂彩＂代銷費率
董事會欣然宣布，深圳樂彩收到深圳福彩中心的覆函，深圳福彩中心同意將深
圳樂彩代銷的快樂彩代銷費率從目前的7%提高到8%。
董事會相信該代銷費率的提高有助改善彩票代銷業務的業績及肯定本集團在深
圳福利彩票市場的培育開發所作出的貢獻。
本公布乃由本公司自願性刊登。
謹提述中民控股有限公司(「本公司」)於 2011 年8 月12 日刊發之通函（「該通
函」）。除本公布另有界定者外，本公布所用詞語與該通函所界定者具相同涵義。
董事會欣然宣布，深圳樂彩收到深圳福彩中心的覆函，其中，深圳福彩中心同
意將深圳樂彩代銷的快樂彩代銷費率(「該代銷費率」)從目前的7%提高到8%。
深圳樂彩將盡快與深圳福彩中心簽定補充協議，修改快樂彩遊戲協議內該代銷
費率之條款。
董事會相信該代銷費率的提高有助改善彩票代銷業務的業績及肯定本集團在深
圳福利彩票市場的培育開發所作出的貢獻。

29 : greatsoup38(830)@2012-12-13 00:53:30

http://www.hkexnews.hk/listedco/ ... TN20121212464_C.pdf
自願性公布：
與貴州省福利彩票發行中心訂立福利彩票代銷合同
董事會欣然宣布，於2012 年12 月10 日，深圳樂彩與貴州福彩中心訂立代銷合
同，據此，深圳樂彩可在貴州省境內設立200 個福利彩票銷售站點，代理銷售電
腦福利彩票和“刮刮樂＂網點即開票。貴州福彩中心須向深圳樂彩支付代銷費。
董事會相信這次合作可鞏固本集團市場地位並促進本集團在中國彩票代銷業務
領域進一步發展。
本公布乃由本公司自願性刊登。
中民控股有限公司(「本公司」)董事(「董事」)會(「董事會」)，謹此宣布，於
2012 年12 月10 日，深圳市永恒樂彩科技開發有限公司(「深圳樂彩」)（本集團
之全資附屬有限公司）與中國貴州省福利彩票發行中心(「貴州福彩中心」)訂立
福利彩票代銷合同(「該代銷合同」)，據此，深圳樂彩可在貴州省境內設立200
個福利彩票銷售站點，代理銷售電腦福利彩票和“刮刮樂＂網點即開票。該代
銷合同有效期限為3 年。深圳樂彩將按照貴州福彩中心及貴州省當地市(州) 福
彩中心相關管理政策和規定及規範，負責銷售站點的建設與營運。
深圳樂彩會與貴州福彩中心在各銷售站點逐一簽訂《貴州省代理銷售中國褔利
彩票合同》(「該彩票合同」)，貴州福彩中心將按照該彩票合同向深圳樂彩支付
代銷費。
訂立代銷合同之原因
訂立該代銷合同乃旨在為貴州福彩中心就若干中國福利彩票提供配套服務。董
事相信，與貴州福彩中心合作可為本集團之彩票代銷業務發展創造槓桿效應，
將鞏固本集團市場地位並促進本集團在中國彩票代銷業務領域進一步發展。
就董事所深知、盡悉及確信，貴州福彩中心及其股東均為獨立於本公司及其關
連人士（定義見香港聯合交易所有限公司證券上市規則）之第三方。董事(包括
獨立非執行董事)認為，該代銷合同各方經公平磋商後，遵循本集團普通及日常
之業務及普通商業條款訂立。董事認為該代銷合同有關條款屬公平合理，符合
本公司及股東之整體利益。
本集團主要從事銷售液化石油氣、提供管道燃氣; 建設燃氣管道; 經營城市燃氣
管道網絡和彩票代理銷售業務。

30 : 鉛筆小生(8153)@2012-12-20 16:19:32

本集團主要從事銷售液化石油氣、提供管道燃氣; 建設燃氣管道; 經營城市燃氣
管道網絡和彩票代理銷售業務。

其實呢隻真是好彩, 當年不好的業務, 現在變好了

若果肯賣銷售液化石油氣、提供管道燃氣; 建設燃氣管道; 經營城市燃氣
管道網絡

一定好價錢

但係如果我係老闆, 我會賣彩票, 跟住改名中民燃氣, 再炒上, CAP 水再做大

31 : greatsoup38(830)@2012-12-20 23:10:03

30樓提及
本集團主要從事銷售液化石油氣、提供管道燃氣; 建設燃氣管道; 經營城市燃氣
管道網絡和彩票代理銷售業務。

其實呢隻真是好彩, 當年不好的業務, 現在變好了

若果肯賣銷售液化石油氣、提供管道燃氣; 建設燃氣管道; 經營城市燃氣
管道網絡

一定好價錢

但係如果我係老闆, 我會賣彩票, 跟住改名中民燃氣, 再炒上, CAP 水再做大

燃氣那part 當年賣左一part 畀384，他又接左百江賣左之後的貨，是384 買的野的一部分....我覺得好怪

彩票一直唔賺錢

32 : greatsoup38(830)@2012-12-20 23:10:15

仲有當年8085都是他們

33 : greatsoup38(830)@2012-12-22 11:45:18

http://www.hkexnews.hk/listedco/ ... TN20121221631_C.pdf
一路吹吹吹

董事會欣然宣布，深圳樂彩準備興建工業園。工業園總建設用地面積約25,000 平方
米，擬分三期建設。工業園首期建設用地面積和建築面積分別約8,000 平方米和約
20,000 平方米。工業園的建設目標主要是(i) 提高新型彩票品種; (ii) 彩票機終端產品
及配套系統軟體的研製開發及創新能力; 及(iii) 使深圳樂彩成為中國知名的彩票產
品、彩票機終端產品及軟體服務開發商之一。中國知識產權局已經受理深圳樂彩一項
有關自動開獎系統的專利申請。深圳市科技創新委員會已經認定深圳樂彩的視頻彩票
機產業化項目為高新技術項目。
本公布乃由本公司自願性刊登。
中民控股有限公司((「本公司」)連同其附屬公司(「本集團」))董事(「董事」)會(「董
事會」)，欣然宣布深圳市永恒樂彩科技開發有限公司(「深圳樂彩」)（本集團之全資
附屬有限公司）準備興建深圳市永恒樂彩科技工業園(「工業園」)。工業園總建設用
地面積約25,000 平方米，擬分三期建設。工業園首期建設用地面積和建築面積分別約
8,000 平方米和約20,000 平方米。工業園的建設目標主要是(i) 提高新型彩票品種; (ii)
彩票機終端產品及配套系統軟體的研製開發及創新能力; 及(iii) 使深圳樂彩成為中華
人民共和國(「中國」)知名的彩票產品、彩票機終端產品及軟體服務開發商之一。中
國知識產權局已經受理深圳樂彩的一項有關自動開獎系統專利申請。深圳市科技創新
委員會已經認定深圳樂彩的視頻彩票機產業化項目為高新技術項目。
擬投資建設工業園之原因
深圳樂彩現時的業務主要是彩票代理銷售，工業園投產後使深圳樂彩可提供垂直整合
的彩票銷售服務，為中國福利彩票若干高頻彩票遊戲提供硬體和軟件以及相關維護服
務，以及其銷售和市場管理。
董事相信，建設工業園可鞏固本集團於中國福利彩票市場地位並促進使本集團的彩票
業務更多元化，垂直整合的戰略將帶本集團的彩票業務保持快速增長並幫助其在下游
產業中全面開花。
本集團主要從事銷售液化石油氣、提供管道燃氣; 建設燃氣管道; 經營城市燃氣管道網
絡和彩票代理銷售業務。

34 : GS(14)@2013-05-09 00:13:23

681

35 : GS(14)@2013-05-19 18:50:55

彩票業務蝕錢，還原，大股東認購新股至29.95%

36 : GS(14)@2013-06-20 01:30:31

大鑊

37 : GS(14)@2013-07-02 10:02:18

omg

38 : greatsoup38(830)@2013-07-24 22:55:47

稅前盈利實增20%，至1.2億，輕債

39 : greatsoup38(830)@2013-07-24 22:55:58

...真是蝕好多

40 : greatsoup38(830)@2013-10-22 23:17:28

換Auditor

41 : derek777(35201)@2013-10-26 12:16:36

換Auditor仲轉埋個新LOGO喎。

42 : iniesta(1400)@2013-10-26 12:52:34

個新logo好肉酸

43 : greatsoup38(830)@2013-10-26 22:42:55

我都覺得核突

44 : greatsoup38(830)@2013-12-01 17:22:12

681

盈利增5.6倍，至6,600萬，8,000萬現金

45 : morpheo(3452)@2013-12-20 08:26:11

我睇公司年報有幾項減值虧損，應該係同彩票分部虧損有關，但中間有些細節未攪清
想問下果次係已經一次過撇晒，定係每年蝕錢都要再撇？同埋點解中報又唔使撇？

46 : greatsoup38(830)@2013-12-20 16:55:05

morpheo在45樓提及
我睇公司年報有幾項減值虧損，應該係同彩票分部虧損有關，但中間有些細節未攪清
想問下果次係已經一次過撇晒，定係每年蝕錢都要再撇？同埋點解中報又唔使撇？

1. 果次是撇晒
2. 中報未發現出事，全年Auditor 發現不如預期

47 : morpheo(3452)@2013-12-20 16:57:27

即是今年再蝕都唔使撇？

48 : greatsoup38(830)@2013-12-20 17:01:55

morpheo在47樓提及
即是今年再蝕都唔使撇？

個業務好似無左

49 : 自動波人(1313)@2014-05-01 23:13:08

SOLD!

"所得款項之用途配售事項所得款項總額估計為約港幣354.2百萬元。扣除相關配售佣金及有關配售之其他開支後，配售事項所得款項淨額為約港幣341.8百萬元。配售事項之配售價淨額約為每股代價股份港幣0.198元。阿仕特朗須於配售事項完成後即時向本公司支付配售所得款項淨額。該所得款項將用作本公司之一般營運資金。 "

乜9野垃圾AGENT寫埋D咁既通告,大股東配股,關公司營運資金咩事

50 : GS(14)@2014-05-02 11:54:05

681

51 : GS(14)@2014-05-22 00:30:38

681

52 : GS(14)@2014-06-29 20:02:31

681

轉賺1億，3,000萬現金

53 : conandea(16520)@2014-09-07 22:58:38

http://www.hkexnews.hk/listedco/ ... TN20140907006_C.pdf
....
賣方已有條件同意出售而本公司已有條件同意購買
待售股份
...

即係溢價購回股份?

54 : greatsoup38(830)@2014-09-07 23:41:09

幾億是但買兩個權利

55 : GS(14)@2014-10-24 16:54:16

2000股送864股

56 : GS(14)@2014-11-21 16:38:18

盈喜

57 : GS(14)@2014-11-23 13:59:12

盈喜

58 : greatsoup38(830)@2014-11-30 22:03:41

盈利增6成，至1.08億，5,000萬現金

59 : GS(14)@2015-06-29 11:45:18

盈利增130%，至1.96億，輕債

60 : GS(14)@2016-06-19 23:08:20

loss

61 : greatsoup38(830)@2016-07-02 00:53:06

維持賺1.9億，輕債

62 : GS(14)@2016-11-27 21:49:08

盈利降26%，至7,100萬，輕債

63 : GS(14)@2017-07-02 11:16:53

盈利降16%，至1.5億，輕債

64 : greatsoup38(830)@2017-11-25 13:24:07

盈利增3成，至9,300萬，輕債

65 : GS(14)@2017-12-30 16:10:51

於2017年12月29日（聯交所交易時段後），本公司與莫博士訂立認購協議，據此，莫博士同意認
購及本公司同意配發及發行合共1,888,865,067股認購股份，認購價為每股認購股份港幣0.104
元，以按等額基準抵銷餘額。莫博士亦同意豁免現金代價所產生及將產生之所有利息。

66 : GS(14)@2018-07-01 03:36:41

盈利增3成，至2.1億，2.3億現金

67 : GS(14)@2018-09-23 17:42:19

收購事項
董事會欣然宣布，於2018年9月20日(聯交所交易時段)後，北京中民若家（本公司之間接全資附屬
公司）（作為買方）與重慶糧食集團（作為賣方）訂立產權交易合同，據此買方已有條件同意向
賣方購買，而賣方已有條件同意向買方出售待售股本，代價為人民幣14,814,000元。
於完成後，本公司將持有目標公司之80%股本權益，而目標公司將成為本公司之非全資附屬公
司，目標集團之財務資料將綜合計入本集團之財務報表內。
目標集團目前於中國重慶市主要從事超市連鎖經營管理及其它相關業務。
...
目標集團主要於中國重慶市從事超市連鎖經營管理及其它相關業務。
目標公司是重慶糧食集團的全資附屬公司，於2011年9月7日成立，是一家以經營米、麵、油糧食
製品和地方農特產品為特色，並輔食品、百貨、家電及生鮮等綜合便民連鎖超市。於本布日期，
目標公司於中國經營23家直營門店，其中包括(2)兩個大型商場及30餘家加盟門店。
重慶客維佳是目標公司的全資附屬公司，是一家主要提供普通貨運、貨運代理、倉儲服務、包裝
服務及搬運裝卸服務的公司。
渝百家農業是目標公司的全資附屬公司，是一家主要從事農作物種植、家禽養殖、提供餐飲服務
及批發兼零售的公司。
重慶暉冠是目標公司的全資附屬公司，是一家主要從事預包裝食品、乳製品（含嬰幼兒配方乳
粉）批發的公司。
重慶華龍是由目標公司持有10%股權的公司，是目標公司的長期股權投資，是一家主要從事電腦
資訊科技領域內的技術開發、技術諮詢、系統集成及電腦網路工程設計的公司。
目標集團於2018年3月31日及2018年8月31日之淨資產值分別為約人民幣18,518,000元及人民幣
23,467,000元。下文載列目標集團按中國企業會計準則編製之截至2016年12月31日和2017年12月31
日止年度以及2018年8月31日止8個月期間各年/期間之財務資料。

68 : GS(14)@2018-12-02 22:24:48

盈利降15%，至7,900萬，2.2億現金

PermaLink: https://articles.zkiz.com/?id=270150

[新股]中國新經濟投資(0080)專區(關係:中信、0227、3886、1222、0170、0262)

1 : GS(14)@2010-12-31 15:53:58

http://www.hkexnews.hk/listedco/ ... TN20101231097_C.pdf

21章，勁人甚多

2 : GS(14)@2011-01-08 15:46:23

中國新經濟首日升8.7%

另外，昨日掛牌的中國新經濟投資(0080)，雖然以全配售形式上市，散戶無份認購，不過作為2011年首間掛牌的公司，其股價表現已為2011年新股取得「開門紅」。該股昨日開市報1.06元，較配售價1.03元高出2.91%，全日收市報1.12元，升8.74%。以每手10萬股計算，投資者帳面賺9000元。

行政總裁王俊彥出席上市儀式後表示，該公司是2004年來首隻以上市條例第21章(主要涉及投資公司)掛牌的公司，未來會集中投資新興領域，如新材料、新技術及新能源等行業，希望未來5至10年會為股東帶來回報。

中國新技術投資昨升近一成，行政總裁王俊彥出席上市儀式後表示，公司是2004年來首隻以上市條例第21章（主要涉及投資公司）掛牌的公司。（劉焌陶攝）

3 : 鉛筆小生(8153)@2011-03-30 00:20:35

好耐冇見21章新股, 等個價靚就入一手做WALLPAPER
我希望會再見0.9X

4 : GS(14)@2011-03-30 07:23:52

3樓提及
好耐冇見21章新股, 等個價靚就入一手做WALLPAPER
我希望會再見0.9X

people make me scare...

Nothing special
http://www.hkexnews.hk/listedco/ ... TN20110328836_C.pdf

5 : GS(14)@2011-07-09 11:51:56

http://www.hkexnews.hk/listedco/ ... TN20110708282_C.pdf
本公司為一間投資控股公司，主要投資於全球具能力生產或提供獲中國內地、香港、澳門及台灣經濟支持之產品或服務之私人及公眾企業。本公司董事會「董事會」謹此知會其股東及有意投資者，本公司預期於截至二零一一年六月三十日止六個月之業績將錄得虧損。預期之虧損乃主要來自按公平值透過損益列賬之金融資產的未變現公平值虧損。

6 : david395(4434)@2011-08-22 22:46:07

http://www.hkexnews.hk/listedco/ ... TN20110822556_C.pdf

7 : GS(14)@2011-08-22 22:47:56

蝕錢，買了些甚麼股票?

8 : 游浪潮(3792)@2012-03-10 00:44:12

http://www.hkexnews.hk/listedco/ ... TN20120309626_C.pdf

收入 HK$8 千唔夠
投資蝕 HK$4 千萬，買左華匯野所以蝕咁多？
營運開支 HK$962 萬
金融資慘仲剩 HK$2685 萬

又再來 d 股票 50 / 50 在香港和美國

佢在持有 895、6823、仲有美上市既人人網

現金 HK$2.1 億

每股資產仲有 HK$0.79

喂，大平賣呀 smiley

9 : 鉛筆小生(8153)@2012-03-10 09:30:12

大平賣呀但0流通

10 : GS(14)@2012-03-10 10:56:51

呢隻野邪D

11 : GS(14)@2012-08-17 00:03:16

http://www.hkexnews.hk/listedco/ ... TN20120816744_C.pdf
8086

前景
展望本年度下半年，由於我們預期中國經濟會實現軟著陸，本公司將因此繼續尋求絕佳投資機遇。
由於政策實施開始促進內需，我們預計經濟增長將逐漸恢復。我們亦將繼續監控中國境外的經濟及
相關事件（如在歐元區采取遏制經濟危機的措施）對本公司投資組合的影響。

12 : ng caddy(36072)@2013-02-01 11:16:20

80是不是妖股?

13 : ng caddy(36072)@2013-02-04 12:35:15

80,我有好多不明白..

14 : GS(14)@2013-02-04 12:38:18

12樓提及
80是不是妖股?

YES

15 : GS(14)@2013-02-04 21:26:49

13樓提及
80,我有好多不明白..

點唔明法

16 : ng caddy(36072)@2013-02-05 10:42:06

80靠什麼可以這樣升法,就是妖股才能這樣?

17 : 投機仁(34693)@2013-02-05 18:40:30

liquidity too low, 買了真要係變 WALLPAPER smiley

18 : ng caddy(36072)@2013-02-05 19:22:53

妖股,當然有風險..不景是股票,升得快,就插得快,這是常識

19 : 投機仁(34693)@2013-02-05 19:36:28

銀紙變下牆紙，遲下牆紙又可能變番好多好多銀紙，千股係咁先引死人

20 : ng caddy(36072)@2013-02-06 13:59:11

千股係咁先引死人,但要小心計算..

21 : greatsoup38(830)@2013-03-22 01:37:33

80
轉虧為盈，持有最多8086哈哈

22 : greatsoup38(830)@2013-05-30 17:16:57

very poison

23 : greatsoup38(830)@2013-08-23 00:06:08

80

虧損少75%，至100萬，7,200萬現金

24 : GS(14)@2014-06-09 01:38:04

80 認 8081股

25 : GS(14)@2014-07-09 00:23:03

接了8101 的貨

26 : GS(14)@2014-07-12 16:50:29

80

27 : GS(14)@2014-07-12 16:51:16

盈喜

28 : hklccjoe(2044)@2014-08-13 13:29:51

80 2供1 0.28 是想供走人嗎/定增加流通量？有人包銷。上市到現在未好過！成日買垃圾，但係資產淨值吸引。

29 : hklccjoe(2044)@2014-08-13 13:51:48

比較賺錢的700賣走了！入面的組合無咩胃口，得隻中移比較安全，8081 同8086 兩大邪野都跌到阿媽都吾認得，係8仔派隻信託賺多一點。要買得一個理由係折讓大。但睇定點先。

30 : GS(14)@2014-08-14 00:53:17

hklccjoe在29樓提及
比較賺錢的700賣走了！入面的組合無咩胃口，得隻中移比較安全，8081 同8086 兩大邪野都跌到阿媽都吾認得，係8仔派隻信託賺多一點。要買得一個理由係折讓大。但睇定點先。

2供1，每股28仙，例牌利宏包銷

31 : GS(14)@2014-09-08 01:37:24

虧損增14倍，至1,800萬，3,700萬可變現資產

32 : greatsoup38(830)@2014-11-12 02:18:09

配售6,060萬@35仙

33 : greatsoup38(830)@2015-01-01 12:17:42

Webb 述康健系和賭王系80、566、648、821、1019、3886、8018、8198之關係，之後會講566的造數泡沫

34 : greatsoup38(830)@2015-01-14 18:16:08

盈喜

35 : greatsoup38(830)@2015-01-29 00:30:59

王平認購51,515,000股@35仙

36 : greatsoup38(830)@2015-03-06 02:13:55

cancel deal

37 : GS(14)@2015-05-29 03:38:24

好勁呀

38 : GS(14)@2015-07-17 17:05:15

80 and 205 exchange shares

39 : greatsoup38(830)@2015-08-02 00:19:52

80 向 8100 買 8361 股票，以8100 新股支付，80持有8086，8086持有8100

40 : greatsoup38(830)@2015-08-31 02:12:03

虧損增2成，至2,100萬，4.6億可變現資產

康健系控制Hydra Capital

41 : greatsoup38(830)@2015-09-28 23:16:17

http://webb-site.com/articles/trouble2015.asp
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

42 : GS(14)@2015-10-25 13:01:40

1225 持有1019、1226、80、3623、8018

43 : GS(14)@2016-01-15 00:01:45

供股不足

44 : GS(14)@2016-01-15 00:02:03

盈警

45 : greatsoup38(830)@2016-03-14 03:55:15

新票據

46 : greatsoup38(830)@2016-04-02 18:51:24

轉盈2,500萬，3億可變現資產

47 : greatsoup38(830)@2016-06-14 00:14:39

配售1.85億股@0.14

48 : GS(14)@2016-08-08 02:20:28

換auditor

49 : greatsoup38(830)@2016-08-14 03:46:54

5合1

50 : greatsoup38(830)@2016-09-19 00:47:16

虧損增1成，至2,300萬，4.6億現金，持有1499、8217、8215、3886、802、8081、1019、8316、630、1063、648、8282、3882、395、8140

51 : greatsoup38(830)@2016-09-19 00:47:16

虧損增1成，至2,300萬，4.6億現金，持有1499、8217、8215、3886、802、8081、1019、8316、630、1063、648、8282、3882、395、8140

52 : GS(14)@2016-09-22 16:53:06

notes

53 : GS(14)@2016-09-22 16:53:30

「認購方」指Pitta Income Fund，於開曼群島成立並由Convoy Fund
Management Limited管理之基金

54 : GS(14)@2016-10-01 20:03:07

Webb 曰:
In our view, China Parenting is a bubble stock, trading on about 6.6x NAV. On 31-Jul-2015 GET acquired a 2.73% stake in return for issuing 14.91% of itself to China New Economy Fund (0080). Pass the parcel. Finsoft shareholders would have to be either mad or conflicted to approve this, which of course they probably will.

在我們的角度，中國育兒網絡是泡沫股，以資產值6.6倍交易。在2015年7月31日，智易東方透過發行14.91%股份予中國新經濟投資(80)，換取中國育兒網絡2.73%股權。擊股傳花。匯財股東覺得通過或許覺得他們傻子或是感到複雜，但最終他們肯定會通過。

55 : greatsoup38(830)@2016-11-05 09:42:00

2供3，每股50仙，3送2紅股，即是2供5，每股30仙

56 : greatsoup38(830)@2017-01-13 18:05:57

根據本公司的未經審核管理賬目，本公司於2016年12月31日的每股未經審核淨資產值約為2.11港元。董事（「董事」）會（「董事會」）謹此知會本公司股東及潛在投資者，本公司截至2016年12月31日止年度錄得純利，而截至2015年12月31日止年度則錄得淨虧損。錄得純利主要是由於按公平值透過損益列賬之金融資產未變現公平值收益因本公司所作若干投資的股價表現強勁而出現變動淨值所致。
本淨資產值及正面盈利預告公告乃以董事會目前所掌握的資料（包括本公司截至
2016年12月31日止年度的未經審核管理賬目）為基礎。待本公司核數師審閱未經審核管理賬目後可能有所變動或調整。

57 : greatsoup38(830)@2017-02-08 23:31:03

1046買80

58 : greatsoup38(830)@2017-02-08 23:39:55

1046又買80

59 : greatsoup38(830)@2017-02-26 17:27:42

虧損降一半，至5,300萬，輕債，持有672、80、993、404、1140

60 : GS(14)@2017-04-27 18:33:44

轉虧4,000萬，4.7億可變現資產，持有8217、802、3886、8361、1499、8081、1082、1019、630、1063、648、8215、8282、6108

61 : GS(14)@2017-07-14 19:26:54

淨資產值及盈利警告

62 : GS(14)@2018-01-15 17:54:53

profit warning

63 : GS(14)@2018-01-24 15:31:43

本公司擬透過按每股供股股份0.50港元之認購價供股發行97,353,899股供股
股份，藉以集資約48,700,000港元（未計開支），基準為於記錄日期每持有八(8)
股現有股份獲發一(1)股供股股份（股款須於接納時繳足），另按根據供股每
承購一(1)股供股股份獲派三(3)股紅股之基準發行紅股。本公司將向合資格
股東分配暫定配額，基準為於記錄日期每持有八(8)股已發行股份獲發一(1)
股未繳股款供股股份。供股不會向受禁制股東提呈。

2供[email protected]

64 : GS(14)@2018-02-11 11:33:12

65 : GS(14)@2018-03-27 17:58:27

供股結果
董事會欣然宣佈，於二零一八年三月二十日（星期二）下午四時正（即接納供股
股份及繳付股款之最後時限），合共收到16份有效暫定配額通知書及11份有效
額外申請，分別涉及合共31,941,213股供股股份及43,272,770股供股股份，分別相
當於供股項下總數97,353,899股可供認購供股股份約32.81%及44.45%。
由於包銷協議所載之所有條件已告達成，且包銷商並無根據包銷協議之條件
終止包銷協議，供股及發行紅股於二零一八年三月二十一日（星期三）下午五時
正成為無條件。

66 : GS(14)@2018-08-05 01:49:05

削減股本

67 : GS(14)@2019-02-19 09:18:26

配售事項
於2019年2月18日（聯交所交易時段後），本公司與配售代理訂立配售協議，據
此，本公司有條件同意透過配售代理按竭盡所能基準配售最多233,640,000股
配售股份予承配人（彼等及其最終實益擁有人將為獨立第三方），作價每股
配售股份0.1港元。
配售價為每股配售股份0.1港元，較(i)股份於最後交易日在聯交所所報收市
價每股0.097港元溢價3.09%；及(ii)股份於緊接最後交易日前最後五個連續交
易日在聯交所所報平均收市價每股0.093港元溢價7.53%。
配售股份數目上限為233,640,000股股份，佔於本公告日期本公司之現有已發
行股本約20%及本公司經配售事項擴大之已發行股本約16.67%。
配售股份將根據於2018年5月29日舉行之本公司股東週年大會上授予董事之
一般授權發行。

68 : auditiontrading(59973)@2019-03-29 08:21:32

持股1722,397,8219

69 : GS(14)@2019-03-31 00:57:16

唉，不知所謂

70 : GS(14)@2019-04-07 07:35:00

虧，7,000萬可變現資產

PermaLink: https://articles.zkiz.com/?id=272344

迪臣發展(0262)專區(關係:0681)

1 : GS(14)@2011-07-01 19:38:54

(blank)

2 : GS(14)@2011-07-01 19:41:25

http://www.hkexnews.hk/listedco/ ... TN20110629688_C.pdf
實際蝕幾千萬，負債重，但資產值折讓

股息
董事會建議向於二零一一年八月十八日（星期三）名列股東名冊的股東派付截至二零一一年三月三十一日止年度每股 3 . 2 港仙（二零一零年：每股 2 港仙）之末期股息，惟須於應屆二零一一年股東週年大會（「二零一一年股東週年大會」）上獲股東批准。

3 : GS(14)@2011-10-05 11:22:21

http://www.hkexnews.hk/listedco/ ... N201110041032_C.pdf
幾時賣盤呢?

4 : GS(14)@2011-11-11 19:10:57

http://www.hkexnews.hk/listedco/ ... TN20111109299_C.pdf
新主席

5 : GS(14)@2012-07-01 11:59:37

http://www.hkexnews.hk/listedco/ ... TN20120629984_C.pdf
轉盈為虧賺4,000萬，債一般重

前景
建築業務（包括機電工程）
本集團將繼續平衡發展中港兩地之建築業務（包括屋宇建造及機電工程）。憑藉過往良好記錄以及
在總承包業務方面之專業知識，本集團持有「香港特區政府環境運輸及工務局核准成為建築丙組
（C 牌）承建商」資格。連同其於「認可公共工程物料供應商及專門承造商名冊」內「室內設計及裝修
工程」第二組之牌照，以及根據「香港特區政府環境運輸及工務局認可公共工程物料供應商及專門
承造商」名冊內持有之十一個牌照，將有利於本集團積極參與建築發展業務。
年內獲得的新工程項目包括作為主要承包商重建香港荃灣一座十八層樓高的工業樓宇、香港堅尼
地城建議綜合再開發項目機械通風空調系統工程、香港科技大學建議科研與教學大樓機械通風
空調系統工程、香港中環荷李活道前已婚宿舍改建為標誌性創意中心之械電通風空調系統及消
防設施工程及中國杭州Prada 商鋪之裝修工程。於本公佈日期，本集團之手頭工程合約總金額逾
1,160,000,000 港元。
物業發展及投資
位於海南省海口市之亞豪城市廣場已發展為住宅及商業綜合項目，總建築面積約為117,000 平方
米，已於之前年度竣工。直至本公佈日期，所獲銷售合約總額已達約人民幣352,000,000 元。本集
團亦將部份尚未售出之已完成待售商業單位出租，令本集團能於售出前賺取短暫額外租金收入。
於二零零五年六月九日，本集團獲得中國開封市龍亭區一幅發展地塊之土地使用權。董事擬
在該地塊開發一個總建築面積估計約為202,000 平方米之住宅及商業綜合項目。直至目前，
170,000 平方米建築面積已竣工，所獲銷售合約總額已達約人民幣435,000,000 元。餘下土地正在
興建，目前進展順利，預期將於二零一三年完成。
於二零一二年二月十六日，本集團成功投標取得開封市一幅商住地塊的土地使用權。董事擬在該
地盤開發一個總建築面積估計約為95,510 平方米之住宅及商業綜合項目。
盡管客戶需求受中央政府頒佈之緊縮措施及宏觀經濟不確定性之影響，預期物業價格不虞大跌。
由於預期人民幣會逐步升值，加上有龐大內需支持，董事會對中國內地物業市場仍然樂觀，本集
團將繼續重點加強物業發展及投資業務，並可能會增購額外土地儲備，特別是市場前景及發展潛
力日益上升之中國二線及三線城市，以增強土地儲備。然而，本集團現時並無有關任何特定項目
之具體投資計劃。
買賣醫療設備及家居安全及自動化產品
隨著香港及國內主要城市之生活水平日益富裕，加上消費者之健康意識日漸提高，尤其是較高收
入之城市消費者，對醫療設備之需求繼續增加，從而使我們於中國買賣醫療設備之銷售增長及市
場拓展工作方面，漸見成果。來年，我們將透過擴展分銷渠道及推廣更多元化產品來刺激銷售增
長。
於二零一一年八月，本集團亦從一間合營企業合夥人收購一間聯營公司餘下50% 股權，上述聯營
公司主要從事買賣適用於住宅屋苑、商業寫字樓、店鋪、酒店、醫院、博物館及監獄的有線及無
線安全設備及系統。
全球經濟在主權債務危機（尤其於某些歐洲國家）困擾下仍然充滿不明朗因素，引起對全球經濟
的憂慮，並很可能打擊若干亞洲市場，造成經濟增長放緩。作為其中一項控制通脹及保持經濟穩
健增長的措施，限制住房購買等緊縮政策亦對內地物業市場帶來若干負面影響。然而，由於中國
主要銀行利率及存款準備金比率近期開始下調，預期中國經濟將持續穩健地發展。香港亦準備就
緒，從中國的持續增長及發展中得益。因此，本集團持長期樂觀態度，並對中國及香港的增長動
力充滿信心。

6 : 普通會員(10409)@2012-11-11 11:30:39

博學多才的謝文盛

　　與謝文盛先生交談是一種學識的享受，他談話風趣，具有淵博的知識和開闊的眼界。
　　在香港觀塘太平洋廣場十一樓的迪臣發展國際集團有限公司的會議室，集團副主席兼董事總經理謝文盛接受記者採訪時，談到的最多的是中國改革開放之後的發展速度，他以一系列詳細的數字闡述一個強大的國家正在崛起。說起中國近年來的GDP、人均收入、港口貿易、進出口總量等等經濟學的數字，謝文盛如數家珍，滔滔不絕，喜悅的心情溢於言表。
　　謝文盛先生從亞洲四小龍的崛起談到中華傳統文化的作用，從文化談到民族的振興。他說，作為這個時代的中國人是非常自豪的，無論走到哪兒，人們公認中國是一個很有希望的國家。中國經濟的高速發展，為整個世界帶來了商機，中國經濟的大容量，推動了世界經濟的發展。謝文盛感歎，香港回歸這麼多年，對青少年的愛國主義教育做得很不夠。應該多做一些當前中國經濟形勢的推介和宣傳工作，讓香港的青少年知道中國的經濟增長速度，讓他們瞭解我們國家的狀況，以激發他們的民族意識和愛國情感。言談之中飽含殷切的期望。
　　一九六0年，謝文盛從印尼回國，一九六六年從華僑大學化學系畢業時即遇到了「文革」，內亂的年代使他畢業之後未能馬上就業，直到一九六八年才得以分配到江西軍墾農場工作，一九七0年調到福州第二化工廠任職。一九七二年謝文盛先生定居香港，一九七六年，謝文盛先生開始涉足商場。大學時代掌握的學習方法給予他有益的幫助。化學專業畢業的謝文盛一方面從事商業活動，另一方面自學所涉及行業的專業知識，包括法律、建築、財務等等。如今，謝文盛先生擁有迪臣發展國際集團有限公司和基電控股有限公司兩家香港上市企業，涉及房地產、建築工程和健身會所等行業，在海口、北京、上海、武漢、烏魯木齊等城市均有自己的事業，民族文化中的誠信原則是謝文盛先生信奉的經商準則，他開發的海口亞洲豪苑，被評為「全國優秀住宅社區環境金獎」；在上海淮海路首先創立的「美格菲」健身中心，深受當地市民的歡迎，已成為知名品牌，並在武漢、深圳和烏魯木齊等城市開辦了連鎖健身中心。今年伊始，他又中標香港政府的污水處理工程，即將開始施工。
　　生意上取得較大的成功，但謝文盛先生除了關注事業，對於名利和生活並沒有太多的追求，只是對於母校有了更深的懷念。十七年前，他參與籌備創建華僑大學香港校友會，並被推舉擔任首任會長，卸任會長職務之後，依然熱心並資助校友會的活動，把對母校的愛和懷念，傾注於校友會的會務之中。謝文盛先生笑稱：「要做一位好校友」。（趙小波）

7 : 普通會員(10409)@2012-11-11 11:32:15

一個人是否快樂，並不是他
　　擁有的多，而是他計較的少。
　　謝文盛
　　
　　謝文盛
　　1943年9月出生於印尼，1960年回國，1961年考入華僑大學化學系。1974年開始經商，1983年創建武夷裝修工程有限公司，1988年創立迪臣發展有限公司。現任迪臣發展國際集團副主席兼董事總經理、詹天祐土木工程科學技術發展基金管理委員會副主席、華僑大學校董會董事、華僑大學香港校友會名譽會長等職。
　　
　　Xie Wen Sheng,
　　Born in Indonesia in September of 1943 and came back in 1960. He was admitted to the chemistry department of Overseas Chinese University in 1961. He started his business in 1974 and then established Wuyi Fitting Project Co., Ltd. in 1983, Deson Development Limited in 1988. He is the incumbent deputy chairman and concurrent managing director of Deson Development International Holdings Limited, vice chairman of the Management Commission of Zhan Tian You Construction Project Science & Technology Development Foundation, member of the board of director of Overseas Chinese University, honorary president of Overseas Chinese University (HK) Alumni Association etc..
　　
　　在�訪香港迪臣發展國際集團副主席兼董事總經理謝文盛先生時，他給我們講了這樣一則故事。內容大致是這樣的－－
　　一群年輕人向大哲學家蘇格拉底請教人生的真諦。蘇格拉底微笑著將他們帶到一片生機勃勃、碩果纍纍的蘋果園。蘇格拉底指著那片蘋果園對他們說：「孩子們，去吧，摘一個你們認為最好、最大的蘋果來，不許走回頭路，不許作第二次選擇。」說罷，蘇格拉底就走到樹林的另一邊。不一會兒，那群年輕人就陸陸續續地走出蘋果林，來到蘇格拉底面前。「你們是否選擇到了自己最滿意的果子？」蘇格拉底問。其中一個年輕人說：「讓我再選擇一次吧，我剛走進的時候，看到了許多好的蘋果，但我想後面的一定更大更好，於是我就錯過了它們，可是到最後，我才發現第一次的蘋果就是最大最好的。」另一個年輕人則說：「我恰恰和他相反，當我剛走進去的時候，我就摘了一個我認為是最好的蘋果，可卻發現後面有許多更好更大的蘋果。」他們七嘴八舌地請求蘇格拉底再給他們一次選擇的機會，可是，蘇格拉底卻告訴他們：「孩子們，這就是人生的真諦之一，無論你的選擇是對還是錯，生命都不會給你第二次選擇的機會」。一切必須從當下做起，而收穫也只是未來的日子裡可能出現的結局，這是我們唯一的選擇，沒有快捷方式可言。
　　其實謝文盛先生之所以擁有今日事業上的興盛發達，�能夠不斷地演繹人生的精彩，正是他善於選擇、善於把握機遇的結果。
　　
　　故國情深落葉歸根
　　
　　謝文盛先生祖籍廣東省梅州，1943年9月出生於印尼。從小他就從父輩的教誨中知道了自己的祖國是歷史悠久、文化燦爛的中國，那時他就希望有機會回祖國去走一走、看一看。
　　1960年，謝文盛先生實現了回國的願望，踏上了這片令他感到一切都是那麼新奇又是那麼親切的土地。回國後不久，他就進入北京歸國華僑補習學校學習。1961年考入華僑大學化學系，1966年從華僑大學化學系畢業時即遭遇「文革」。內亂的年代使謝文盛畢業之後未能馬上就業，直到1968年才得以分配到江西軍墾農場鍛煉，接受工農兵再教育，1970年分配到福州第二化工廠當工人。從1960年開始的十多年裡，謝文盛先生一直在祖國內地求學或工作，經歷了那些年代的風風雨雨，不難想像，他也吃過不少苦，捱過了不少難熬的日子，但這些�未讓他對祖國的依戀有絲毫減退。時至今日，他仍將這些看作是對自己的磨煉，看作是人生的一筆財富。「工、農、兵、學、商，我都當過，如果不是回到祖國，我也許根本不會有如此豐富的經歷呢！從一開始我就想，無論回國這個選擇是對還是錯，我都不會後悔。」謝文盛的話語中透露出其樂觀豁達的個性。
　　1972年．謝文盛移居香港，翻開了人生當中嶄新的一頁。雖然謝文盛先生在大學所學的是化學專業，但他卻有一種勇於挑戰、不畏艱難的精神，敢於嘗試新的行業。1974年，他開始涉足商場，先後經營洗衣店、時裝店和貿易公司。這個過程造就了他不斷適應形勢的變化、敢於突破自我的能力，也使他累積了比較豐富的從商經驗，為此後邁向更�的目標奠定了堅實的基礎。
　　
　　順勢而為開拓事業
　　
　　進入上世紀八十年代，中國內地開始實行改革開放，國內經濟建設形勢可謂日新月�，突飛猛進。謝文盛先生也見證了這一巨大變化，�且以其獨到的眼光把握住了個人事業發展的楔機。
　　那時候他經常回大陸，但他發現與改革開放不相協調的是，內地的很多酒店設施非常落後，不符合規範，住下來既不方便又不舒服，那時他就認定酒店改造一定是一個極具�力的行業。一次偶然的機會，謝文盛先生與華豐國貨公司總經理陳明德先生聊起酒店改造生意，得到陳先生的認同，就開始與華豐國貨公司合作改造廈門華僑大廈。
　　1983年謝文盛先生又與王克端先生組建了香港武夷裝修工程有限公司，通過招標投中廈門鷺江賓館的改建工程。這次工程難度相當大，要求除了留下一個外殼之外，所有的內部結構幾乎全部要拆掉。「要把60年代的招待所，改造成為星級賓館，談何容易！」不但別人抱有懷疑的態度，謝文盛本人也承受巨大的壓力。但他頂住了壓力，本著在實踐中學習、向行家學習的精神，邊�邊學、親力親為傾注了全部的心血和汗水。「有志者事竟成。」他們克服了一個又一個困難，終於將落後陳舊的鷺江賓館改建成煥然一新的星級酒店，也在一定程度上改變了當地人對酒店標準的看法。
　　就在鷺江飯店改造工程接近完工之時，謝文盛先生承接的其他工程項目也陸續上馬。從1983年至1988年的五年間，香港武夷裝修工程有限公司捷報頻傳，先後完成了二十幾個酒店改造和新建酒店工程，其中建築面積在10000平方米以上的大型工程包括福州溫泉大廈、福州東湖賓館、杭州香格里拉飯店、北京燕山酒店等。謝文盛先生在經營武夷裝修工程有限公司期間又在國內的廈門、福州、杭州等地組建了多個合資企業，公司效益良好，企業不斷發展壯大。
　　
　　趁時而進勇攀高峰
　　
　　「智者趁時而動」。善於把握時機的謝文盛先生為了配合業務發展的趨勢，於1988年創立了迪臣發展有限公司，大舉進軍國內外酒店改造和建築裝修市場。迪臣成立後接手的第一個工程就是北京的希爾頓飯店。接著又是新僑飯店、麗京花園……之後，迪臣移師上海，進一步拓展企業發展的新空間。
　　謝文盛先生轉戰上海的第一個工程－－協泰中心，就遇到很大的挑戰。「1991年上海寫字樓奇缺，印象中在此之前只有聯誼大廈有好的寫字樓。因此投資者也希望我們能盡快建成這座大廈。我記得我們平均每五天半就完成一層樓，最後提前十天完成了整個工程，破了上海建樓的紀錄。」但速度快�不等於敷衍了事，其質量也是經得起考驗的。1992年，迪臣發展公司正是憑藉這項工程獲得了中國建設部頒發的「魯班獎」和上海市頒發的「白玉蘭獎」。在之後的上海廣場工程中，迪臣發展公司再一次挑戰�難度，在謝文盛先生的統籌協調和精心管理之下，解決了一系難題，得以完滿竣工。
　　通過不懈的奮力開拓，迪臣發展公司碩果纍纍。1994年，中國建設部首次向境外建築公司發出建築資質證書，迪臣是拿到第一本證書的外資企業，編號就是94001。這足以從一個側面說明迪臣在中國內地從事建築的資歷和地位。
　　
　　運籌帷幄事業興盛
　　
　　1997年對於祖國和香港都是具有特殊歷史意義的一年，對於謝文盛先生來說，這一年則是他事業進程當中的一個分水嶺。因為在這一年6月，市值3億港元的迪臣集團集資7500萬港元在香港聯合交易所上市，邁出了向企業多元化、規範化發展具有決定意義的一步。
　　自上市以來，迪臣集團便迸發出更強勁的生命力，進行了三次大的戰略整合，實現了三次跨越。
　　第一大舉措是收購上市公司「基電控股」。其全資公司堅穩工程有限公司的機電業務在香港已有超過70多年的歷史，持有香港工務局認可的空調、電器、消防等11個機電牌照，曾承接許多大型政府及私人工程。「迪臣」經過前後歷時長達兩年多的努力，以「白武士」的身份於2000年8月份完成債務重組，取得了「基電控股」超過五成的控股權。2001年，迪臣公司又獲得香港工務局頒發的「認可公共工程承建商名冊之建築工程類別C牌」（試用期），使得迪臣集團在建築及機電工程業務上更具優勢。2004年10月，「基電控股」更名為「中民燃氣控股有限公司」，�於2005年成功出售給獨立第三方，為集團取得良好回報。
　　第二大舉措是1999年收購「啟康創建有限公司」，簡稱「啟康」，該公司以經營各國健身、運動休閒、醫療器材等產品為主，擁有多家歐美名牌健身及醫療器材在中港的獨家代理權。完成收購至今，啟康公司已陸續在上海、武漢、西安、烏魯木齊及成都等多個城市開設了大型健身會所，經營規模和實力不斷壯大。
　　除了收購上述兩家公司外，為了配合建築業務、提升樓宇的價值，迪臣集團又投資開發樓宇智能化系統，�獲得香港工業署的「創新及科技基金」的扶持，後與香港城市大學合作研究及開發應用於寫字樓及住宅大廈的網絡化智能管理系統，同樣成效卓著。2000年至2005年，迪臣集團在海南省海口市開發了20萬平方米的亞洲豪苑智能小區，共建有42棟樓宇，榮獲「全國優秀住宅社區環境金獎」。
　　由於多年來迪臣決策穩健、舉措得力，打出品牌，服務配套，從而使企業發展形成了良性循環，即使是在1998年亞洲金融風暴及2003年的SARS疫情肆虐期間，公司業務仍能穩步發展。目前迪臣集團已形成了建築工程、房地產、健身俱樂部及休閒設施等三大業務板塊，本著「信譽為本、服務至上」的準則，至力於為客戶提供高質素、高水平的專業服務。
　　
　　情�母校熱心奉獻
　　
　　生意成功的謝文盛除了關注事業，對於名利和生活�沒有太多的追求，但對母校卻有著更深的懷念，同時他也把對母校的愛和懷念傾注於華僑大學香港校友會的會務之中，以一種默默奉獻、不求回報的精神來詮釋他對母校的深情。
　　華僑大學（簡稱「華大」）創辦於1960年，辦學40多年來培養了各類畢業生72000多名，其中來自世界40多個國家地區及港澳台學生30000餘名。他們中許多人事業上取得了卓越的成就，在當地有很�的社會聲望，為居住地經濟發展和社會進步作出了積極貢獻。
　　在香港，華大校友超過5000人，華大香港校友會是香港最大的大學校友會，被公認為內地�校在香港校友會的龍頭。
　　1987年，謝文盛先生便積極參與籌備創建華僑大學香港校友會，曾擔任會長數年。校友會的宗旨是：增進校友之間的友誼與互助，促進專業間的交流與互補，推動校友對母校的回饋與相互瞭解，提供與兄弟校友會互動的平台。謝文盛先生在卸任會長職務之後，依然熱心支持�參與校友會活動。如今他仍擔任校友會名譽會長一職，但他不願多提自己為校友會曾經作出的貢獻，而是笑稱：「我只是力求做一位好校友而已。」
　　
　　博學廣識誠信興業
　　
　　凡是認識謝文盛先生的人都說，他是一個博學多才的人。在�訪謝文盛先生的過程中，筆者就感受到，他思維敏捷，談鋒頗健，從很多細節都可看出他博聞強記，眼界開闊。「冰凍三尺，非一日之寒」，實際上這正是謝文盛長期堅持學習的結果。
　　謝文盛先生在華僑大學所學的是化學專業，這和他後來實際所從事的建築行業�不對口，於是他就靠刻苦自學鑽研有關業務，�經考核取得英國特許建造學會的資質，使自己從外行變成內行。直到現在，他一有時間就手不釋卷，還保持著每晚看書、看報直到深夜的習慣，而且他看報時還會將自己覺得有價值的內容剪下來。這種好學不倦的精神實在是令很多年輕人都自愧弗如。
　　鍥而不�，金石可鏤。謝文盛先生在不斷的學習和實踐中積累了豐富的知識和經驗，也造就了他卓越的領導才能和把握時機、洞悉世事的能力，在中國建築行業的經營管理方面更是成竹在胸，游刃有�，備受業內同仁和社會各界的推崇。
　　談到經商之道，謝文盛先生總結自己遨遊商海的經驗，深有感觸地說：「我認為，經商首先要講誠信。人無信則不立，市無信則不興，商無信則不譽。誠信既是做人之本，也是企業立足之本。離開誠信，企業只能瀕臨絕境，絕無生機。『守信則興，失信則衰』是企業活力的不竭源泉，迪臣始終恪守這一原則。第二是要以一種默默耕耘的態度來做事，不要有隨波逐流、不做獨立思考的『羊群心態』，不能搞短期行為，而是要踏踏實實、一步一個腳印地開拓事業。第三是不要貪，你看看牟其中和他的南德集團、史玉柱和他的巨人集團……這一個個鮮活的例子充分印證了貪多必失的道理。現在很多國內企業都提出要做大做強，其實我認為，最主要的是做久，只有先做久才能有機會做大做強。唐氏兄弟所開創的德隆系，曾經何其輝煌，甚至被譽為中國民營企業界的神話，但這座大廈卻幾乎是在一夜之間就轟然倒塌，說明了什麼問題？前車之覆，後車可�，對於迪臣來說，我們的目標就是謀長遠發展，而不是一味做大。」
　　
　　愛國愛港與時俱進
　　
　　在事業有成之後，謝文盛先生不忘回饋社會，熱心公益事業。他現任詹天祐土木工程科學技術發展基金管理委員會副主席、中國太平洋經濟合作全國委員會工商委員會委員顧問、詹天祐土木工程科技發展基金第三屆管理委員會名譽委員等多個社會職務。多年來，謝文盛先生奉行「取之於社會，當用之於社會」的宗旨，先後向詹天祐基金會、華僑大學獎勵教師基金、華僑大學校董會、華僑大學香港校友會、華僑大學泉州校友會等組織機構捐贈了款項。但他表示，做這些，不求揚名，只是為了盡可能地多做一些對社會、對他人有意義的實事。
　　談到祖國的發展，謝文盛先生則更是豪情滿懷，拳拳之心溢於言表。他說，身處當今時代的中國人是非常值得自豪的，無論走到哪兒，人們公認中國是一個很有活力和希望的國家。中國經濟的�速發展，為整個世界帶來了商機；中國經濟的持續發展，推動了世界經濟的發展。謝文盛先生也發出感歎，香港回歸這麼多年，對青少年的愛國主義教育做得很不夠，應該多做一些有關當前中國經濟形勢的推介和宣傳工作，讓香港青少年知道中國的經濟增長速度，瞭解我們國家的狀況，以激發他們的民族意識和愛國情感。言談之中，飽含著殷切的期望。
　　�訪結束時，筆者心中仍在感歎，正是由於謝先生善於把握人生機遇，不斷拚搏進取，才造就他的驕人業績和豐盛人生。更難得的是他始終地那麼樂觀、那麼豁達，謝文盛先生微笑著說：「人生只有一次，不可能從頭再來，無論我經過蘋果園時選擇的是哪一個蘋果，我都不會後悔。」這種無怨無悔的品格，亦令人欽佩。這不正是人生的真諦麼？
　　如今的迪臣集團正如一艘朦艟巨艦，乘長風、破巨浪，直濟滄海，而身為集團副主席兼董事總經理的謝文盛先生也必將在弄潮商海之時擊楫�歌，再著華章，同時也必將演繹出更豐盛的人生！
轉載請註明來源。原文地址：http://www.xzbu.com/7/view-2978824.htm

8 : 普通會員(10409)@2012-11-11 11:37:06

個價咁多年都係咁上下... 息又唔多... 年纪大？？

9 : 普通會員(10409)@2012-11-11 11:40:22

揾唔到D無美化既 :)

10 : GS(14)@2012-11-11 11:41:20

8樓提及
個價咁多年都係咁上下... 息又唔多... 年纪大？？

隻野殼殼地老實

11 : 普通會員(10409)@2012-11-11 11:47:19

我諗要等到佢百年... 后...

12 : GS(14)@2012-11-11 11:50:16

11樓提及
我諗要等到佢百年... 后...

我想應該唔會

13 : greatsoup38(830)@2012-12-01 14:28:04

http://www.hkexnews.hk/listedco/ ... TN20121130636_C.pdf
轉盈為虧，蝕800萬，重債

前景
建築業務（包括機電工程）
本集團將繼續平衡發展中港兩地之建築業務（包括屋宇建造及機電工程）。憑藉過往良好記錄以及
在總承包業務方面之專業知識，本集團持有「香港特區政府環境運輸及工務局核准成為建築丙組
（C 牌）承建商」資格。連同其於「認可公共工程物料供應商及專門承造商名冊」內「室內設計及裝修
工程」第二組之牌照，以及根據「香港特區政府環境運輸及工務局認可公共工程物料供應商及專門
承造商」名冊內持有之十一個牌照，將有利於本集團積極參與建築發展業務。
本期內獲得的新工程項目包括香港西貢香港學堂新校園的機電通風空調系統工程、香港九龍城跑
道公園的建築樓宇設施安裝工程、香港天水圍第117區公共部分的建築樓宇設施安裝工程以及中國
太原Prada精品店的裝修工程。於本公佈日期，本集團手頭合約的合約總額逾1,191,000,000港元。
物業發展及投資
位於海南省海口市之亞豪城市廣場已發展為住宅及商業綜合項目，總建築面積約為117,000 平方
米，已於去年竣工。直至本公佈日期，所獲銷售合約總額已達約人民幣352,000,000 元。本集團亦
將部份尚未售出之已落成待售商業單位出租，令本集團能於售出前賺取短暫額外租金收入。
於二零零五年六月九日，本集團獲得中國開封市龍亭區一幅發展地塊之土地使用權。董事擬在該
地塊開發一個總建築面積估計約為202,000 平方米之住宅及商業綜合項目。直至目前， 170,000 平
方米建築面積已竣工，所獲銷售合約總額已達約人民幣504,000,000 元。餘下土地正在興建，目前
進展順利，預期將於二零一四年完成。
於二零一二年二月十六日，本集團成功投標取得開封市一幅住宅及商業用地的土地使用權。董事
擬於該土地上建設住宅及商業綜合項目，估計總建築面積約為101,504 平方米。
儘管客戶需求受中央政府推出之緊縮措施及宏觀經濟不明朗的影響，物業價格預期不會大跌。由
於預期有龐大內需支持，董事會對中國內地物業市場仍然樂觀，本集團將繼續重點加強物業發展
及投資業務，並可能會增購額外土地儲備，特別是市場前景及發展潛力日益上升之中國二線及三
線城市，以增強土地儲備。然而，本集團現時並無有關任何特定項目之具體投資計劃。
買賣醫療設備及家居保安及自動化產品
隨著香港及國內主要城市之生活水平日益富裕，加上消費者之健康意識日漸提高，尤其是較高收
入之城市消費者，對醫療設備之需求持續增加，從而使我們於中國買賣醫療設備之銷售增長及市
場拓展工作方面，漸見成果。來年，我們將透過擴展分銷渠道及推廣更多元化產品來刺激銷售增
長。
全球經濟在主權債務危機（尤其於某些歐洲國家）困擾下仍然充滿不明朗因素，以及美國經濟亦持
續疲弱，引起對全球經濟的憂慮，並可能使中國經濟在中長期內增長放緩及拖累消費者信心。作
為其中一項控制通脹及保持經濟穩健增長的措施，限制購房等緊縮政策亦對內地物業市場帶來若
干負面影響。然而，隨著近期中國主要銀行的利率及存款準備金率下降，預計中國經濟於長中期
內將維持穩健增長，香港亦準備就緒，尤其憑藉其定位及優勢，預期將持續從中國的增長及發展
中得益。因此，本集團長遠而言抱樂觀態度，並對中國及香港的增長動力充滿信心。
本集團會繼續採取有效的成本管理策略及維持嚴格的信貸控制來應付目前波動經營環境的挑戰及
增強競爭力。

14 : GS(14)@2013-01-08 00:40:32

http://www.hkexnews.hk/listedco/ ... TN20130107970_C.pdf
於二零一三年一月七日，友善（香港）投資有限公司（本公司一間間接全資附屬公司）（「委託方」）與
上海鼎葉投資管理有限公司（「中介」）訂立一份中介協議（「中介協議」），據此，中介將協助委託方
尋求潛在買家以出售（「可能出售事項」）(i) 其於本公司一間間接全資附屬公司美格菲（成都）康體發
展有限公司（「目標公司」）的全部股權；或(ii) 目標公司於中華人民共和國四川省成都市錦江區小科
甲巷1 號第一商業廣場5 樓（總建築面積約為4,932.97 平方米）及27 樓（總建築面積約為273.75 平方
米）之物業（「該等物業」）的所有權權益。中介協議自二零一三年一月七日起，為期一個月。代理
費僅在中介能按高於該等物業基準價格的購買價尋求買家及可能出售事項能訂立的情況下支付，
並將按該等物業總建築面積乘以購買價超出該等物業5 樓及27 樓基準價格（即分別為每平方米人民
幣10,000 元及每平方米人民幣8,000 元）的部分予以計算。
倘可能出售事項得以落實，其預期將構成本公司的須予披露交易，而本公司就可能出售事項訂立
協議後將遵守香港聯合交易所有限公司證券上市規則的適用規定作出披露。董事僅此強調，可能
出售事項只處於初步階段且未必一定會進行。本公司將於適當時候就可能出售事項作出進一步公
告。

15 : greatsoup38(830)@2013-06-15 16:21:15

盈利降85%，至600萬，重債

16 : greatsoup38(830)@2013-11-27 01:13:21

262

虧損增25%，至1,000萬，重債

17 : GS(14)@2014-06-11 01:21:43

盈喜

18 : GS(14)@2014-06-17 02:02:17

262
轉虧4,800萬，重債

19 : GS(14)@2014-08-02 17:57:45

分拆建築業務上市，2324入股

20 : GS(14)@2014-09-11 01:37:37

分拆開始

21 : GS(14)@2014-11-04 00:08:06

迪臣建設改配售上，減少股東派發比例

22 : GS(14)@2014-11-26 02:32:15

轉賺400萬，重債

23 : kk104104(19268)@2014-12-22 23:20:53

點解876 拆果時升番到NAV,
依隻搞分拆個價完全跟唔上?

24 : greatsoup38(830)@2014-12-23 00:26:22

呢隻無1送1股

25 : winson(45997)@2014-12-23 10:48:17

好似 876 咁,
拆一隻出來,
之後就賣殼

26 : greatsoup38(830)@2014-12-23 23:13:52

很老千，別玩

27 : GS(14)@2014-12-24 11:59:57

262 spinoff 8268

28 : kk104104(19268)@2014-12-28 00:13:18

greatsoup38在26樓提及
很老千，別玩

依隻邊度千?

29 : GS(14)@2014-12-28 00:22:01

kk104104在28樓提及
greatsoup38在26樓提及
很老千，別玩

依隻邊度千?

2324入股一成呀

30 : greatsoup38(830)@2015-01-07 12:46:16

8268上市

31 : greatsoup38(830)@2015-01-22 01:47:54

72仙配1億股

32 : greatsoup38(830)@2015-01-25 15:26:18

8268盈警

33 : GS(14)@2015-06-23 01:58:04

虧損增1.5倍，至1.1億，重債

34 : greatsoup38(830)@2015-11-11 01:23:22

LOSS INCREASE 30% TO 26M,重債

35 : greatsoup38(830)@2015-11-29 21:04:18

2供1@32仙

36 : 太平天下(1234)@2015-11-29 22:25:42

greatsoup38在33樓提及
2供1@32仙

大師愛股？

37 : qt(2571)@2015-11-29 22:28:50

間樹熊證劵係咩料呀?

38 : greatsoup38(830)@2015-11-30 01:50:09

太平天下在34樓提及
greatsoup38在33樓提及
2供1@32仙

大師愛股？

是呀

39 : greatsoup38(830)@2015-11-30 01:50:31

qt在35樓提及
間樹熊證劵係咩料呀?

http://www.koalasecurities.com/about.php?cid=27&lang=

40 : greatsoup38(830)@2016-05-19 00:47:31

賣項目

41 : ninomiyau(41302)@2016-05-19 02:39:05

greatsoup38在37樓提及
qt在35樓提及
間樹熊證劵係咩料呀?

http://www.koalasecurities.com/about.php?cid=27&lang=

北方系的。

42 : GS(14)@2016-05-20 03:25:35

ninomiyau在39樓提及
greatsoup38在37樓提及
qt在35樓提及
間樹熊證劵係咩料呀?

http://www.koalasecurities.com/about.php?cid=27&lang=

北方系的。

同醫生又有關

43 : greatsoup38(830)@2016-06-22 03:05:02

維持虧1.2億，重債

44 : GS(14)@2016-10-01 14:26:17

賣酒店

45 : GS(14)@2016-11-02 15:38:55

本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者，根據本集團未經審核綜合
管理賬目的初步評估，與本集團截至二零一五年九月三十日止六個月之純利相比，預期本集團截
至二零一六年九月三十日止六個月之擁有人應佔綜合純利可能錄得增長。根據董事會目前所得的
資料，該綜合純利可能錄得增長主要由於：
(i) 來自本集團一次性出售於中華人民共和國開封市之六層辦公室物業所引致純利之增長；及
(ii) 來自迪臣建設國際集團有限公司（「迪臣建設」，連同其附屬公司統稱「迪臣建設集團」）純利錄
得增長,主要由於迪臣建設集團投資上市證券所獲盈利約港元38,000,000（截至二零一五年九月
三十日止六個月：無）
本公告所載資料僅以董事會對本集團截至二零一六年九月三十日止六個月的未經審核綜合管理賬
目的初步評估為依據，且該資料並未經由本公司獨立核數師審核。本公司股東及有意投資者建議
參考預期於二零一六年十一月上旬通過公告方式公佈之本集團截至二零一六年九月三十日止六個
月的中期綜合業績的詳情。

46 : GS(14)@2016-11-10 10:26:48

轉盈2,000萬，沒債，持有275、8178、8215、1499、1591

47 : GS(14)@2016-11-10 10:28:14

另持有8269、1496、8359、8319、1549、482、8300、3893、1340

48 : greatsoup38(830)@2017-01-11 04:36:42

盈喜

49 : greatsoup38(830)@2017-01-13 00:41:03

262 賣 8368

50 : greatsoup38(830)@2017-01-13 00:43:58

262賣8268

51 : GS(14)@2017-06-07 18:46:14

good profit

52 : GS(14)@2017-06-22 10:24:25

虧損降6成，至5,300萬，重債
持有：8269、1496、8359、8319、275、1340、1549、482、8300、3893、1591、8240、8320、8149、1572、8101、1611、8278、8411、8238、8091

53 : GS(14)@2017-10-28 00:29:59

盈警

54 : GS(14)@2017-11-08 10:13:13

虧損1,000萬，增80%，重債

55 : GS(14)@2018-05-07 03:15:26

賣國內項目

56 : GS(14)@2018-06-14 17:52:20

本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者，根據本集團未經審核綜合管
理賬目的初步評估，預期本集團截至二零一八年三月三十一日止年度（「該期間」）本公司擁有人應佔
溢利較二零一七年同期可能會錄得減少。
根據董事會目前所得的資料，該重大減少主要由於來自迪臣建設國際集團有限公司（「迪臣建設」），
連同其附屬公司（「迪臣建設集團」）溢利錄得減少，主要由於於二零一七年三月三十一日完成向獨立
承配人配售 200,000,000 股迪臣建設的股份後，迪臣建設集團已不再為本集團的附屬公司。於截止二
零一七年三月三十一日止年度，迪臣建設集團的建築業務及證劵投資業務已被分類為已終止經營業
務。於上一年度因此錄得來自該終止經營業務溢利約174,863,000港元, 其中包括出售附屬公司之收益
約106,373,000港元，本期間沒有該等收益而本公司已將迪臣建設集團的應佔溢利採用權益法核算。
本公司現正編製本集團就該期間的年度業績。本公告所載的資料僅根據董事會對本集團現有就該期
間之未經審核綜合管理賬目所作的初步評估，並未經本公司核數師審閱。股東及有意投資者建議參
考預期於二零一八年六月下旬通過公告方式公佈之本集團該期間的年度業績的詳情。

57 : GS(14)@2018-06-22 00:28:38

虧，重債

58 : GS(14)@2018-11-04 10:33:02

本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者，根據本集團未經審核綜合管
理賬目的初步評估，預期截至二零一八年九月三十日止六個月（「報告期間」）會較二零一七年同期純
利錄得可觀增幅。
根據董事會目前所得的資料，上升是由於本集團於報告期間之物業發展及投資業務之盈利貢獻。大
部份已簽訂銷售合同，已於此期間進行交付，因此更多銷售收入確認。
本公司現正編製本集團就報告期間的中期業績。本公告所載的資料僅根據董事會對本集團現有就報
告期間之未經審核綜合管理賬目所作的初步評估，並未經本公司核數師審閱。股東及有意投資者建
議參考預期於二零一八年十一月上旬通過公告方式公佈之本集團報告期間的中期業績的詳情。

59 : GS(14)@2018-11-08 16:30:19

轉盈700萬，輕債

60 : GS(14)@2019-02-21 15:46:07

262 sell 8268

61 : GS(14)@2019-02-23 12:11:19

還原給自己友
http://finance.sina.com.cn/stock ... yfqvmh9461104.shtml
https://www.quamnet.com/peopleSearchDetail.action?ppId=19152
http://www3.hkexnews.hk/listedco ... LN20190221048_C.pdf

62 : GS(14)@2019-04-13 13:14:30

262 sell 8268

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