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華夏健康產業 (1143，前中慧國際控股) 專區

1 : GS(14)@2011-01-11 22:04:08

http://www.hkexnews.hk/reports/p ... 0110110-index_c.htm
初步招股書

http://www.hkexnews.hk/listedco/ ... TN20110114020_C.HTM
正式招股書
2 : GS(14)@2011-01-11 22:04:29

http://realforum.zkiz.com/thread.php?tid=11323
新聞專區
3 : GS(14)@2011-01-11 22:37:13


中慧國際今次以廉價作招徠，招股價相當於2011年預測市盈率6至8倍，圖為公司主席兼執行董事鄭衡嶽。（陳智良攝）
4 : GS(14)@2011-01-15 15:52:37

1. 集資億幾，公開得千幾萬，好雞，夠唔夠錢買新品牌?
http://www.hkexnews.hk/listedco/ ... 3_984687/CWF102.pdf
http://www.hkexnews.hk/listedco/ ... 3_984687/CWF124.pdf

2. 極依賴主要客戶，那個高毛利的製造業務好像好好多，好很太美好...

本集團的業務依重其與主要客戶的關係
本集團一般與客戶不會訂立長期合約，故無法保證本集團客戶日後將繼續向本集團發出採購訂單。就此，與主要客戶維繫緊密及長期的關係對本集團的業務尤其重要。

無法保證本集團將繼續成功保持該等客戶，也不能保證該等客戶與本集團的業務量得到維持或增加。截至二零零七年、二零零八年及二零零九年十二月三十一日止三個年度以及截至二零一零年八月三十一日止八個月，來自本集團五大客戶的銷售額佔本集團總收入分別約84.4%、77.7%、68.6% 及70.3%。同期來自本集團單一最大客戶的銷售額佔本集團總收入分別約28.7%、25.6%、28.7%及33.1%。

此外，本集團品牌業務的收入絕大部份來自少數客戶。截至二零零九年十二月三十一日止年度及截至二零一零年八月三十一日止八個月，本集團五大品牌業務客戶佔其品牌業務總收入合共分別約97.4%及86.4%。同期，本集團五大品牌業務客戶佔其總收入合共分別約16.6%及27.7%。日後，品牌業務的經營業績及財務狀況將繼續依賴本集團能否持續獲取該等主要客戶的訂單以及他們的財務狀況及業績。

4. 極依賴供應商
本集團依賴其供應商供應優質的原材料及組件
本集團的生產營運順暢與否，取決於其能否以具競爭力的價格適時獲取優質原材料及組件。本集團重視質量保證，生產工序一直採納嚴謹的質控程序。

本集團為確保購入的原材料及組件達到規定標準，每種主要原材料及組件均有一份認可供貨商名單，本集團會定期檢討名單。截至二零零七年、二零零八年及二零零九年十二月三十一日止三個年度以及截至二零一零年八月三十一日止八個月，本集團向五大供應商採購的金額佔其總採購額分別約29.2%、23.1%、22.3% 及25.4%。同期，本集團向單一最大供應商採購的金額佔其總採購額分別約12.6%、6.7%、6.9% 及10.1%。


5. 谷數好明顯
退貨淨額上升或會影響本集團盈利能力及財務業績
本集團通常向其品牌產品的客戶提供兩年保用期。開展品牌業務之前，本集團只有一名中小企電話客戶參與「退回供貨商」計劃。自品牌業務開展以來，本集團為北美品牌業務制定類似的「退回供貨商」計劃。本集團會按其政策為涉及「退回供貨商」計劃的產品計提產品保用撥備。

截至二零零九年十二月三十一日止年度及截至二零一零年八月三十一日止八個月，北美及歐洲特許分銷商向本集團退還次貨以作更換或退款涉及的金額分別約為8,100,000 港元及15,300,000 港元。

6. 毛利超高原因
(i) 往績記錄期間，本集團能夠將業務重心轉向毛利率較高的電子製造服務非電訊產品。此有賴本集團生產設施高度的靈活性，可調整配合生產其他產品，詳情載於本招股章程「業務– 生產」一節「生產設施」一段；
(ii) 因持續大量生產類似產品而提升生產效率，產量提升可享有規模經濟效益，而經常大量採購原材料及組件，有助提高向供應商的議價能力；及
(iii) 對生產設備及研發工作投放充裕的資金，推進生產自動化進程，進一步改善生產效率。

7.公司K肯定是V-tech...
http://www.hkexnews.hk/listedco/ ... 3_984687/CWF114.pdf
(i) 本集團於二零零九年按策略將業務垂直拓展至品牌業務，尤其是本集團特許品牌業務分部，其以「RCA」品牌銷售及分銷品牌中小企電話系統，此業務的毛利率較公司J 及公司L 的為高；及
(ii) 按照公司K最近期經審核財務報表所示，該公司擁有高溢利率品牌產品的完善銷售平台，在電子教學產品市場地位穩固，此等產品佔該公司收入超過30%。因此，該公司的毛利率較本集團的為高。

8. 主要廠房好似好大問題

9. 毛利率高和噴霧器有關...
往績記錄期間，本集團旗下其中一種電器及電器控制產品自動噴霧系統之銷售收入佔本集團電子製造服務業務總收入一個相當大的比重。本集團與一名屬獨立第三方之客戶（「自動噴霧系統客戶」）訂立供應協議（「自動噴霧系統供應協議」），據此生產自動噴霧系統並向自動噴霧系統客戶銷售。

10. 又有個極品董事
http://www.hkexnews.hk/listedco/ ... 3_984687/CWF120.pdf
潘家利先生，51 歲，自二零一零年七月一日起出任執行董事，是本公司財務總監兼公司秘書，二零零二年加入本集團，出任中慧香港的董事，並由二零零九年九月起獲任命為本集團的財務總監。
...
潘先生自二零零九年十月起，潘先生為聯交所主板上市公司科浪國際控股有限公司（「科浪」）（股份代號：2336）（已委任臨時清盤人）的獨立非執行董事，彼在科浪二零零八年十二月一日的清盤呈請提出後獲得任命。
...
關品方博士，59 歲，自二零一零年七月一日起出任獨立非執行董事。關博士為聯合國際學院（北京師範大學和香港浸會大學共同創辦）工商管理學部教授。彼亦是香港的耀中教育機構的財務總監和新建物業項目經理。由二零零二年十月至二零零八年六月，關博士擔任財華社集團有限公司（股份代號：8317）的非執行董事，該公司在聯交所創業板上市。

...
11. 又用中瑞岳華
http://www.hkexnews.hk/listedco/ ... 3_984687/CWF128.pdf
1. 存貨及應收款有些大...製成品個數大得好緊要，開始有拖數...
2. 又是少交稅
3. 今年的盈利和現金流唔得
4.差D破產
截至二零一零年八月三十一日止八個月， 貴集團違反銀行貸款協議內有關維持其槓桿借貸淨比率及綜合有形資產淨值的若干契諾條款（附註33)。

因此，銀行可要求 貴集團提早償還銀行貸款約16,700,000 港元。該銀行貸款於二零一零年八月三十一日重新分類為流動負債。於二零一零年七月七日，銀行同意放棄追溯於二零一零年一月二十七日至二零一零年八月三十一日止期間的契諾違反。銀行貸款其後已於二零一零年九月八日全數清償。

於有關期間，向 貴集團提供銀行借貸（附註28）及融資租賃應付款項（附註29）的銀行有下列若干資本規定：
(i) 截至二零零九年十二月三十一日止年度及截至二零一零年八月三十一日止八個月，
Telefield Holdings Limited維持綜合財務報表淨資產負債比率1.0或以下；

(ii) 中慧有限公司維持綜合有形資產淨值於20,000,000 港元或以上；
(iii) 截至二零零九年十二月三十一日止年度及截至二零一零年八月三十一日止八
個月，Telefield Holdings Limited分別維持綜合有形資產淨值不少於120,000,000港元及140,000,000 港元；
(iv) 截至二零零七年、二零零八年及二零零九年十二月三十一日止年度，中慧有限公司維持管理股息派息率0.5 或以下；
(v) 截至二零一零年八月三十一日止八個月，Telefield Holdings Limited維持管理花紅及股息派息率0.5 或以下；及
(vi) 截至二零一零年八月三十一日止八個月，Telefield Holdings Limited維持綜合財務報表槓桿借貸淨比率1.75 或以下。

5. 無錢又派股息
(d) 根據Telefield Holdings Limited 於二零一零年十二月三十日通過的董事會決議
案，Telefield Holdings Limited議決向二零一零年八月三十一日名列Telefield
Holdings Limited 股東名冊之股東宣派截至二零一零年八月三十一日止八個月
的中期股息33,800,000 港元。
5 : GS(14)@2011-01-18 07:57:22

中慧國際孖展超購逾5倍

而昨次日招股的中慧國際(1143)，8券商累計為其借出逾9050萬元孖展額，相當於公開發售超額認購逾5.7倍。
6 : GS(14)@2011-02-11 08:05:18

http://www.hkexnews.hk/listedco/ ... TN20110210502_C.pdf
董事會欣然公佈，於二零一一年二月八日，TFNA（美國）與RCA Management 已達成書面協議，按類似條款及條件延長RCA特許協議有效期五年至二零一八年十二月三十一日（包括當日）止，及本集團可使用一個額外商標。
7 : david395(4434)@2011-03-25 23:14:19

http://www.hkexnews.hk/listedco/ ... TN20110325758_C.pdf
8 : GS(14)@2011-03-26 13:37:50

一上市就派息，哈哈。

開支多了好多，所以走了樣，負債都幾高。

減少主要由於
(i) 新經營的品牌業務產生的銷售及分銷成本以及行政費用大幅增加；

(ii) 年內上市開支12,100,000 港元確認入賬引致其他經營開支增加；

及(iii)TrekStor 德國自其於二零零九年十一月成立以來一直與舊客戶重新建立業務關係，並恢復新產品開發工作，此舉繼續產生員工成本及租金等間接成本。儘管收入遞增，其收入卻趕不上其經營開支，原因是恢復新產品開發到推出新產品的過程需時。因此，該分部錄得除稅後虧損淨額約27,900,000 港元。

• 截至二零一零年十二月三 十一日止年度營業額達1,145,500,000 港元，按
年增長39.4 %
• 本公司擁有人應佔溢利較本公司招股章程所載溢利估計高出3.4%
• 建議派付末期股息每股1.8 港仙
9 : Sunny^_^(11601)@2011-06-19 22:00:37

呢隻野我上市keep到而家,冇左1/4...好唔開心囉.不過我得個一手,即使賣出去既手續$都貴.所以幾年後我就唔信佢仲會咁低沈
10 : GS(14)@2011-06-20 22:11:38

隻野吹就得，之前破過財務承諾的
11 : Sunny^_^(11601)@2011-07-04 23:18:38

下!!!我完全唔知喎,買之前都冇咩做過功夫呀...OMG
12 : GS(14)@2011-07-05 21:20:08

11樓提及
下!!!我完全唔知喎,買之前都冇咩做過功夫呀...OMG


買之前睇下招股書啦
13 : Sunny^_^(11601)@2011-07-05 22:03:26

咁大本,應該點睇呢?點知邊一part有水份呢?
14 : GS(14)@2011-07-05 22:06:39

睇概要同管理層就得
15 : GS(14)@2011-08-20 18:48:55

http://www.hkexnews.hk/listedco/ ... TN20110819512_C.pdf

業 績 摘 要
• 收 入 為598,400,000港 元，按 年 增 長21.8%
• 議 決 派 付 中 期 股 息 每 股2.0港 仙
• 股 份 發 售 所 得 款 項 依 照 本 公 司 日 期 為 二 零 一 一 年 一 月 十 四 日 的 招 股 章
程 應 用

扣其他收益，實際倒退，好似業務有些放緩...

䁩 兌（收 益）╱虧 損 淨 額 (5,025) 4,316
衍 生 工 具 公 平 值 虧 損 3,197 61
按 公 平 值 計 入 損 益 的 金 融 負 債 公 平 值（收 益）╱虧 損 (3,224) 871
出 售 固 定 資 產 虧 損 – 7


展 望
受 到 歐 洲 主 權 債 務 危 機 及 美 國 國 債 信 用 評 級 下 調 的 影 響，市 場 充 斥 著 不 明 朗
的 因 素，故 此 對 電 子 消 費 產 品 的 前 景 仍 抱 審 慎 態 度。面 對 人 民 幣 持 續 升 值，以
及 通 脹 壓 力 在 經 濟 復 甦 減 慢 下 尚 未 紓 緩，管 理 層 預 期2011年 下 半 年 的 營 商 環 境
將 會 更 具 挑 戰 性。儘 管 如 此，集 團 將 繼 續 實 踐 成 本 控 制 措 施 及 把 握 回 報 可 觀 的
商 機，以 保 持 穩 定 增 長。– 15 –
電 子 製 造 服 務 業 務 方 面，本 集 團 將 繼 續 專 注 發 展 毛 利 率 較 高 的 獨 特 市 場。本 集
團 與 一 家 香 港 研 發 機 構 攜 手 開 發 的 超 聲 波 影 像 設 備 及 其 他 保 健 電 子 產 品 如 期
發 展，預 期 會 陸 續 推 出 更 多 產 品。同 時，集 團 會 發 掘 於 亞 洲 新 興 市 場 推 出 電 訊
產 品 的 機 會。
鑑 於 亞 太 地 區 日 益 富 裕 及 經 濟 潛 力 優 厚，尤 其 是 中 國，故 本 集 團 將 採 用 在 歐 洲
及 美 國 已 取 得 成 效 的 業 務 模 式 進 軍 這 些 市 場。本 集 團 於 今 年 年 初 在 日 本 設 立
的 業 務 單 位，以 及 計 劃 於 上 海 成 立 營 銷 辦 事 處 將 有 助 開 拓 市 場。本 集 團 於 研 發
方 面 的 優 勢 乃 其 吸 納 客 戶 的 成 功 關 鍵，因 此 本 集 團 將 會 投 入 更 多 資 源 及 資 金
發 展 這 重 要 領 域。
繼 延 長 有 關 特 許 品 牌 業 務 之 協 議 年 期 後，本 集 團 將 應 因 市 場 狀 況，加 大 力 度 拓
展，並 著 手 檢 視 在 中 南 美 洲 分 銷 中 小 企 電 話 系 統 的 可 能 性。同 時，本 集 團 將 擴
大 其 分 銷 業 務 至 亞 洲，於 今 年 年 底 在 中 國 和 香 港 首 次 推 出 電 腦 及 遊 戲 配 件。
集 團 將 審 慎 地 執 行 其 擴 展 計 劃，同 時 專 注 強 化 其 核 心 業 務 基 礎。憑 藉 行 之 有 效
的 策 略，管 理 層 有 信 心 本 集 團 可 達 致 持 續 增 長。
16 : Sunny^_^(11601)@2011-08-20 19:10:04

所以我賣左佢都係值既.冇賣平
17 : greatsoup38(830)@2011-10-27 23:49:58

http://www.hkexnews.hk/listedco/ ... TN20111027792_C.pdf
董事會欣然公佈，於二零一一年十月二十七日，買方（為本公司間接全資附
屬公司）與GAEMS訂立股份認購協議，據此，GAEMS同意向買方配發及發行
認購股份，而買方同意以認購價2,000,000美元（相當於約15,560,000港元）認購
該認購股份。
於股份認購協議截止的同時，買方（作為貸方）與GAEMS（作為借方）將訂立(i)貸
款協議，據此，買方將貸出而GAEMS則借入3,000,000美元（相當於約23,340,000
港元）的3年期計息貸款，該筆貸款的年利率為2.5 厘；及(ii)股東協議，規範
GAEMS股東之權利及義務。

...
18 : greatsoup38(830)@2011-10-27 23:50:01

進行收購事項及貸款的理由及好處
本集團的主要業務為提供電子製造服務及經營品牌業務。在本集團的電子製
造服務業務方面，本集團於二零一零年底前已進軍生產保健電子產品的專門
市場，本集團亦繼續專注開發具高增長潛力的產品。就此原因，投資於GAEMS
可為本集團提供機會，發展由GAEMS的流動遊戲及娛樂系統。
GAEMS從事流動電子遊戲及娛樂系統的設計、開發、貿易、分銷及銷售業務。
預期由GAEMS的新設計及註冊的便攜式電子遊戲及娛樂系統帶來的業務增長
，加上Telefield Limited（為買方的同系附屬公司）將仍為該等產品的唯一生產商
，故董事會認為，收購事項可為本集團提供機會進軍電子遊戲配件的分銷業
務，並讓本集團將電子製造服務業務進一步拓展至電子遊戲行業。收購事項符
合本集團如招股章程所述之未來計劃及所得款項用途，並符合本公司及股東
之整體利益。
19 : greatsoup38(830)@2011-10-27 23:50:26

有關GAEMS的資料
GAEMS, Inc為於美國華盛頓州註冊成立的公司，從事流動電子遊戲及娛樂系統
的設計、開發、貿易、分銷及銷售業務。於二零一一年，GAEMS已就一系列便攜
遊戲機娛樂系統在美國獲得一項專利權並正在歐洲及美國申請其他專利權，
該系統將遊戲操作器及相關部件一併使用，使玩家能夠更容易及方便攜帶。於
股份認購協議完成前，GAEMS已獲得上述已獲授及將獲授專利的全部權利、權
屬及權益。
GAEMS於截至二零一零年十二月三十一日止年度及截至二零一一年九月三十
日止期間的未經審核營業額分別為零及約880,777美元。GAEMS於截至二零一
零年十二月三十一日止年度的除稅前後未經審核虧損淨額為約729,375美元。
GAEMS於截至二零一一年九月三十日止期間的除稅前後未經審核虧損淨額為
約965,533美元。GAEMS於截至二零一零年十二月三十一日止年度及截至二零
一一年九月三十日止期間之未經審核負債淨值分別為706,875美元及1,672,408 美
元。
20 : greatsoup38(830)@2011-10-27 23:50:37

「認購股份」指由GAEMS發行及配發予買方的6,765股無面值股
份，相當於收購事項完成後GAEMS 51%股本權
益
21 : GS(14)@2011-11-01 07:30:45

http://www.etnet.com.hk/www/tc/s ... 01&page=1&code=1143
'
《經濟通通訊社２８日專訊》中慧國際（０１１４３）主席鄭衡嶽於記者會表示，集團於昨
日（２７日）公布以２００萬美元認購ＧＡＥＭＳ　５１％股權，而集團去年亦與ＧＡＥＭＳ共
同開發遊戲機附屬產品ＧＡＥＭＳ　Ｇ１５５，並於今年７月付運第一批產品，推出產品一個月
內已銷售１﹒１萬部，為三個月的庫存。聖誕前該產品將有３萬台付運。
　　他認為，有關銷情理想，未來數個月，將集中加大該產品之產量，以應付已接及未來的訂單
，現時集團於廣州及惠州設有廠房，而該產品的產能每個月為１﹒５萬至２萬部，明年會提高。
　　另外，集團亦會加大歐美的銷售渠道，下一步將於亞洲遊戲機使用量較大的地方銷售，惟現
時訂單已應付不來，將會於明年春節後才作考慮。
　　他又預計，明年該產品的產量及銷售量逾２０萬台，由於該產品為小眾產品，毛利率較其他
產品高，預料對集團明年盈利有正面貢獻。
　　此外，他補充，小眾產品的毛利率超過３０％。由於集團擴大產能以及有關零件的發展成熟
，毛利率或會提高。
　　集團未來會繼續與不同遊戲機生產商及軟件生產商，開發更多附屬產品。
　　ＧＡＥＭＳ　Ｇ１５５為全球首個便攜式遊戲系統，未來會繼續以ＧＡＥＭＳ品牌開發配件
市場。（ｗｉ）
22 : GS(14)@2011-11-01 07:31:10

http://www.hkexnews.hk/listedco/ ... TN20111031143_C.pdf
本公司謹此指出，該等陳述為不完全正確。

本公司謹此作出以下澄清：
1. 董事會謹此澄清，上述第一項陳述與鄭先生於新聞發佈會的陳述不完全
符合。董事會謹此澄清，該陳述僅為本集團對該產品於二零一二年度的銷
售所定下的目標。本集團不一定能達致該銷售目標，該銷售目標並不代表
對該產品於二零一二年銷量或本集團於二零一二年表現的任何估計或預
測。
2. 有關上述第二項陳述，董事會謹此澄清：
(i) 有關該產品每部售價為269 美元至299 美元的陳述，乃指若干網上交易
網站所報的該產品平均市場零售價。此陳述無意及不會就本集團（假
設認購GAEMS 51%股本權益已完成）該產品的目標售價提供任何資料，
亦不應作為對估計本集團該產品收入或銷售表現的基準；及
(ii) 於新聞發佈會所發表有關毛利率約30%的陳述，乃指本集團獨特市場
的現有產品的毛利率，本陳述並不就該產品實際毛利率提供任何資
料及作出任何暗示。
3. 有關上述第三項陳述，董事會謹此澄清，該陳述僅反映本公司的寄望，並
取決於多項因素，其中包括該產品明年的實際銷售表現及該產品的市場
反應等，該陳述並不構成本公司對該產品於二零一二年銷售表現的期望
或承諾。
23 : GS(14)@2011-11-08 00:12:59

http://www.hkexnews.hk/listedco/ ... TN20111107198_C.pdf

誠如該公告所披露，根據股份認購協議，買方將向GAEMS貸出3,000,000美元的3
年期計息貸款及支付認購價2,000,000美元，金額乃參考由獨立業務評估公司（中
證評估有限公司）以收益法編製成GAEMS的初步業務估值報告（「估值」）而作出。
根據估值，截至二零一一年十月十二日止GAEMS的全部股權之估值約5,200,000
美元（相當於約40,456,000港元），乃採用收益法當中的貼現現金流量法進行，故
將被視為上市規則第14.62條項下的溢利預測（「溢利預測」）。本公告乃根據上市
規則第14.60A 及14.61條作出。
24 : greatsoup38(830)@2012-04-06 15:53:59

http://www.hkexnews.hk/listedco/ ... N201203306157_C.pdf
‧ 截至二零一一年十二月三十一日止年度營業額達1,309,400,000港元，按年
增長14.3%
‧ 由於來自「Trekstor」的可觀貢獻，多媒體產品及電腦配件銷售攀升50.2%至
335,100,000港元，令此一業務分部成功扭虧為盈
‧ 建議派付末期股息每股3.0港仙

盈利增25%，至5,300萬，經營開支較少，扣除此變動，實際差不多，稅交少了。

存貨209,565 151,862
應收貿易賬款及應收票據10 182,220 154,338
預付款項、按金及其他應收款項61,647 40,330

債唔輕，但預期營業額會有增長

(ii) 多媒體產品及電腦配件
該業務包括多媒體產品及電腦配件的組裝及╱ 或推廣和分銷。年內，本集團
於德國的附屬公司Trekstor GmbH （「Trekstor」）品牌表現彪炳，反映管理層
於該獨特市場的發展策略取得成效。該品牌的銷售增長於下半年尤其顯著，
令整體分部業務的營業額按年增加50.2%至335,100,000港元（二零一零年：
223,100,000港元）。有見德國的電子書市場前景亮麗，本集團於二零一零年
十月推出及分銷旗下首個電子書閱讀器。該產品自推出以來銷售強勁，成為
回顧年內分部營業額的主要增長動力。

...
銷售成本
銷售成本由二零一零年892,900,000港元增加16.5%至二零一一年1,040,100,000港
元。增加主要是由於：
(i) 原料及元件的採購額增加13.9%至859,200,000港元（二零一零年：
754,400,000港元），主要是由於分銷業務分部及電子製造服務非電訊產品的
銷售增長所致；及
(ii) 由於勞動力短缺及須遵守中國的最低工資規定，勞動力成本增加，加上因人
民幣升值令相關生產成本上升所致。
毛利
毛利由252,600,000港元，增加6.6%，至269,300,000港元，而毛利率則微降1.5%至
20.6%（二零一零年：22.1%）。來自電子製造服務分部的毛利率為55.0%（二零一
零年：67.4%），來自分銷業務的毛利率為45.0%（二零一零年：32.6%）。毛利率
增加主要是由於以下原因所致。
(i) 年內，本集團分銷業務分部的銷售額和毛利均維持強勁增長。此一分部的
銷售額增長32.8%，而毛利則增長47.0%至121,300,000港元（二零一零年：
82,500,000港元），此乃由於「TrekStor」品牌下的多媒體產品及電腦配件的分
銷業績有所改善，以及二零一一年底新近收購「GAEMS」品牌下的分銷流動
遊戲娛樂系統業務帶來的貢獻所致。
(ii) 於二零一一年，持續擴展至分銷業務令毛利水平上升。年內，本集團來自分
銷業務的毛利部分為45.0%（二零一零年：32.6%），比重有所增加。
...

銷售及分銷開支
於二零一零年，銷售及分銷開支佔本集團收入約6.4%，於二零一一年則佔6.1%。
與去年比較，本集團銷售及分銷開支佔本集團收入的比例維持於相若水平。
行政費用
於二零一零年，行政費用佔本集團收入約6.9%，而二零一一年則佔7.0%。於二零
一一年，行政費用佔本集團收入的百分比並無重大變化。
其他經營費用
其他經營費用由二零一零年40,800,000港元， 減少29.7%， 至二零一一年
28,700,000港元。減少主要是由於二零一零年本集團進行首次公開招股而錄得非
經常一次性的有關開支12,100,000港元所致。
...
展望
展望未來，新的財政年度將繼續同時湧現挑戰與契機。在管理層的審慎領導下、
加上多媒體產品及電腦配件分銷業務開始帶來盈利貢獻，以及更全面的高毛利產
品組合，管理層對本集團於來年的表現感到審慎樂觀。
憑藉本集團的多媒體產品及電腦配件分銷業務於去年取得重大進展，預期該業務
將於二零一二年持續穩定發展。旗下電子書閱讀器深受歡迎，加上「TrekStor」品
牌的知名度獲得提升，管理層正考慮推出電子書閱讀器的提升版以尋求最佳回
報，同時本集團將繼續擴大此品牌的分銷渠道及豐富其產品組合。

此外，本集團於本財政年度末與一家著名電話及電訊業品牌簽訂了一項新特許
權，該協議允許本集團於南美分銷該品牌的中小企電話系統。有關特許權除有助
豐富本集團的產品組合外，更令本集團能擴展分銷業務至另一重要市場，從而提
高對潛在客戶的吸引力。
市場對GAEMS推出的首個電子遊戲產品反應熱烈，本集團期待此品牌於新一年帶
來全年銷售貢獻。由二零一二年開始，本集團開始於美國一家主要遊戲機製造商
的零售店及網站內售賣G155產品。而最近本集團亦開始於一家電子遊戲發展商的
網站內售賣該產品。與此同時，本集團將繼續物色及發展其他嶄新的遊戲配件。
本集團理解建立強大地域覆蓋的重要性，加上考慮到新興市場的富裕消費群不斷
增長，因此已於中國上海及印度清奈設立辦事處以發展當地業務。於來年，管理
層將會積極拓展這兩個地區的網絡以加強其分銷業務。
為減輕對電子製造服務業務構成最大影響的生產及勞工成本，管理層將務求在擴
充產品及審慎控制成本之間取得平衡。本集團將繼續致力研發新產品，以加強其
於獨特市場的競爭力。本集團亦會推出更多創新產品，尤其是屬於保健產品系列
的嬰兒護理產品，從而迎合消費者及零售商的殷切需求。透過提升銷售量及善用
龐大的分銷網絡，本集團於經營業務方面將會達致更高成本效益。由於預期原材
料價格及勞工成本於二零一二年維持高企，本集團亦將持續提高自動化及加強成
本控制。
透過於多方面加強本公司相對其他電子製造服務商之中的競爭優勢，以及確立清
晰的業務策略，管理層對本集團於未來數年的發展感到樂觀。
25 : greatsoup38(830)@2012-04-06 15:54:15

7. 所得稅開支
二零一一年二零一零年
千港元千港元
即期稅項－ 香港利得稅
　年度撥備6,935 9,491
　過往年度超額撥備(512) (533)
6,423 8,958
即期稅項－ 海外
　年度撥備3,876 3,797
　過往年度撥備不足– 16
3,876 3,813
遞延稅項(2,183) (17)
8,116 12,754
26 : marshalwong(13162)@2012-06-12 10:26:19

中慧（０１１４３）與微軟簽署硬件特許權協議

中國知識產權代理人爲您提供中國專利商標注冊服務。熱線 (852) 2319-2600
　　《經濟通通訊社１１日專訊》中慧國際（０１１４３）公布，其非全資附屬公司
Ｇ﹒Ａ﹒Ｅ﹒Ｍ﹒Ｓ﹒，Ｉｎｃ（「ＧＡＥＭＳ」）與微軟公司簽署硬件特許權協議。
　　根據協議，集團專為流動遊戲而設的Ｘｂｏｘ３６０Ｒ遊戲系統ＧＡＥＭＳ　Ｓｅｎｔｒｙ
ａｎｄ　Ｖａｎｇｕａｒｄ　Ｐｅｒｓｏｎａｌ　Ｇａｍｉｎｇ　Ｅｎｖｉｒｏｎｍｅｎｔｓ
（ＰＧＥ）獲微軟正式認可用於其Ｘｂｏｘ　３６０Ｒ電子遊戲機及娛樂系統。
　　這些ＧＡＥＭＳ產品系列將於北美家Ｘｂｏｘ３６０Ｒ指定配件零售店鋪，包括
ＢｅｓｔＢｕｙ、ＧａｍｅＳｔｏｐ和微軟零售專門店等，以及其他位於歐洲及中東的零售店發
售。（ｃｙ）

LEGITIMATE BUSINESSES??
27 : GS(14)@2012-06-12 22:56:26

26樓提及
中慧（０１１４３）與微軟簽署硬件特許權協議
中國知識產權代理人爲您提供中國專利商標注冊服務。熱線 (852) 2319-2600
　　《經濟通通訊社１１日專訊》中慧國際（０１１４３）公布，其非全資附屬公司
Ｇ﹒Ａ﹒Ｅ﹒Ｍ﹒Ｓ﹒，Ｉｎｃ（「ＧＡＥＭＳ」）與微軟公司簽署硬件特許權協議。
　　根據協議，集團專為流動遊戲而設的Ｘｂｏｘ３６０Ｒ遊戲系統ＧＡＥＭＳ　Ｓｅｎｔｒｙ
ａｎｄ　Ｖａｎｇｕａｒｄ　Ｐｅｒｓｏｎａｌ　Ｇａｍｉｎｇ　Ｅｎｖｉｒｏｎｍｅｎｔｓ
（ＰＧＥ）獲微軟正式認可用於其Ｘｂｏｘ　３６０Ｒ電子遊戲機及娛樂系統。
　　這些ＧＡＥＭＳ產品系列將於北美家Ｘｂｏｘ３６０Ｒ指定配件零售店鋪，包括
ＢｅｓｔＢｕｙ、ＧａｍｅＳｔｏｐ和微軟零售專門店等，以及其他位於歐洲及中東的零售店發
售。（ｃｙ）
LEGITIMATE BUSINESSES??


http://www.hkexnews.hk/listedco/ ... TN20120612096_C.PDF
http://www.hkexnews.hk/listedco/ ... TN20111027792_C.pdf
有關GAEMS的資料
GAEMS, Inc為於美國華盛頓州註冊成立的公司，從事流動電子遊戲及娛樂系統
的設計、開發、貿易、分銷及銷售業務。於二零一一年，GAEMS已就一系列便攜
遊戲機娛樂系統在美國獲得一項專利權並正在歐洲及美國申請其他專利權，
該系統將遊戲操作器及相關部件一併使用，使玩家能夠更容易及方便攜帶。於
股份認購協議完成前，GAEMS已獲得上述已獲授及將獲授專利的全部權利、權
屬及權益。
28 : 自動波人(1313)@2012-06-12 23:15:58

渣L左成個月，悶走左，上星期先走，真係DLLM
29 : GS(14)@2012-06-12 23:16:25

28樓提及
渣L左成個月，悶走左，上星期先走，真係DLLM


無理由走吧
30 : 自動波人(1313)@2012-06-12 23:23:24

29樓提及
28樓提及
渣L左成個月，悶走左，上星期先走，真係DLLM


無理由走吧


換馬嘛。。。留左隻臘鴨。。。
尋日見到有異動，不過買左另外一隻，好彩補番啲，希望生生性性
31 : GS(14)@2012-06-12 23:23:46

30樓提及
29樓提及
28樓提及
渣L左成個月，悶走左，上星期先走，真係DLLM

無理由走吧

換馬嘛。。。留左隻臘鴨。。。
尋日見到有異動，不過買左另外一隻，好彩補番啲，希望生生性性


又買邊隻?
32 : GS(14)@2012-06-12 23:24:52

http://www.telefieldgroup.com.hk/big5/reader.htm?2012061203-c.pdf
(二零一二年六月十一日，香港訊) － 擁有迅速增長的分銷業務之香港電子製造服務供應商
－中慧國際控股有限公司(「中慧」或「集團」；股份代號：01143) 公佈其非全資附屬公司
G.A.E.M.S., Inc (「GAEMS」)與微軟公司(「微軟」)簽署硬件特許權協議(「協議」)。
根據協議，集團專為流動遊戲而設的Xbox 360®遊戲系統GAEMS Sentry and Vanguard
Personal Gaming Environments (PGE™) 將獲微軟正式認可用於其Xbox 360®電子遊戲機
及娛樂系統。這些GAEMS 產品系列將於北美家Xbox 360®指定配件零售店鋪，包括Best
Buy、GameStop 和微軟零售專門店等，以及其他位於歐洲及中東的零售店發售。
中慧國際控股主席鄭衡嶽先生表示：「GAEMS 產品成為著名電子遊戲機巨擎微軟的Xbox 認
可遊戲配件，我們對此深感興奮。是次合作不僅讓我們借助微軟龐大的零售網絡出售GAEMS
G155 Sentry，從而擴大潛在客戶基礎，亦顯示我們能為電子遊戲玩家提供最優質個人遊戲及
娛樂體驗的實力。」
鄭先生繼說：「我們相信是次合作能創造一個雙贏局面，並帶來可觀的回報。未來，我們將繼
續致力推動旗下遊戲配件業務發展，同時加強與微軟的合作以及發掘其他潛在合作機會。」
集團於二零一一年十一月收購美國電子遊戲配件公司GAEMS 的51%股本權益。收購後，集
團積極加強市場推廣及分銷，推廣「GAEMS」品牌首件註冊專利產品GAEMS G155。公司
現正開發該產品的升級版，並將推出其他配件，讓用家能隨身攜帶PGE™。現時，GAEMS
配件包括特許機套、遙遠控制器及訂制紀念章。
33 : 自動波人(1313)@2012-06-12 23:31:31

31樓提及
30樓提及
29樓提及
28樓提及
渣L左成個月，悶走左，上星期先走，真係DLLM

無理由走吧

換馬嘛。。。留左隻臘鴨。。。
尋日見到有異動，不過買左另外一隻，好彩補番啲，希望生生性性


又買邊隻?


剛救番復牌那一隻。。。
34 : GS(14)@2012-06-12 23:34:05

33樓提及
31樓提及
30樓提及
29樓提及
28樓提及
渣L左成個月，悶走左，上星期先走，真係DLLM

無理由走吧

換馬嘛。。。留左隻臘鴨。。。
尋日見到有異動，不過買左另外一隻，好彩補番啲，希望生生性性

又買邊隻?

剛救番復牌那一隻。。。


財哥?
35 : 自動波人(1313)@2012-06-12 23:39:13

34樓提及
33樓提及
31樓提及
30樓提及
29樓提及
28樓提及
渣L左成個月，悶走左，上星期先走，真係DLLM

無理由走吧

換馬嘛。。。留左隻臘鴨。。。
尋日見到有異動，不過買左另外一隻，好彩補番啲，希望生生性性

又買邊隻?

剛救番復牌那一隻。。。


財哥?


是，係咪好博呢。。。。！
36 : GS(14)@2012-06-12 23:44:39

真是幾博wor你
37 : 自動波人(1313)@2012-06-13 00:24:38

36樓提及
真是幾博wor你

1143都係博佢橫行一輪爆上黎。。。
不過財哥就博佢一定要得，佢當底褲咁濟喎
38 : GS(14)@2012-06-13 00:33:03

37樓提及
36樓提及
真是幾博wor你

1143都係博佢橫行一輪爆上黎。。。
不過財哥就博佢一定要得，佢當底褲咁濟喎


1143 本身個質地都唔錯的
39 : kenchoi(1222)@2012-06-13 12:51:26

依隻野竟然有十厘息??
40 : greatsoup38(830)@2012-06-13 21:21:44

39樓提及
依隻野竟然有十厘息??


8厘幾
41 : GS(14)@2012-06-14 00:59:44

http://www.hkexnews.hk/listedco/ ... TN20120613119_C.pdf
董事會謹此提述，於2012年6月11日舉行之本公司新聞發布會（「新聞發布會」）後
包含於報導中之以下語句（「語句」）並不完全正確，需要加以澄清：
1. 「該公司以單價約249美元（1,942.20港元）售出20,000台便攜式遊戲產品
GAEMS G155（「該產品」）......今年到目前為止，其已在德國及其他歐洲國家
售出30,000台。」
董事會謹此澄清，直至2012年5月，約20,000台該產品已於北美及歐洲售出，
但鄭先生並未提及該產品在德國及其他歐洲國家之任何具體銷量。
2. 「該產品銷量佔去年該公司銷售的1%，預計此銷售比例將於今年提高至10%
以上。」
董事會謹此澄清，該產品今年之銷量增加10%或以上，這僅為2012年下半年
本集團之銷售目標。本集團可能會亦可能不會實現該銷售目標，這語句並不
代表對2012年本集團該產品銷量或業績之任何估計或預測。
3. 「該產品零售價為約每台249美元。」
董事會謹此澄清，有關該產品249美元之零售價之語句乃指該產品在美國市場
所報之平均零售價。該語句並非旨在提供且事實上並未提供有關本集團項下
該產品售價之任何資料，故不應被用作估計本集團收入或該產品銷售業績之
基準。
4. 「該集團產品的平均毛利率為約30%。」
董事會謹此澄清，有關約30%毛利率之該語句實僅指於本集團獨特市場產品
之平均毛利率，及該語句不應被解釋為提供有關該產品整體實際毛利率之任
何資料或任何指示。
董事會認為，經作出上述澄清後，尤其是，倘鄭先生在新聞發布會上提供之資料
如已被如實報導，則該等資料不應被視為屬股價敏感性質。
42 : iniesta(1400)@2012-06-25 02:47:13

37樓提及
36樓提及
真是幾博wor你

1143都係博佢橫行一輪爆上黎。。。
不過財哥就博佢一定要得，佢當底褲咁濟喎

佩服
43 : GS(14)@2012-06-25 22:25:17

財哥呢鋪唔輸得
44 : GS(14)@2012-08-04 11:34:11

http://www.hkexnews.hk/listedco/ ... TN20120803936_C.pdf
樣即走

中慧國際控股有限公司（「本公司」）董事會（「董事會」）謹此通知本公司股東（「股東」）及有意投資者，預期本公司及其附屬公司（「本集團」）截至2012年6月30日止六個月之純利將較2011年同期純利大幅倒退。
本集團預期純利倒退主要由於（其中包括）
(i)全球經濟下滑及海外市況不利；
(ii)本集團之新投資業務仍處初步階段；
及(iii)本集團經營及勞工成本增加。

本公司已著手編製截至2012年6月30日止六個月之中期業績。本集團截至2012年6月30日止六個月之整體財務業績將只會於所有該等業績及財務資料審訂後方可確定。有關本集團之表現詳情將於適當時候公佈之截至2012年6月30日止六個月之中期業績時予以披露。
45 : GS(14)@2012-08-05 13:57:58

算啦，人地買左野任佢講啦
46 : 自動波人(1313)@2012-08-05 20:46:32

買乜??
47 : greatsoup38(830)@2012-08-05 20:46:59

46樓提及
買乜??


那間美國公司
48 : GS(14)@2012-08-10 12:14:25

http://www.hkexnews.hk/listedco/ ... TN20120809616_C.pdf
中慧國際控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於2012年8月9
日（香港聯合交易所有限公司（「聯交所」）交易時段結束後），本公司與一家獨立
於本公司及其附屬公司及關連人士（定義見上市規則）且與彼等並無關連之第三方
（「目標公司」）訂立意向書（「意向書」），內容有關本公司（或其附屬公司）擬以暫
定總代價15,000,000港元向目標公司認購相當於其經擴大已發行股本逾50%之新股
份（須（其中包括）待本公司圓滿完成對目標公司之盡職審查及各訂約方訂立正式
協議後方可作實）（「建議認購事項」）。
本集團主要從事提供電子產品製造服務（「電子產品製造服務」）及經營分銷業務。
截至2010年底，本集團之電子產品製造服務業務已擴展至生產保健及嬰兒護理電
子產品之小眾市場，且本集團繼續致力於開發具有高增長潛力之產品。目標公司
（透過其附屬公司）為廣泛無線產品及周邊產品之分銷商，同時為提供終端對終端
無線連接解決方案及高水平技術支援之提供商，業務遍及亞洲及其他地區。本公
司董事認為，建議收購目標公司之大部份股權將為本公司提供機遇獲取發展高端
專門通訊產品之額外技術專長及商機。
49 : GS(14)@2012-08-14 11:32:00

http://www.hkexnews.hk/listedco/ ... TN20120813501_C.pdf
誠如該公告所披露，本集團之純利預計減少乃由於（其中包括）本集團之新投資
業務仍處初步階段。董事會謹此提供有關本集團新投資業務之其他資料。於2011
年，本集團投資三項新業務，即
(i)電子遊戲配件公司G.A.E.M.S., Inc.，該公司尚未完全拓展其分銷網絡及開發其新產品；
(ii)建立新的中國分銷網絡（包括在上海設立銷售辦事處及開發電子商務平台）；
及(iii)在印度開展新業務，截至2012年6月30日，該業務營運仍處於籌備階段。

截至2012年6月30日止六個月，該三個項目均為本集團帶來經營虧損，有關該等經營虧損之進一步資料將預期於2012年8月末刊發之中期業績公告內披露。
50 : GS(14)@2012-08-31 15:23:59

http://www.hkexnews.hk/listedco/ ... TN20120829760_C.pdf
業績摘要
● 收入為630,900,000港元，按年增長5.4%
● 議決派付中期股息每股1.5港仙
● 股份發售所得款項依照本公司日期為二零一一年一月十四日的招股章程應
用

盈利跌70%，至800萬，債一般

期內， 本公司擁有人應佔本集團溢利下降至12,600,000港元（二零一一年：
26,900,000港元）。該下降乃由於本公司擁有人需要為香港以外的新業務分擔經營
虧損為8,300,000港元（二零一一年：無），加上工資及原材料成本增加造成其他
業務分部（主要包括電子製造服務業務）溢利下降總額達6,000,000港元。新業務
虧損乃由於i)在發展G.A.E.M.S.Inc（「GAEMS」）業務的開支增加，用以全面拓展
其分銷網絡及發展新型號的產品（分佔虧損5,300,000港元）；ii)擴大中國的銷售網
絡，包括於上海設立營銷中心及發展電子商貿平台（虧損1,200,000港元）；及iii）
於印度成立新業務單位（分佔虧損1,800,000港元）。

...
展望
儘管歐元區的主權債務危機尚未解決，美國經濟亦持續放緩，但本集團專注發展
獨特市場及多元化業務發展的策略行之有效，能有助其營運抵禦不明朗的市況。
此外，本集團於下半年的訂單有所上升，因此管理層對於改善業務表現保持審慎
樂觀。
本集團將繼續著重發展遊戲配件分銷業務。本集團於本年五月底與微軟達成協
議，其GAEMS Sentry and Vanguard Personal Gaming Environments（ PGETM） 將獲
微軟正式認可用於Xbox 360®產品，並於北美、歐洲以至中東的Xbox 360®指定零
售店及其他零售點發售。本集團將藉著該協議及更多市場據點進一步提升GAEMS
產品銷售及品牌知名度。此外，管理層亦計劃透過開發更多產品從而加強與微軟
的業務聯繫，相信此舉會有利GAEMS業務發展。
多元化市場發展繼續是本集團的主要增長策略，考慮到亞太區內新興市場的消費
者日趨富裕，本集團將制定適當策略擴大於此等地區的據點。於中國上海設立營
銷中心及於印度清奈發展電子製造服務業務後，本集團正發掘於中國及其他亞洲
地區拓展分銷網絡的可能性。
本集團亦積極擴大專為獨特市場而設的產品組合，以滿足更多不同市場的需要。
例如，本集團將於下半年推出採納新一代科技的TrekStor電子書閱讀器型號，為
用戶帶來更舒適的閱讀體驗。屬於電訊產品的新產品VoIP中小企電話系統亦剛剛
推出市面，能為中小企提供綜合通訊方案。
雖然市況仍未明朗，本集團將繼續評估能與現有業務締造協同效益及有利長遠業
務發展的合適併購機會。於二零一二年八月初，本集團訂立一份有關建議收購目
標公司的意向書，該目標公司為無線產品及周邊產品開發商及分銷商，同時提供
無線終端連接解決方案及技術支援，其業務遍及亞洲及其他地區，此將可輔助本
集團現有業務的發展。
展望未來，管理層深信，透過當前的多元化業務發展策略，加上穩固的業務基礎
及嚴格的成本控制，本集團不但能應對環球經濟不穩的狀況，並能藉著市場整合
強化自身實力。
51 : GS(14)@2012-09-18 01:01:57

http://www.hkexnews.hk/listedco/ ... TN20120916011_C.pdf
於2012年9月14日交易時段結束後，本公司全資附屬公司Calibre及本公司與
Fargo Telecom、Fargo Services及Unipoint訂立認購協議。認購協議涉及（其中
包括）由Calibre認購Fargo Telecom之563,830股新股份（佔Fargo Telecom經擴
大已發行股本53%），現金代價為15,000,000港元。Calibre亦與Fargo Telecom、
Fargo Services及Unipoint訂立股東協議。股東協議載有Fargo Telecom股東之權
利及義務。
董事會宣佈，其已批准訂立認購協議（惟以若干先決條件為規限）及已批准訂
立股東協議。
假設本公司於完成後收購Fargo Telecom額外42.3%權益， 而最高上限為
20,000,000港元，則收購Fargo Telecom之95.3%權益之代價總額將為35,000,000
港元。由於根據上市規則，認購協議之適用百分比比率超過5%但少於25%，認
購協議構成上市規則第14章項下本公司的須予披露交易。
...
本公司、本集團及FARGO TELECOM之資料
本公司為投資控股公司。本集團主要從事提供電子製造服務及經營分銷業務。本
集團之電子製造服務業務擴充至健康護理及嬰兒護理電子產品之利基市場。本集
團仍積極發展具高增長潛力之產品。
Fargo Telecom透過其附屬公司分銷多種無線產品及周邊產品，並於亞洲及其他地
區提供端對端無線連接解決方案及高水平技術支援。
於本公告日期，Fargo Services擁有Fargo Telecom 90%之權益，餘下10%之權益由
Fargo Telecom之管理團隊透過Unipoint擁有。
Fargo Telecom截至2012年3月31日止兩個年度各年之業績如下：
截至2012年
3月31日止年度
截至2011年
3月31日止年度
（百萬港元） （百萬港元）
（未經審核） （未經審核）
除稅前綜合純利5.1 21.8
除稅後綜合純利4.1 21.8
於2012年3月31日，(i) Fargo Telecom之未經審核綜合有形資產淨值約為3,200,000
港元；及(ii) Fargo Telecom之未經審核綜合資產淨值約為14,500,000港元。
訂立認購事項之原因及裨益
董事相信建議收購Fargo Telecom之股權權益將為本集團提供取得額外專業技術及
發展高端利基通信產品之商機。
董事認為Fargo Telecom之業務（包括於中國、印度及越南分銷2G/3G/RF/Wi-Fi模
組、製造及銷售GPS模組、M2M無線數據機及多樣式之閘道器，以及系統整合、
量身訂制之M2M裝置、內置及支援軟件發展及機械設計）可配合本集團之現有業
務。此外，董事認為認購事項將擴大本集團之產品系列，且經擴大集團將可踏足
於中國、印度、俄羅斯、巴西及其他國家之市場。
董事會對電信市場之前景抱樂觀態度，並認為認購事項將為本集團之投資提供堅
實之基礎。董事會亦相信認購事項將擴大本公司之業務範圍，擴闊其收入來源，
並對本集團日後之整體盈利帶來正面貢獻。
52 : GS(14)@2012-10-07 23:57:47

2012-10-03 HT
併購不是點火頭 電子代工品牌路   

　　去年上市的中慧國際（01143），做電子產品代工起家，4年前從收購開展其品牌之路。取得美國RCA品牌北美獨家代理及收購過3間公司，其主席鄭衡嶽表示：「收購並非到處起火頭，但未來會繼續以此模式，同時發展生產和品牌業務。」

...

　　截至今年6月底，中慧上半年業績欠佳，盈利按年大跌53.2%。鄭衡嶽解釋盈利下降背後有2大原因：「上半年是電子業傳統淡季；去年10月收購的電子遊戲配件設計商GAMES，其旺季在聖誕，去年成績並未反映至中慧業績中。」

　　但迄今下半年定單已有所回升，料全年情況理想，故仍然會勇於收購，拓展業務。

天時地利 1年併購2公司

　　在不足1年時間內收購兩間公司，鄭衡嶽認為公司並非急進：「上一個收購業務穩定後，才尋找第二個。去年10月收購GAMES，到今年9月底才收購Fargo，是一個合理和健康的速度。若經濟環境太好，我們未必能得到此機會，價錢也會很貴。我不知道下個收購機會何時才到來，但要公司財力和管理有能力做到時，才會看下一個收購時機。」

　　無論是GAMES、Fargo，還是09年底收購陷於財困的德國電子產品生產商TrekStor，中慧的持股比例都約為51%。鄭衡嶽解釋為何不全資收購：「收購多數在海外，原有股東和管理層繼續持股，更有動力為公司帶來最大利益。他們對公司有信心，但缺乏資金和業務整合的元素，需要中慧投入資金和管理知識。」他續指，不會介入收購公司的日常運作，但會介入管理層決策，檢討業務發展策略，以及建構跨平台網絡合作。

獨立運作 激活內部競爭

　　中慧過往3次收購的對象，原本都是其合作客戶。鄭衡嶽認為，就對方的工作、業務和管理層都有了解，股份合作形式可令業務發展得更好，並非單純的投資收購，未來在科研上可以合作。「如Fargo開發無綫電技術的原件，以前我們的相關技術只會用在自己開發的成品，不知如何單純做原件賣給其他公司，現在可利用其銷售渠道，將工程技術發揚光大。」

　　但中慧會繼續保持每個品牌都相對獨立運作：「若有限制，會窒礙各品牌技術的發展和控制成本。我們需要內部競爭，增強公司的效率。」除了品牌業務，中慧主要從事電子產品代工生產，包括高毛利的醫療、汽車電子產品。「不會為了擴大業務而放棄毛利率，如醫療產品未有足夠的市場網絡，就未有能力做品牌。」


TrekStor藉電子書翻身   

　　至於09年底收購陷於財困的德國電子產品生產商TrekStor，去年錄得可觀的銷售額，達3.35億元，佔總收入約25.6%。鄭衡嶽認為其業務已打穩，並見盈利：「TrekStor生產的電子書閱讀器，在歐洲市場較受歡迎。」

　　電子書一直是亞馬遜Kindle的天下，但亞馬遜與沃爾瑪交惡，實體零售店放棄銷售Kindle。鄭衡嶽指，知道電子書市場競爭激烈：「但零售店會選擇Kindle以外的產品繼續售賣電子書。我們暫時未能挑戰Kindle的地位，但在Kindle以外，TrekStor能進入銷售三甲。目前我們與書商合作，他們提供內容，我們開發軟件平台和硬件，並非單純做生產。」

做廠與做品牌大不同   

　　中慧國際92年在港成立，從事電子產品製造，亦為電訊公司生產電訊產品，2000年開始涉足非電訊電子產品市場。直至09年機緣巧合，取得RCA在北美中小企商業電話系統的特許權，擁有設計、生產、直接銷售話事權，正式開展品牌業務。目前協議已延長至2018年。

　　「公司今年踏入20年，正式開始做品牌只是3、4年前的事。頭16年一直想做，但礙於我們做廠，心態未能打破，也未有找到合適的人選和渠道。」鄭衡嶽坦言，開展品牌業務是每個廠家的夢想，但過程艱巨，並非人人能做到。

　　「首先業務心態不同：做廠，你給我1萬套定單，我就買1萬套料，安排生產。但做品牌銷售，我未推出市場，要先評估再買料、生產，希望一炮而紅，但也可能不成功。訂料、生產、付運，需要很長的時間，之前要靠銷售和市場團隊估算清楚。我們做品牌和代工生產業務，也是分開兩批人。」
53 : greatsoup38(830)@2012-12-22 11:07:22

http://www.hkexnews.hk/listedco/ ... TN20121221815_C.pdf
茲提述本公司於二零一二年八月三日、二零一二年八月十三日之公告及本公司截
至二零一二年六月三十日止期間之中期報告。中慧國際控股有限公司（「本公司」）
董事會（「董事會」）謹此通知本公司股東（「股東」）及有意投資者，預期本公司及
其附屬公司（「本集團」）截至二零一二年十二月三十一日止年度錄得之盈利將較截
至二零一一年十二月三十一日止年度錄得之盈利大幅倒退。
預期本集團純利下跌主要由於（其中包括）：
(i) 全球經濟下滑及海外市況不利；
(ii) 本集團於新業務之經營虧損，包括：(a)於美國之電子遊戲配件附屬公司尚未
全面拓展其分銷網絡；(b)於中國的銷售網絡（包括在上海設立銷售中心及開
發電子商務平台）在起步階段；及(c)在印度開展新業務，但生產計劃仍未展
開。該等項目將很可能為本集團截至二零一二年十二月三十一日止年度帶來
經營虧損；及
(iii) 本集團之電子製造服務分部及分銷業務分部之經營費用及勞工成本上升。
54 : greatsoup38(830)@2013-04-06 22:54:22

http://www.hkexnews.hk/listedco/ ... TN20130321948_C.pdf
1143
降84%，至800萬元，重債
55 : GS(14)@2013-08-30 16:18:15

1143
虧損降50%，至200萬，輕債
56 : porteryau(2825)@2013-10-08 11:12:02

今日突然暴升
57 : greatsoup38(830)@2013-10-08 22:18:54

56樓提及
今日突然暴升


可能都是炒爛殼吧
58 : nhizlee(26265)@2013-10-08 22:23:02

57樓提及
56樓提及
今日突然暴升


可能都是炒爛殼吧

del
59 : porteryau(2825)@2013-10-09 11:14:51

IT概念 發瘋
60 : greatsoup38(830)@2013-10-09 21:46:45

59樓提及
IT概念 發瘋


一日貨仔
61 : iniesta(1400)@2013-10-09 22:28:06

59樓提及
IT概念 發瘋


呢隻何來會有IT概念?
只是一檔爛爛地的EMS電子工廠罷了
62 : porteryau(2825)@2013-10-18 13:45:30

SUPPORT
63 : greatsoup38(830)@2013-10-19 11:08:33

62樓提及
SUPPORT


下次不要留這些內容的言論，否則扣分
64 : GS(14)@2013-11-11 22:02:02

好痛苦
65 : 0o4(31752)@2013-11-12 23:24:00

greatsoup在64樓提及
好痛苦


唔明你意思,做咩無啦啦痛苦?
66 : greatsoup38(830)@2013-11-12 23:26:04

0o4在65樓提及
greatsoup在64樓提及
好痛苦


唔明你意思,做咩無啦啦痛苦?


無買到，好討厭
67 : 0o4(31752)@2013-11-12 23:31:48

greatsoup38在66樓提及
0o4在65樓提及
greatsoup在64樓提及
好痛苦


唔明你意思,做咩無啦啦痛苦?


無買到，好討厭


你現在買都唔係遲啦
68 : greatsoup38(830)@2013-11-12 23:33:26

0o4在67樓提及
greatsoup38在66樓提及
0o4在65樓提及
greatsoup在64樓提及
好痛苦


唔明你意思,做咩無啦啦痛苦?


無買到，好討厭


你現在買都唔係遲啦


唔買啦，等其他
69 : Wilbur(1931)@2013-11-13 16:14:27

greatsoup38在68樓提及
0o4在67樓提及
greatsoup38在66樓提及
0o4在65樓提及
greatsoup在64樓提及
好痛苦


唔明你意思,做咩無啦啦痛苦?


無買到，好討厭


你現在買都唔係遲啦


唔買啦，等其他


見到都痛
70 : 0o4(31752)@2013-11-13 16:17:52

Wilbur在69樓提及
greatsoup38在68樓提及
0o4在67樓提及
greatsoup38在66樓提及
0o4在65樓提及
greatsoup在64樓提及
好痛苦


唔明你意思,做咩無啦啦痛苦?


無買到，好討厭


你現在買都唔係遲啦


唔買啦，等其他


見到都痛


算啦,機會多
我都係沈晚先知,今日食得少少
71 : greatsoup38(830)@2013-11-13 22:34:31

0o4在70樓提及
Wilbur在69樓提及
greatsoup38在68樓提及
0o4在67樓提及
greatsoup38在66樓提及
0o4在65樓提及
greatsoup在64樓提及
好痛苦


唔明你意思,做咩無啦啦痛苦?


無買到，好討厭


你現在買都唔係遲啦


唔買啦，等其他


見到都痛


算啦,機會多
我都係沈晚先知,今日食得少少


我上一次業績前已經想賣，唉
72 : kennyice(39871)@2013-11-14 10:35:47

greatsoup38在71樓提及
0o4在70樓提及
Wilbur在69樓提及
greatsoup38在68樓提及
0o4在67樓提及
greatsoup38在66樓提及
0o4在65樓提及
greatsoup在64樓提及
好痛苦


唔明你意思,做咩無啦啦痛苦?


無買到，好討厭


你現在買都唔係遲啦


唔買啦，等其他


見到都痛


算啦,機會多
我都係沈晚先知,今日食得少少


我上一次業績前已經想賣，唉

點解無買呢? 佢又升了.
73 : greatsoup38(830)@2013-11-14 22:10:18

覺得蝕緊錢仲要等
74 : thomasgp02a(16679)@2013-11-19 09:30:59

孫柏文咁大影響力！？
75 : stockwinner(6666)@2013-11-19 10:03:12

thomasgp02a在74樓提及
孫柏文咁大影響力！？


講左乜??
76 : nhizlee(26265)@2013-11-19 10:06:20

stockwinner在75樓提及
thomasgp02a在74樓提及
孫柏文咁大影響力！？


講左乜??


又係不問價追
77 : greatsoup38(830)@2013-11-19 22:34:16

血都噴埋出來
78 : Wilbur(1931)@2013-11-19 22:37:38

greatsoup38在77樓提及
血都噴埋出來


算把啦,你最多咪買一萬蚊












(賺下都好oY smiley)
79 : chinesecheung(32113)@2013-11-19 22:39:05

I look up CNET on the comment of the gadget, my understanding of their comment is only fair.
80 : greatsoup38(830)@2013-11-19 23:00:54

Wilbur在78樓提及
greatsoup38在77樓提及
血都噴埋出來


算把啦,你最多咪買一萬蚊







(賺下都好oY smiley)


2皮野呀
81 : greatsoup38(830)@2013-11-19 23:01:15

chinesecheung在79樓提及
I look up CNET on the comment of the gadget, my understanding of their comment is only fair.


但是那個價錢8厘幾息，當破產股買都好啦
82 : kennyice(39871)@2013-11-19 23:19:59

greatsoup38在80樓提及
Wilbur在78樓提及
greatsoup38在77樓提及
血都噴埋出來


算把啦,你最多咪買一萬蚊







(賺下都好oY smiley)

仲有無好推介呀

2皮野呀
83 : iniesta(1400)@2013-11-20 00:46:43

呢隻野真係估佢唔到
孫柏文我吊你老母
84 : greatsoup38(830)@2013-11-20 01:06:52

kennyice在82樓提及
greatsoup38在80樓提及
Wilbur在78樓提及
greatsoup38在77樓提及
血都噴埋出來


算把啦,你最多咪買一萬蚊







(賺下都好oY smiley)

仲有無好推介呀

2皮野呀


你睇我仲有無貨，我無啦
85 : greatsoup38(830)@2013-12-10 23:06:08

http://hkstockinvestment.blogspo ... 6.html#comment-form
derek2013年12月9日 上午12:31

偉哥, 1143仲有無跟進?
回覆
回覆

  偉哥2013年12月9日 上午12:47

  1143沽清之後，股價再大升，沒有再跟進。

  估不到有財演會吹到咁大，散戶高位追入的，現在陷入兩難：止蝕還是等運到。

  現價基本上沒有投資價值，如果說還有得博的話，也不是博業績大翻身，而是博賣盤，正如我8月初是曾品題：

  "14. 中慧國際控股 (01143)：近日出盈警投機性買入少少，博此股業績衰，大股東會否心灰意冷，賣盤套現。可能又是長年累月的等候，不建議網友跟買。(八月業績期尋寶 (一) "
86 : greatsoup38(830)@2014-01-15 00:00:30

買印度地產
87 : 史密夫(4415)@2014-02-07 00:55:58

湯才， 1143今日升左20%， 本身想入市的（其實是從你那個1000元以下賣什麽股那邊發掘出來）， 你怎樣看今天升的原因？讓小弟學習一下。
88 : greatsoup38(830)@2014-02-07 00:57:30

史密夫在87樓提及
湯才， 1143今日升左20%， 本身想入市的（其實是從你那個1000元以下賣什麽股那邊發掘出來）， 你怎樣看今天升的原因？讓小弟學習一下。


這個沒原因，都是跌得太多，技術上反彈
89 : syaoranc(35116)@2014-03-23 12:22:28

或然負債...
90 : greatsoup38(830)@2014-03-23 22:25:35

1143

維持賺700萬，重債
91 : GS(14)@2014-07-25 17:13:56

no profit
92 : GS(14)@2015-01-15 18:06:24

profit fall
93 : GS(14)@2015-04-09 16:48:15

盈利降75%，至1,800萬，重債
94 : GS(14)@2015-04-27 11:58:52

轉虧6,000萬，重債
95 : FEEL(1305)@2015-04-27 23:20:54

http://www.hkexnews.hk/listedco/ ... N201504271581_C.pdf
96 : greatsoup38(830)@2015-04-27 23:37:37

FEEL在95樓提及
http://www.hkexnews.hk/listedco/listconews/sehk/2015/0427/LTN201504271581_C.pdf


竟然賣畀582老細，每股2個幾，難道想炒上5蚊?
97 : Clark0713(1453)@2015-07-31 01:05:20

盈利警告
98 : GS(14)@2015-07-31 18:15:04

profit warning
99 : FEEL(1305)@2015-08-11 23:36:35

終於復牌
http://www.hkexnews.hk/listedco/ ... TN20150811956_C.pdf
100 : Winston(53949)@2015-08-19 02:46:09

今日跌穿要約價，仰智慧搞什麼名堂？係咪玩縮沙？
現在老千股，愈來愈神化
101 : greatsoup38(830)@2015-08-19 11:42:43

Winston在100樓提及
今日跌穿要約價，仰智慧搞什麼名堂？係咪玩縮沙？
現在老千股，愈來愈神化


應該這樣才合理，市淡難做刁
102 : Clark0713(1453)@2015-08-25 00:09:48

二零一五年中期業績公告
103 : greatsoup38(830)@2015-08-25 01:34:10

維持虧1,600萬，重債
104 : Clark0713(1453)@2015-11-05 01:38:43

buy more 5% shares
105 : greatsoup38(830)@2015-11-06 00:26:35

very dry
106 : Clark0713(1453)@2015-11-06 00:43:22

其實同其他殼比唔算dry啦。
107 : greatsoup38(830)@2015-11-06 00:54:37

釋生不知如何玩呢?
108 : Clark0713(1453)@2015-11-10 00:58:17

$2.44 配79,700,000股新股
109 : greatsoup38(830)@2015-11-10 01:24:08

placing [email protected]
110 : greatsoup38(830)@2015-11-25 01:50:23

搞新野
111 : zlmmii(49978)@2015-11-27 08:36:42

昇到痴左
112 : greatsoup38(830)@2015-11-29 01:48:14

咁就10倍
113 : Clark0713(1453)@2015-12-16 00:00:38

"董事會建議將本公司英文名稱由「Telefield International (Holdings) Limited」更
改為「China Healthcare Enterprise Group Limited」，並將其雙重外國名稱由「中
慧國際控股有限公司」更改為「華夏健康產業集團有限公司」。"
114 : greatsoup38(830)@2015-12-16 00:02:46

神股
115 : greatsoup38(830)@2015-12-29 01:46:29

買藥業公司
116 : Clark0713(1453)@2015-12-30 00:32:48

$9.9 向華融出售smiley
117 : greatsoup38(830)@2015-12-30 00:45:26

華融真是大水魚啊
118 : 學習者(1436)@2015-12-30 01:19:07

仲有冇第2只賣比佢?今年股市很難賺錢!
119 : greatsoup38(830)@2015-12-30 01:27:42

暫時未看到
120 : greatsoup38(830)@2015-12-30 01:39:51

1246買入993、1143及439
121 : Clark0713(1453)@2016-01-27 00:04:17

買入#388
122 : GS(14)@2016-02-19 00:51:40

炒股
123 : Clark0713(1453)@2016-03-01 00:37:38

1股拆10股, 2000股改4000股
124 : GS(14)@2016-03-01 00:45:05

Clark0713在123樓提及
1股拆10股, 2000股改4000股


game over
125 : 太平天下(1234)@2016-03-01 01:01:12

greatsoup在124樓提及
Clark0713在123樓提及
1股拆10股, 2000股改4000股


game over


改了名？現上市公司中，名有健康2字的，無一間有福壽園(01448.HK) 業務咁實在， 呵呵
126 : GS(14)@2016-03-01 01:10:47

太平天下在125樓提及
greatsoup在124樓提及
Clark0713在123樓提及
1股拆10股, 2000股改4000股


game over


改了名？現上市公司中，名有健康2字的，無一間有福壽園(01448.HK) 業務咁實在， 呵呵


福壽園都fake fake 地....

健康就真是無啦
127 : greatsoup38(830)@2016-04-07 23:13:55

笑
128 : GS(14)@2016-06-23 16:41:36

buy rubbish
129 : greatsoup38(830)@2016-07-03 08:51:05

億幾按金
130 : fin_freedom(6594)@2016-07-04 14:20:18

我認為呢啲似另類財仔玩法

greatsoup38在129樓提及
億幾按金
131 : greatsoup38(830)@2016-07-05 00:38:24

fin_freedom在130樓提及
我認為呢啲似另類財仔玩法

greatsoup38在129樓提及
億幾按金


偷錢
132 : greatsoup38(830)@2016-07-21 00:29:19

笑
133 : greatsoup38(830)@2016-07-21 00:29:19

笑
134 : greatsoup38(830)@2016-07-21 00:29:20

笑
135 : greatsoup38(830)@2016-08-17 08:02:00

盈警
136 : GS(14)@2016-08-31 02:59:57

轉虧400萬，1.6億可變現資產
137 : GS(14)@2017-03-09 10:28:08

盈利警告
138 : GS(14)@2017-03-09 10:39:08

本 公 司 謹 此 宣 佈 ， 諒 解 備 忘 錄 已 根 據 諒 解 備 忘 錄 的 條 款 失 效 ， 而 賣 方 已 將 訂 金
140,000,000港元退還予買方。因此，賣方及目標公司各自就保證退還訂金而以買
方為受益人簽訂的抵押契約已解除。諒解備忘錄失效不會對本公司的業務及營運
造成任何不利影響。
139 : greatsoup38(830)@2017-03-29 04:13:53

轉虧8,700萬，9,000萬現金
140 : GS(14)@2017-05-10 17:10:12

1143 sell 1076
141 : greatsoup38(830)@2017-06-28 06:05:07

笑
142 : GS(14)@2017-07-19 09:23:01

BOSS INJECT GOOD THINGS
143 : GS(14)@2017-10-12 01:31:50

買垃圾套
144 : GS(14)@2017-10-12 01:31:50

買垃圾套
145 : GS(14)@2017-10-14 10:45:02

人頭認9.9億股@30仙
146 : GS(14)@2018-07-07 13:07:31

茲 提 述 華 夏 健 康 產 業 集 團 有 限 公 司（「 本 公 司 」）日 期 分 別 為 二 零 一 七 年 十 月 十 一
日、二零一八年二月九日、二零一八年三月二十九日及二零一八年五月三十一日
之 公 告（ 統 稱「 該 等 公 告 」）以 及 本 公 司 日 期 為 二 零 一 八 年 二 月 十 五 日 之 通 函（「 通
函 」）， 內 容 均 有 關 建 議 收 購 蘭 州 科 天 健 康 科 技 股 份 有 限 公 司 全 部 已 發 行 股 本 的
84.1 %（「建 議收 購 事項」）。除 本公 告 另有 界 定者 外 ，本 公告 所 用詞 彙 與該 等公 告
及通函內所界定者具有相同涵義。
董 事 會 宣 佈， 由 於 建 議 收 購 事 項 之若 干 條 件 未 能 於 二 零一 八 年 七 月 六 日（ 即 經 訂
約 方 押 後 之最 後 截 止 日 期 ）前 達 成 ， 故 買 賣 協議 及 補 充 協 議 已 告 失 效。 因 此 ， 訂
約方毋須就進行建議收購事項進一步履行責任，且概無訂約方將能據此向另一方
提出任何索償。
董事會認為買賣協議及補充協議失效將不會對本集團現有業務營運及財務狀況造
成任何重大不利影響。
147 : GS(14)@2018-08-02 10:43:57

SELL BUSINESS TO OLD BOSS
148 : GS(14)@2018-10-04 08:08:06

https://webb-site.com/articles/yangfreeze.asp
Breaking: SFC freezes up to HK$10.17bn of assets in 3 brokers
1 October 2018
In a set of Gazette Notices published on Friday (28-Sep-2018) but dated 17-Sep-2018, the SFC has ordered 3 brokers to freeze asse
PermaLink: https://articles.zkiz.com/?id=272516

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

毒人是什麼意思呢？

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

陳葉馮是變了國富浩華

買油買礦，必備好友smiley


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

11樓提及
陳葉馮是變了國富浩華

買油買礦，必備好友smiley


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


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

10樓提及
毒人是什麼意思呢？

這隻股很乾下@@


近毒股的人就叫毒人，傳媒的最佳朋友，炒上唔成就向下炒

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

11樓提及
陳葉馮是變了國富浩華

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


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

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

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

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

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

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

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

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


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

15樓提及
玩唔玩得過lei?
有冇人買@@


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

17樓提及
15樓提及
玩唔玩得過lei?
有冇人買@@


畀你拿到配售值得賭，毒成咁

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

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

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


唔怪之得的佢上次問啦，呢D野不如去Webb-site睇會仲多...

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

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


唔怪之得的佢上次問啦，呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊



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

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


唔怪之得的佢上次問啦，呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊



係啊，又識多了幾位朋友


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

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


唔怪之得的佢上次問啦，呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊



係啊，又識多了幾位朋友


多叫他們上線，我們未來好需要人，多過錢


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

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

24樓提及
我唔需要只要錢的人，那些要錢的人根本不明白核心觀念


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

25樓提及
24樓提及
我唔需要只要錢的人，那些要錢的人根本不明白核心觀念


其實我越來越贊成萬惡計劃


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

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


其實我越來越贊成萬惡計劃


我個人不希望搞這些，就算付錢都是付給長期網友



你這個是好提議
再者我和龍生還沒有好人選

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

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


其實我越來越贊成萬惡計劃


我個人不希望搞這些，就算付錢都是付給長期網友



你這個是好提議
再者我和龍生還沒有好人選

但，現在有沒有這樣的網友？


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

28樓提及


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



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

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

29樓提及
28樓提及


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



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作？


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

30樓提及
29樓提及
28樓提及


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



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作？


如果他們出來的話，就多找一個人領軍啦，或者拔刺者領住先...



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

31樓提及
30樓提及
29樓提及
28樓提及


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



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作？


如果他們出來的話，就多找一個人領軍啦，或者拔刺者領住先...


有沒有另一個？他經常性不在香港


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

32樓提及


其他人我也不懂，如果是咁，你睇睇可以找邊個領隊?


最慘我一個人也handle不了整個寫手團隊
否則派龍生去就最好

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

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

33樓提及
32樓提及


其他人我也不懂，如果是咁，你睇睇可以找邊個領隊?


最慘我不個人也handle不了整個寫手團隊
否則派龍生去就最好

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

最理想是每個領隊親身帶兩個寫手
現在我和龍生已經達到這個數


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

很難

有心有力有時間的人難找

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

35樓提及
很難

有心有力有時間的人難找

再者，三層已達一間小型公司的規模


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

36樓提及
35樓提及
很難

有心有力有時間的人難找

再者，三層已達一間小型公司的規模


就是想搞個低成本的組織，可以快速地搞大，然後就請部分網友


有個穩定的班底
再有穩定的現金流
就去馬

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

37樓提及
36樓提及
35樓提及
很難

有心有力有時間的人難找

再者，三層已達一間小型公司的規模


就是想搞個低成本的組織，可以快速地搞大，然後就請部分網友


有個穩定的班底
再有穩定的現金流
就去馬

我最多可以放一半時間出來搞


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

38樓提及
37樓提及
36樓提及
35樓提及
很難

有心有力有時間的人難找

再者，三層已達一間小型公司的規模


就是想搞個低成本的組織，可以快速地搞大，然後就請部分網友


有個穩定的班底
再有穩定的現金流
就去馬

我最多可以放一半時間出來搞


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



每樣都不能急
但也不能慢

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

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

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



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

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


和經濟氣候有關？


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

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


和經濟氣候有關？


擴張成本，低成本就撐得住



你是對的
我對買office的興趣不大

但租的話怎樣看？
我和龍生去過睇一些工廠區office

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

一定唔會租office，買office的長遠利益高太多了

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

44樓提及
一定唔會租office，買office的長遠利益高太多了

如果經營到十幾二十年，就會看到差別，做唔掂都仲有本可以收番



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

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

如果經營到十幾二十年，就會看到差別，做唔掂都仲有本可以收番


但工廠的租金回報不吸引
似乎買不如租


唔是計租金，是計通漲，1年5%，10年複起來就62%了

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

借到錢買是一回事

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

47樓提及
借到錢買是一回事

若不借錢
我不見得我拿著的資金做投資的回報會跑輸通賬


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

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

48樓提及
47樓提及
借到錢買是一回事

若不借錢
我不見得我拿著的資金做投資的回報會跑輸通賬


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


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

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

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


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

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

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


你有你的道理
我很希望可以快點跟你一起工作
一起搞好這個forum


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

52樓提及
時間未到講甚麼都是空談


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

54樓提及
52樓提及
時間未到講甚麼都是空談


只差一步
你不明白
因為龍生還未跟你說他的計劃


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

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

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

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

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

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

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

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

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

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

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

咪即係我地做那些? 我就睇你幾多錢...



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

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

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

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

63樓提及
如果佢賣到呢個價錢，我就可以賣貴D



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

是人
66 : GS(14)@2011-07-19 21:49:36

64樓提及
63樓提及
如果佢賣到呢個價錢，我就可以賣貴D


其實你知唔知rf最值錢的是甚麼？


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

66樓提及
64樓提及
63樓提及
如果佢賣到呢個價錢，我就可以賣貴D


其實你知唔知rf最值錢的是甚麼？


我都覺得係個人



可惜這個人不能賣
我亦不想這個人被買

哈哈
68 : GS(14)@2011-07-20 22:25:26

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

68樓提及
你都有少少份ga


我只是small potato
湯你才是主角

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

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

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

但好似不是你心中所想的那種公司

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

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

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

其實嚴格來講是一個公關公司...但是性質類似我地...

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

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

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

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

73樓提及
佢個網站寫得幾好喎，夠簡潔清楚。


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

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

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

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

該股半日收報0.243元，跌19%，成交62.87萬元。


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

75樓提及
股價由上市之後跌剩0.25, 究竟佢地咁係咪昆佢地班投資者


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

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

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

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

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

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

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

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

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

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

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

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

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

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

8193

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

8193

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

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

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

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

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

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

jacksonwai1985在94樓提及
呢隻由上個月17號開始日日螞蟻操兵錦由兩毫幾升到五毫，會唔會係2月12號股東會前有人偷步入 ? 而家有盈警就
應該唔關業績事啦。


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

8193

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

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



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



進軍中東

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

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

將迪拜作進軍中東橋頭堡

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

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

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

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

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



2011年 迪拜外商直接投資(FDI)排名十強

國家/地區 百分比 金額 (億美元)

1.英國 20.1 84.23

2.印度 8.5 35.50

3.日本 7.3 30.76

4.法國 5.1 21.55

5.美國 4.8 20.16

6.瑞士 4.8 20.04

7.伊朗 4.0 16.77

8.荷蘭 3.0 12.71

9.中國香港 3.0 12.63

10.英屬處女群島 2.3 9.61



Source: Dubai Statistics Centre




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


▲漢華專業服務有限公司董事總經理葉國光在迪拜當地開設全資擁有的公司。


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

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

jacksonwai1985在98樓提及
湯財你覺得佢二供一 @0.2 動機如何呀？


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

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

股權集中
102 : GS(14)@2014-08-13 10:59:46

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

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

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

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

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

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

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

205認購14億股，又配售26億股@0.1
110 : GS(14)@2015-07-23 02:24:25

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

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

Bubbles and troubles in Hong Kong
24th September 2015

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CAID's new INED or mooncake coordinator

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

China 33 Media (8087)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Lerado interim results show massive gain

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

L&A (8195)

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

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

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

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

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

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

© Webb-site.com, 2015
113 : GS(14)@2015-10-21 03:19:33

買垃圾
114 : GS(14)@2015-10-25 14:12:38

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

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

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

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

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

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

炮哥在118樓提及
看來原主連原有業務都不要了


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

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

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

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

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

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

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

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

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

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

盈警
131 : GS(14)@2016-08-19 17:17:04

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

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

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

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

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

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

買球會
136 : GS(14)@2016-10-20 11:21:14

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

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

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


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

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

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

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

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

內幕消息
本公告乃漢華專業服務有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據
香港法例第571章證券及期貨條例第XIVA部及香港聯合交易所有限公司創業板證
券上巿規則（「創業板上巿規則」）第17.10條作出。
於2017年4月20日，本公司董事（「董事」）會（「董事會」）得悉，本公司執行董事葉
頌偉先生（「葉先生」）被廉政公署拘捕。
董事會認為，於本公告日期，葉先生被拘捕對本集團並無重大不利影響，而本集
團的業務及營運維持正常。除上文披露者外，董事會並不知悉任何其他未發佈的
內幕消息。
144 : GS(14)@2017-04-22 09:02:07

本公司董事（「董事」）會（「董事會」）得悉，執行董事葉頌偉先生（「葉先生」）被廉政
公署拘捕。基於董事會目前可得資料，董事會認為葉先生因涉嫌個人參與與本集
團並無關連之事宜而被拘捕。
董 事會 已於 2017 年 4 月21 日起 暫停 葉 先生 之執 行董 事 職務 ，直 至 另行 通知 為 止。
本公司將於適當時候另行提供最新資料。
145 : greatsoup38(830)@2017-04-23 19:03:12

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

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



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

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


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

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

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

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

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

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

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

本公司董事會（「董事會」）謹此通知本公司股東及有意投資者，根據本集團未經審核
綜合管理賬目，與截至二零一六年六月三十日止三個月相比，預期本集團截至二零一
七年六月三十日止三個月（「期內」）將會錄得重大虧損，此乃出售按公允價值計入損
益的金融資產之重大虧損及由於股票市場環境波動導致按公允價值計入損益的金融資
產之公允價值變動所致。
153 : GS(14)@2017-11-09 06:46:47

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

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

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

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

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

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

盈警
159 : GS(14)@2018-06-26 08:04:05

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

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

漢華專業服務有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合
交易所有限公司GEM證券上市規則（「GEM上市規則」）第17.10 (2)條及香港法例第
571章證券及期貨條例第XIVA部的內幕消息條文（ 定義見GEM上市規則 ）作出本公
告。
本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及有意投資者，根據本公
司截至二零一八年九月三十日止六個月（「本期間」）未經審核綜合管理賬目，與截
至二零一七年九月三十日止六個月相比，預期本集團於本期間將會錄得虧損減少
介乎約80 %至90 %，主要由於本期間按公允價值計入損益的金融資產之公允價值
虧損約10,700,000港元所致。
本公告所載資料僅為根據於本公告日期未經本公司審核委員會確定或審閱及尚未
最終落實之本集團於本期間之未經審核綜合管理賬目作出之初步評估。有關本集
團於本期間之業績進一步詳情預期將於二零一八年十一月九日公佈。
162 : GS(14)@2018-11-03 08:54:19

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

虧，輕債
164 : GS(14)@2019-01-30 23:51:08

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