ZKIZ Archives


德普科技(3823): 高賣低買真高手

http://www.hkexnews.hk/listedco/listconews/sehk/2016/0807/LTN20160807012_C.pdf

公司宣佈以一般授權配售13億新股及特別授權13億新股,每股25仙,集資6.5億,該批股票佔擴大後股本約28%,取得這批股已足夠成為大股東。

如果是有心人把股票大手於30仙以上出售,然後以低價補回,這可是一盤不錯的生意啊,順便騙騙那班滬港通貪平的國內老散一記悶棍.....

這樣可能也可以發展一套新的炒作模式,就是基金騙不了,就騙無知散戶模式。

無實力股票始終都要靠騙人為生,可悲也。

德普 科技 3823 高賣 賣低 低買 買真 高手
PermaLink: https://articles.zkiz.com/?id=209038

德普科技(3823)專區(關係:0899、1142)

1 : GS(14)@2010-08-23 23:56:45

(blank)
2 : GS(14)@2010-08-23 23:57:03

http://www.hkexnews.hk/listedco/ ... TN20100823595_C.pdf
3 : GS(14)@2010-08-24 00:19:38

http://www.hkexnews.hk/listedco/ ... TN20100823591_C.pdf
4 : GS(14)@2010-09-14 22:49:12

http://www.hkexnews.hk/listedco/ ... TN20100914541_C.pdf
5 : GS(14)@2010-09-21 23:29:50

http://www.hkexnews.hk/listedco/ ... TN20100921641_C.pdf
6 : GS(14)@2010-10-01 19:22:11

http://www.hkexnews.hk/listedco/ ... TN20100930339_C.pdf
7 : wsl8173(3935)@2010-10-04 19:43:37

899会不会成为第二个国美?手法很相近,价格走势也相似,同为詹培忠的壳公司。
8 : GS(14)@2010-10-04 20:44:53

7樓提及
899会不会成为第二个国美?手法很相近,价格走势也相似,同为詹培忠的壳公司。


應該不會了,隻股太多蟹貨了,詹先生的殼股有好多隻,相近的仲有聯太工業、林麥等等,表現後者較賣了殼也不見得好,就如761、986、136等,如果他賣了殼還有一定的表現,暫時都是得761
9 : wsl8173(3935)@2010-10-04 21:50:41

仔细研读493国美2004年2月5日正式装入资产前的股价走势,90%以上的时间都在跌,散户赚钱的时间和幅度都很小。2003年3月前的股价都在4毛以上,然后一直下跌洗盘1年,这中间大股东通过低价扩股,实现对壳的置换和绝对控股。股价在2004年2月25日实现暴涨,但是暴涨后的幅度也就是到0.5元,就是2003年3月暴跌前的价位,然后掉头向下,再次暴跌到0.18元左右,然后50股合一股,合股后股价暴跌,再次实现对小股东的侵害。可以说,真正在493赚到钱不多,即使内幕消息人事在2003年4月份之前拿货,一样赚不到钱,而且如果没有耐性,会在以后的低价区间0.2左右跑掉,白白给庄家送钱。
不知道我理解的对不对,请汤财兄指点。谢谢!
10 : GS(14)@2010-10-04 21:53:35

9樓提及
仔细研读493国美2004年2月5日正式装入资产前的股价走势,90%以上的时间都在跌,散户赚钱的时间和幅度都很小。2003年3月前的股价都在4毛以上,然后一直下跌洗盘1年,这中间大股东通过低价扩股,实现对壳的置换和绝对控股。股价在2004年2月25日实现暴涨,但是暴涨后的幅度也就是到0.5元,就是2003年3月暴跌前的价位,然后掉头向下,再次暴跌到0.18元左右,然后50股合一股,合股后股价暴跌,再次实现对小股东的侵害。可以说,真正在493赚到钱不多,即使内幕消息人事在2003年4月份之前拿货,一样赚不到钱,而且如果没有耐性,会在以后的低价区间0.2左右跑掉,白白给庄家送钱。
不知道我理解的对不对,请汤财兄指点。谢谢!


不是50合1,是40合1
http://www.hkexnews.hk/listedco/ ... TN20040607023_C.PDF

內幕人士不在這些購股賺錢,是以空氣交易換到大量股票賣掉賺錢...
11 : wsl8173(3935)@2010-10-04 21:56:35

对,通过极度高估资产包括空气赚钱。散户跟进几乎很难赚钱,即使你跟的时间非常对,也是利润有限。对吗?
12 : GS(14)@2010-10-04 21:57:42

11樓提及
对,通过极度高估资产包括空气赚钱。散户跟进几乎很难赚钱,即使你跟的时间非常对,也是利润有限。对吗?


就是這樣,除非你有錢得可以買個上市公司玩玩,又有資產注入,否則買這些股不太划算
13 : wsl8173(3935)@2010-10-05 18:22:54

1132橙天嘉禾,影院业务暂时受到挫折,市盈率不高,现金水平高,而且预计未来2年的成长是看得到的。
417 谢瑞麟,先进水平高,市盈率不高,有内地消费名牌和连锁概念,由于股权之争,股价受影响。
愿听汤财兄高见。
14 : wsl8173(3935)@2010-10-05 18:28:22

汤财兄,我最近关注533金利来,分红率高,现金水平高,市盈率底,而且又是多年的名牌产品。
1132橙天嘉禾,影院业务暂时受到挫折,市盈率不高,现金水平高,而且预计未来2年的成长是看得到的。
417 谢瑞麟,先进水平高,市盈率不高,有内地消费名牌和连锁概念,由于股权之争,股价受影响。
愿听汤财兄高见。
15 : wsl8173(3935)@2010-10-05 21:14:56

已看到在手记上的留言,非常感谢!
16 : GS(14)@2010-10-05 21:18:45

15樓提及
已看到在手记上的留言,非常感谢!


不如下次你在這兒回覆,可以嗎?
http://realforum.zkiz.com/thread.php?tid=5782
17 : wsl8173(3935)@2010-10-05 21:25:55

好,谢谢!
18 : GS(14)@2011-01-08 18:28:13

http://www.hkexnews.hk/listedco/ ... TN20110107433_C.pdf
獨立非執行董事、審核委員會主席兼審核委員會及薪酬委員會成員之委任
譚德華先生獲委任接替黃鎮雄先生為獨立非執行董事、審核委員會主席兼審核委員會及薪酬委員會成員,自二零一一年一月七日起生效。

譚德華先生,45歲,為香港會計師公會及英國特許公認會計師公會之資深會員。譚先生於會計、企業融資及企業發展方面擁有逾二十年經驗。目前,彼為駿新能源集團有限公司之執行董事及西伯利亞礦業集團有限公司之獨立非執行董事,該等公司均於聯交所主板上市。譚先生於二零零四年至二零零九年間曾為國藝控股有限公司之獨立非執行董事,該公司於聯交所創業板上市。
19 : GS(14)@2011-01-17 22:55:45

http://www.hkexnews.hk/listedco/ ... TN20110117524_C.pdf
散貨

有關可能收購之諒解備忘錄
董事會宣佈,於二零一一年一月十七日(交易時段後),本公司一間全資附屬公司作為買方與賣方就可能收購訂立無法律約束力諒解備忘錄。
目標為於香港註冊成立之有限公司。目標集團將主要在中國從事生產、裝配、安裝及維護LED街燈及風力太陽能新能源產品之業務。

...

諒解備忘錄之主要條款
根據諒解備忘錄,建議買方將向賣方收購目標全部已發行股本50%。於本公佈日期,賣方為目標全部已發行股本60%之實益擁有人。預期緊隨可能收購完成後,賣方將仍然為目標全部已發行股本10%之實益擁有人。

可能收購之代價將不超過320,000,000港元,須待賣方與買方進一步磋商釐定,並已經╱將會按以下方式支付:

(i) 200,000,000港元之代價將於可能收購完成時由買方支付予賣方;及
(ii) 代價餘額120,000,000港元將由買方促使本公司於可能收購完成時,以配發及發行入賬列作繳足之代價股份或發行承兌票據或綜合以上方式支付。
20 : GS(14)@2011-01-26 00:42:19

19樓提及
http://www.hkexnews.hk/listedco/listconews/sehk/20110117/LTN20110117524_C.pdf
散貨

有關可能收購之諒解備忘錄
董事會宣佈,於二零一一年一月十七日(交易時段後),本公司一間全資附屬公司作為買方與賣方就可能收購訂立無法律約束力諒解備忘錄。
目標為於香港註冊成立之有限公司。目標集團將主要在中國從事生產、裝配、安裝及維護LED街燈及風力太陽能新能源產品之業務。

...

諒解備忘錄之主要條款
根據諒解備忘錄,建議買方將向賣方收購目標全部已發行股本50%。於本公佈日期,賣方為目標全部已發行股本60%之實益擁有人。預期緊隨可能收購完成後,賣方將仍然為目標全部已發行股本10%之實益擁有人。

可能收購之代價將不超過320,000,000港元,須待賣方與買方進一步磋商釐定,並已經╱將會按以下方式支付:

(i) 200,000,000港元之代價將於可能收購完成時由買方支付予賣方;及
(ii) 代價餘額120,000,000港元將由買方促使本公司於可能收購完成時,以配發及發行入賬列作繳足之代價股份或發行承兌票據或綜合以上方式支付。


http://www.hkexnews.hk/listedco/ ... TN20110125006_C.pdf
大股東墊2億出來買....
21 : GS(14)@2011-02-24 08:08:38

http://www.hkexnews.hk/listedco/ ... TN20110223295_C.pdf
盈警
22 : GS(14)@2011-03-02 07:57:25

http://www.hkexnews.hk/listedco/ ... N201103011463_C.pdf
老闆唔玩
23 : GS(14)@2011-04-07 21:01:53

http://www.hkexnews.hk/listedco/ ... TN20110401072_C.pdf
蝕緊錢,財政轉壞
24 : GS(14)@2011-04-09 12:32:43

http://www.hkexnews.hk/listedco/ ... TN20110408767_C.pdf
明日feel...

吳偉雄先生,47歲,現為一名執業律師,以及香港姚黎李律師行的合夥人。吳先生提供服務的範圍包括香港的證券法、公司法及商業法。吳先生亦為三間於香港聯合交易所有限公司上市的公司的獨立非執行董事,該三間公司分別為明日國際集團有限公司(股份代號:760)、華脈無線通信有限公司(股份代號:499)及富陽(中國)控股有限公司(股份代號:352)。吳先生亦曾任南嶺化工(國際)控股有限公司(現稱金山能源集團有限公司)(股份代號:663)及港台集團有限公司(股份代號:645)的獨立非執行董事,並已分別於二零一零年二月及二零一一年二月辭任。
25 : GS(14)@2011-05-07 12:39:47

http://www.hkexnews.hk/listedco/ ... TN20110506844_C.pdf
和8017、8029 同樣的可換股債券,本金額8,400萬
「認購人」指Concept Capital Management Ltd.,於馬紹爾群島註冊成立之有限公司

http://www.hkexnews.hk/listedco/ ... LN20101126004_C.pdf
8029

http://www.hkexnews.hk/listedco/ ... LN20101117044_C.pdf
8017

「認購人」 指 Concept Capital Management Ltd.,一間於馬紹爾群島註冊成立之有限公司,其註冊辦事處為馬紹爾群島之
The Trust Company,地址為Trust Company Complex,Ajeltake Road, Ajeltake Island, Majuro, MarshallIslands MH96960;
26 : GS(14)@2011-06-01 22:00:49

http://www.hkexnews.hk/listedco/ ... TN20110530652_C.pdf
又花錢買吹水LED

賣 方: 新 達 有 限 公 司
賣 方 為 於 英 屬 處 女 群 島 註 冊 成 立 之 有 限 公 司,主 要 從 事 投 資 控 股 業 務。據 董 事於 作 出 一 切 合 理 查 詢 後 所 深 知、全 悉 及 確 信,賣 方 及 其 最 終 實 益 擁 有 人 以 及 彼等 各 自 之 聯 繫 人 士 均 非 本 公 司 之 關 連 人 士,且 為 與 本 公 司 及 其 關 連 人 士 概 無關 連 之 獨 立 第 三 方。
諒 解 備 忘 錄 之 主 要 條 款
根 據 諒 解 備 忘 錄,建 議 買 方 將 向 賣 方 收 購 目 標 全 部 已 發 行 股 本100%。於 本 公 佈日 期,賣 方 為 目 標 全 部 已 發 行 股 本100%之 實 益 擁 有 人。可 能 收 購 之 代 價 將 不 超 過260,000,000港 元,須 待 賣 方 與 買 方 進 一 步 磋 商 釐 定...
27 : GS(14)@2011-06-08 07:45:14

http://www.hkexnews.hk/listedco/ ... TN20110607933_C.pdf
配售4,000萬份option @ 5仙,行使價1.82
28 : GS(14)@2011-06-21 08:07:15

http://www.hkexnews.hk/listedco/ ... TN20110620628_C.pdf
根 據 諒 解 備 忘 錄,於 二 零 一 一 年 六 月 二 十 日 交 易 時 段 後,買 方(本 公 司 一 家全 資 附 屬 公 司)與 賣 方 及 擔 保 人 訂 立 協 議,據 此,買 方 已 同 意 購 買 而 賣 方 已同 意 出 售 銷 售 股 份,總 代 價 為220,000,000港 元。

買 賣 銷 售 股 份 之 代 價220,000,000港 元 將 由 買 方 支 付,其 中

(i)買 方 已 於 簽 立 諒解 備 忘 錄 後 以 現 金 向 賣 方 支 付 可 退 回 第 一 筆 按 金 合 共5,000,000港 元;

(ii)買方 將 於 簽 立 協 議 後 以 現 金 向 賣 方 或 其 代 名 人 支 付 可 退 回 第 二 筆 按 金 合 共
15,000,000港 元;

(iii)買 方 將 於 完 成 後 以 現 金 向 賣 方 或 其 代 名 人 支 付20,000,000港 元;

(iv)20,000,000港 元 將 於 完 成 時 透 過 促 使 本 公 司 向 賣 方 或 其 代 名 人 發 行承 兌 票 據 支 付;及

(v)160,000,000港 元 將 於 完 成 時 透 過 促 使 本 公 司 按 發 行 價 向賣 方 或 其 代 名 人 配 發 及 發 行 入 賬 列 作 繳 足 之 代 價 股 份 支 付。

訂 約 各 方: (1)賣 方: 新 達 有 限 公 司
(2)買 方: 本 公 司 一 家 全 資 附 屬 公 司Energy First International
Limited
(3)擔 保 人: 彭 達 助 先 生,作 為 賣 方 之 擔 保 人,向 買 方 保 證
賣 方 適 時 且 及 時 履 行 協 議 項 下 之 責 任。

又買垃圾
29 : GS(14)@2011-07-07 23:18:02

http://www.hkexnews.hk/listedco/ ... TN20110707787_C.pdf
買 賣 銷 售 股 份 及 銷 售 貸 款 之 總 代 價160,000,000港 元 將 由 買 方 償 付,其 中
(i)買 方將於簽訂協議後以現金向賣方或其代名人支付可退回按金合共15,000,000港元;
(ii)買 方 將 於 完 成 後 以 現 金 向 賣 方 或 其 代 名 人 支 付15,000,000港 元;
(iii)40,000,000港 元 將 於 完 成 時 透 過 促 使 本 公 司 向 賣 方 或 其 代 名 人 發 行 承 兌 票 據 償 付;及
(iv)90,000,000港 元 將 於 完 成 時 透 過 促 使 本 公 司 按 發 行 價 向 賣 方 或 其 代 名 人 配發 及 發 行 入 賬 列 作 繳 足 之 代 價 股 份 償 付。
30 : GS(14)@2011-07-07 23:21:19

溢 利 保 證
根 據 協 議,賣 方 不 可 撤 回 及 無 條 件 地 向 買 方 保 證 及 擔 保,自 完 成 日 期 起 十 二 個
月 內(「有 關 期 間」),目 標 集 團 經 審 核 綜 合 財 務 報 表 所 示 除 稅 及 任 何 非 經 常 或 特
殊 項 目 前 之 經 審 核 綜 合 純 利 將 不 會 低 於 人 民 幣25,000,000元(約 相 當 於30,000,000
港 元)(「保 證 溢 利」)。作 為 賣 方 履 行 溢 利 保 證 項 下 責 任 之 抵 押,買 方 與 賣 方 將 共
同 委 任 託 管 代 理(及 倘 並 無 委 任 有 關 託 管 代 理,則 為 買 方)擔 任 託 管 代 理 並 持 有
15,000,000股 代 價 股 份(「託 管 股 份」)之 股 票,直 至 發 還 有 關 股 票 為 止。

倘 核 數 師(「核 數 師」)核 實 之 實 際 溢 利(定 義 見 下 文)不 低 於 人 民 幣25,000,000元(約
相 當 於30,000,000港 元,即 保 證 溢 利),賣 方 與 買 方 將 共 同 促 使 託 管 代 理 或 買 方(視
適 用 情 況 而 定)發 還 託 管 股 份 股 票。

然 而,倘 保 證 書(定 義 見 下 文)所 示 目 標 集 團 於 有 關 期 間 之 除 稅 及 任 何 非 經 常 或
特 殊 項 目 前 之 實 際 經 審 核 綜 合 純 利(「實 際 溢 利」)低 於 保 證 溢 利,則 賣 方 將 向 買
方 支 付 按 如 下 方 式 計 算 之 金 額(「差 價」):
差 價 =(保 證 溢 利-實 際 溢 利)x 60% x 95%x 2
31 : GS(14)@2011-07-11 23:38:39

http://www.hkexnews.hk/listedco/ ... TN20110711490_C.pdf
招 先 生,46歲,持 有 澳 洲Griffith University頒 發 之 商 業 學 士 學 位。彼 於 業 務 拓 展、
企 業 管 理、金 融 及 會 計 範 疇 積 逾15年 經 驗。招 先 生 曾 任 香 港 聯 合 交 易 所 有 限 公
司 主 板 上 市 公 司 西 伯 利 亞 礦 業 集 團 有 限 公 司 之 執 行 董 事,已 於 二 零 一 零 年 八
月 辭 任。
32 : batubara(13151)@2011-07-13 23:29:38

http://www.hkexnews.hk/listedco/ ... TN20110712434_C.pdf
抢钱啦
33 : fineram(806)@2011-07-13 23:58:38

我都想成為其中一個獨立非執行董事, 輕鬆賺 30 倍
34 : GS(14)@2011-08-26 21:02:52

http://www.hkexnews.hk/listedco/ ... TN20110824222_C.pdf
又是剛剛不到5%新股,又是盈利保證,但無盈利,應該都是垃圾偷錢野
35 : GS(14)@2011-09-01 07:25:40

http://www.hkexnews.hk/listedco/ ... TN20110831010_C.pdf
賺蝕無意義...負債高到暈



毛 利 率
本 集 團 於 截 至 二 零 一 一 年 六 月 三 十 日 止 六 個 月 之 毛 利 率 約 為18.4%,較 二 零 一 零 年 同 期 約12.4%增 加6.0%,主 要 原 因 為:
(i)本 集 團 產 品 平 均 售 價 上 升;(i i)技 術 部 門 實 施 之 生 產 成 本 節 約 改 善 措 施 令 成 本 效 益 增 加。以 上 所 有 因 素 均 有 助 降
低 單 位 生 產 成 本,從 而 帶 動 毛 利 率 上 升。

...
行 政 開 支
截 至 二 零 一 一 年 六 月 三 十 日 止 六 個 月, 本 集 團 之 行 政 開 支 約 人 民 幣19,900,000元, 較 二 零 一 零 年 同 期 約 人 民 幣
13,700,000元 上 升 約45.3%。行 政 開 支 增 加 主 要 由 於 本 集 團 在 二 零 一 零 年 八 月 收 購 常 州 奧 斯 特 大 有 電 子 有 限 公 司 及
於 二 零 一 一 年 一 月 收 購Giga World Industry Company Limited產 生 額 外 開 支 所 致。
....
財 務 成 本
截 至 二 零 一 一 年 六 月 三 十 日 止 六 個 月,本 集 團 之 財 務 成 本 約 人 民 幣11,500,000元,較 二 零 一 零 年 同 期 約 人 民 幣3,900,000
元 激 增 約194.9%。財 務 成 本 增 加,主 要 歸 因 於 截 至 二 零 一 一 年 六 月 三 十 日 止 六 個 月 之 貿 易 貸 款 量、可 換 股 票 據 及 承
兌 票 據 之 應 計 利 息 開 支 增 加 所 致。

業 務 展 望
於 二 零 一 一 年 七 月,本 集 團 分 別 成 功 收 購 光 聯 科 技 有 限 公 司 及 君 譽 科 技 有 限 公 司 股 本 權 益100%及60%。此 兩 項 收
購 與 我 們 之L E D業 務 相 輔 相 成,並 有 助 增 強 我 們 之 競 爭 力。展 望 未 來,我 們 將 繼 續 放 眼 於 各 個 可 為 本 集 團 創 造 價 值
之 機 會。
36 : GS(14)@2011-09-07 07:53:16

http://www.hkexnews.hk/listedco/ ... TN20110906896_C.pdf
該垃圾公司資料
37 : GS(14)@2011-09-28 22:58:14

http://www.hkexnews.hk/listedco/ ... TN20110928525_C.pdf
垃圾資產
38 : GS(14)@2011-11-01 23:02:38

http://www.hkexnews.hk/listedco/ ... N201111011354_C.pdf
誠如招股章程所披露,同亨與香港建行於二零零七年七月十九日訂立購股權
協議,據此,同亨同意向香港建行或其代名人授出首次公開發售前購股權。根
據首次公開發售前購股權,倘香港建行行使首次公開發售前購股權,同亨將向
香港建行或其代名人轉讓購股權股份(即同亨所持最多合共不超過上市日期本
公司已發行股份5%之股份)。首次公開發售前購股權可於緊隨上市日期後之6
個月期間屆滿後至上市日期後第60個月最後一日期間(包括首尾兩日)按相等
於發售價之價格(可予調整)行使。於本公佈日期,同亨擁有168,000,000股股份,
相當於本公司已發行股本約17.18%。同亨由執行董事顏先生及相女士分別擁有
69.69% 及30.31%。顏先生為同亨唯一董事及相女士之配偶。
本公司獲同亨告知,其已於二零一一年十月二十五日與香港建行協定提早終
止購股權協議,即時生效。

http://www.hkexnews.hk/listedco/ ... 823_207432/C114.pdf
與香港建行的融資安排
於二零零六年十一月七日,香港建行向同亨提供金額達67,400,000港元的有期貸
款融資。授予同亨之香港建行貸款之年利率為約4.6%。
就香港建行貸款提供的抵押包括:
- 顏先生就同亨的69.69%已發行股份向香港建行提供,日期為二零零六年十一
月七日的股份抵押;
- 相女士就同亨的30.31%已發行股份向香港建行提供,日期為二零零六年十一
月七日的股份抵押;
- 同亨就鼎盛所有已發行股份向香港建行提供,日期為二零零六年十一月七日
的股份抵押;
- 鼎盛就和悅所有已發行股份向香港建行提供,日期為二零零六年十一月七日
的股份抵押;及
- 鼎盛就通泰所有已發行股份向香港建行提供,日期為二零零六年十一月七日
的股份抵押。
39 : GS(14)@2011-11-12 12:59:19

http://www.hkexnews.hk/listedco/ ... TN20111111607_C.pdf
買垃圾
代價
買賣銷售股份及銷售貸款之總代價124,000,000港元將由買方以下列方式支付:
(1) 買方已於簽立協議後以現金向賣方或其代名人支付可退回訂金合共10,000,000
港元(「訂金」);
(2) 買方將於完成時以現金向賣方或其代名人支付10,000,000港元;
(3) 20,000,000港元將於完成時透過促使本公司向賣方或其代名人發行承兌票
據支付;及
(4) 餘下84,000,000港元將於完成時透過促使本公司按發行價向賣方或其代名
人配發及發行入賬列作繳足之代價股份支付。
...

差價乃由賣方與買方經公平磋商後釐定,董事會認為,有見(i)下文「進行收購
之理由」一節所述收購為本集團帶來潛在利益;(ii) Mega Wide集團及Starry View
集團於本集團收購後帶來之銷售渠道及網絡;及(iii)以品牌名為「Ledus」之LED
產品之潛在利益,該名稱已在中國、香港、澳門及歐洲註冊
...

Mega Wide集團之資料
Mega Wide為於二零一一年三月十八日在英屬處女群島註冊成立之有限公司,
由賣方全資實益擁有。
Tecdoa (HK)為於二零一一年四月二十七日在香港註冊成立之有限公司,由Mega
Wide 及Tecdoa, S.L.分別擁有70%及30%權益。據董事作出一切合理查詢後所深
知、全悉及確信,Tecdoa, S.L.及其最終實益擁有人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。
....

進行收購之理由
本集團主要從事鋁電解電容器製造及銷售之業務。
本集團一直致力物色機會,使本集團可多元化擴展現有業務至具顯著增長潛
力之新業務。董事會正積極物色機會多元化擴展本集團之收入來源以提升股
東價值,並對擴展新業務感樂觀。
董事會認為,由於地球資源越來越有限,且公眾的環保意識加深,目標集團現
時從事之環保節能技術業務及可再生能源業務於未來大有機會蓬勃發展。亦如
中國國家發展和改革委員會於二零一一年十一月四日舉行新聞發報會提及,
中國多個政府部門發出聯合公告,宣佈自二零一二年十月一日起,100伏特或
以上之白熾燈禁止向中國入口及銷售。所有白熾燈分五個不同階段將於二零
一六年十月前禁止。由於LED較傳統光源系統效能更佳,並能節省更多能源,
LED產品之全球需求預期繼續上升,故董事對LED行業及其相關產品未來前景
充滿信心。
再者,本集團已收購多座廠房,以進行LED照明及相關產品之生產及裝配。由
於目標集團主要從事銷售LED產品、設計及執行樓宇、城市及房屋一般裝置的
系統及自動化,能提供可靠經濟且具能源效益的開放式解決方案,故董事會相
信,憑藉目標集團遍及全球的銷售渠道、對具能源效益的工程及解決方案方面
的專業知識及技術,將帶來協同效益及規模經濟,有利於本公司發展現有LED
業務。現有業務與目標集團彼此間之合作將令其技術優勢更優於競爭對手,及
加強本集團之現有業務,有助本集團銷售及推廣其LED照明產品。因此,董事
會對目標集團之未來前景充滿信心。
40 : 游浪潮(3792)@2011-12-10 18:29:35

賣廣告了,隻野努力創 52 週高中

周末人物:德普科技主席年攬五民企
收購合併雙贏哲學
2011年12月10日

德普科技(3823)今年轉型做 LED燈業務,一年內成功收購了 5間相關的民營企業。如何壓得住班民企老闆?要「管得嚟又要舒服!」德普主席李永生分享當中的奧妙。 記者:周燕芬

收購要成功,李永生指首先考慮收購合併後是否達到雙贏「 win win situation」。「假如對方大到可以自己上市,就唔需要同你合作做!」只要互相之間有供有求,就會較易洽談。

李永生坦言由於收購對象「個個都係老闆」、「個個都做成億生意,賺緊一、二千萬」,要說服對方合作要花上不少工夫。例如向對方解釋合併後可以產生協同效益,共享資源,共同研發,共享資訊,提高效益,而且可以利用上市資本,從而獲得較大的業務發展突破。

「舊人一定要留低」

收購後「啲舊人一定要留低」,保留人才勝於再向外招聘。要留住這班民企老闆的心,繼續為公司死心塌地賣力,就要讓他們與公司的利益一致。他表示德普一般不會全購對方百分百股份,只會購入 50至 70%權益,餘下會留給原有民企老闆股東持有,以協助公司未來的發展。

另一方面,他通常會以一部份德普上市公司股份作為支付方式,好讓民企老闆亦擁有德普股份,成為股東;令雙方達致共同利益,共同方向工作。這樣對方便會更加投入,為公司、亦為德普服務,會同時看重兩間公司的業績表現。為此,今年內德普發行的新股佔已擴大股本的 25%,就是用作收購 5間公司,部份以上市公司股份作支付。

另一收購策略是要求對方作出利潤保證。為確保對方能兌現承諾,不會開空頭支票,收購金額當中,一部份會以承兌票據方式支付,付款年期會是收購完成後一年。例如對方承諾一年後的保證利潤為 2000萬元,那麼收購價支付方式中,將有 2000萬元是以承兌票據支付,一年後對方能兌現承諾,相關票據才可兌現為現金。這樣「對方一定會努力做嘢!」
「老細最難管」

收購作價,一般以對方承諾的利潤保證金額,再以 7至 9倍的市盈率為定價。同類 LED燈商上市公司現時的市價,一般為 12至 15倍往績市盈率。

不過,始終「個個都係老細,最難管」,要靠本身的親和力,但又不可以純粹當做 Friend,要集團式經營,「管得嚟又要舒服」。

李永生簡介
• 53歲
•日本神戶商科大學工商管理學士
• 85至 92年任職日立家電
• 92至 05年於萬華環球從事貿易業務工作
• 05至 07年任職國美沃德從事家電批發
• 07至 10出任朗迪( 1142,現稱西伯利亞礦業)主席
• 07至 11年 8月出任中國電力科技(8053)執行董事
• 09年加入德普科技出任執行董事,現任主席

各司其職
執董變主席 開拓新路向

為配合德普的業務轉型,李永生今年 3月亦由執行董事升任為集團主席,帶領德普走出新路向。

李永生解釋,人事變動主要是配合集團發展新方向,由原來的鋁電解電容器製造銷售業務,拓展至 LED燈業務。原主席顏奇旭調任為執行董事,仍負責原有業務鋁電解電容器;他則主力拓展新的 LED業務,並經常到海外洽商收購合併業務,出入境較持有中國護照的顏為方便,李對家庭電器業務以及收購合併活動亦較熟悉。

李對中國 LED照明市場充滿期望。他指中國 LED照明市場才剛起步了兩、三年,環球亦在積極響應使用,因為較傳統電燈節省用電量 50%,又不含有毒水銀,不會排放二氧化碳,但壽命則較傳統電燈 2000至 8000小時為多,達 3至 5萬小時。 LED燈售價亦明顯下降,降幅近 50%,可於市場更普及應用。根據發改委規定, 2016年將取消鎢絲燈的使用,全部改用慳電燈或 LED燈,現時鎢絲燈於國內燈光市場佔有率約 40至 50%。他預期 LED燈市場,最少有 30至 50年發展。

《海外足迹》
公司 LED照明業務遍及西班牙,李永生與 Taracon市長兼國會議員 Maria Jesus Bonilla合照。

《海外足迹》
李永生與西班牙卡斯蒂亞拉曼恰自治區副主席暨勞工部部長見面。

打入非洲市場

藉着收購活動,德普的業務今年首次打進非洲市場,包括津巴布韋及南非。當地人對中國人的印象較歐美為佳。「中國人真係幫到佢哋,不少橋樑道路由中國捐贈,輸往非洲的貨物,部份更獲中國政府補貼,可以有 give冇 take,但歐美就 give and take!」

此外,原來德普轉型初期,亦有考慮過拓展礦業。他指公司早期考慮作多元化發展時,主要從節能減排和礦業資源類作探討,因為中國人口多但資源少,資源業務長遠是好項目;但最終選擇了環保的 LED燈業務,因為與原有的電容器同屬電子類,相對礦業比較熟悉「易上手」。

留學東瀛
日本管理概念受用終身

《海外足迹》
早年留學日本的李永生,投身社會工作後有機會與日本前首相鳩山由紀夫(左)留影。

李永生早年取得日本神戶商科大學工商管理學士學位,他表示日本精於經營管理,擅於訓練員工擁有一顆「愛社心」,意指熱愛公司。
日本人一向做事亦認真,執行力強,「無論你對上司幾唔滿意,都要執行指令」,而且很勤力,「我喺日立做咗 7年,最長嗰次假期都係三日半!」日本當時亦採取終身僱用制為主,他當時的同事現仍有部份在日立工作,已經 20多年。在日本學習,讓他學會了忠誠、勤力和執行力。不像美國的個人主義,日本更重視團隊精神,不會特別有一個叻,研究開發都是整隊人去做。

改造民企要態度嚴謹

嚴謹的管理制度,亦有應用於新收購的民企上。他表示早已向收購的民企訂明,會每個月巡查廠房,了解廠房的物流、資金流和發票等情況;對廠房有嚴格的監管。而引入了現代化管理模式後,這些企業的管理效率無疑提升,民企老闆還對他說聲「多謝,學到嘢」。

還有,以往這些民企老闆任意性較高,公司錢和私人錢可以亂用。但被德普收購後,就須遵守上市條例,他強調這方面必須要講清楚。

爭取利潤
新寵 LED燈盈利破紀錄

德普科技今年透過收購合併,將公司轉型為 LED燈製造商;主席李永生表示,新業務將於明年全面反映於業績上,單是 LED燈業務可望為集團帶來 1.3至 1.5億人民幣的保證利潤。

李永生介紹,今年德普收購了五間 LED燈業務相關企業,其中四間為生產型廠商,一家為銷售型公司。德普利用上市平台,以收購合併盡快展開新業務及獲取利潤;若自己由零開始建廠生產,過程將會很慢。

急速擴張後進鞏固期

新併購業務 LED燈,明年將為集團帶來 1.5億盈利。

完成所有收購後,德普於 LED燈的生產值逾 20億元人民幣。他強調有關收購行動,都獲賣方作出利潤擔保,並會於下年度全面反映,單是 LED燈業務便可望獲得盈利 1.5億元,將遠高於德普 07年上市以來任何一年的盈利表現。經過今年的急速擴張後,他表示會進入鞏固期。
德普 9月止半年結扭虧為盈,李永生解釋因為現有客戶業務量增加,原材料鋁價穩定下來,加上成本效益,毛利率改善所致。
41 : GS(14)@2011-12-11 11:08:22

見他之前的往績,我當雙目失明算
42 : 游浪潮(3792)@2011-12-11 11:10:44

我怕只係呃人入去,做雙頂 byebye
43 : GS(14)@2011-12-11 11:19:25

收購都已經夠不知所謂啦
44 : GS(14)@2011-12-11 11:19:59

公司也借了一些古怪的錢,可能和華匯有關
45 : GS(14)@2012-01-21 16:54:17

http://hk.apple.nextmedia.com/te ... 307&art_id=16001443

對於中昱科技高息借錢,有銀行界認為,以創業板公司的背景而言,單是信貸安排已不容易,再加上屬毋抵押貸款更見困難,有關公司借貸成本,若達 10多 20厘,亦不為奇。亞太區貸款市場公會副主席兼中銀國際亞洲槓桿及結構融資部主管溫兆華則表示,難以評論個別公司的財務狀況及借貸安排,但他同意,面對歐美出口困難,內地信貸收緊,故無論內地或本港的中小企,以至 2、 3線上市公司,資金周轉及向銀行借貸,均越趨艱難。
...
2010 年 7月單曉昌以 9600萬元入主中昱,並逐步轉型環保業務,單氏亦是科地農業( 8153)的大股東。至於貸款人同亨有限公司,有資料顯示,其股東為德普科技( 3823)前主席顏奇旭。

同亨有限公司經大手減持後,原來還有3823的11.5%股權左右...為甚麼他套現了幾億也不夠,是不是喜歡去馬交玩兩手?


46 : GS(14)@2012-01-21 16:54:38

http://sdinotice.hkex.com.hk/di/ ... AIN&lang=ZH&sa2p=1&
source
47 : GS(14)@2012-01-21 16:55:41

他那些股至少值3億,值3,000萬這麼少?
48 : GS(14)@2012-01-21 16:56:27

http://www.hkexnews.hk/listedco/ ... N201103011463_C.pdf
董事會主席辭任
董事會宣佈,顏奇旭先生(「顏先生」)已辭任董事會主席(「主席」),自二零一一年三月一日起生效。顏先生仍將留任執行董事兼本公司薪酬委員會主席。
董事會謹藉此機會感謝顏先生任內作為主席為本公司付出之努力及寶貴貢獻。
49 : 游浪潮(3792)@2012-02-04 00:33:54

http://www.hkexnews.hk/listedco/ ... TN20120203998_C.pdf

根據一般授權私人配售
非上市認股權證

行使價每股股份2.65港元較(i)股份於最後交易日在聯交所所報收市價每股2.97港元折讓約10.77%;及(ii)股份於二零一二年二月二日(即緊接最後交易日前之日期)之最後五個交易日平均收市價每股3.004港元折讓約11.78%
50 : GS(14)@2012-02-04 12:16:15

都是炒高找水魚,但人地又無信心
51 : 游浪潮(3792)@2012-02-04 12:18:26

50樓提及
都是炒高找水魚,但人地又無信心


看看佢幅圖真係勁開心,連續多日維持在那水平…


52 : GS(14)@2012-02-04 12:19:10

51樓提及
50樓提及
都是炒高找水魚,但人地又無信心


看看佢幅圖真係勁開心,連續多日維持在那水平…



硬頂矣...
53 : 游浪潮(3792)@2012-02-04 12:20:15

任務完成喇呱?
54 : GS(14)@2012-02-04 12:23:46

53樓提及
任務完成喇呱?


睇下點? 我想...下場會好慘烈,可能又給財技人接埋
55 : greatsoup38(830)@2012-02-25 20:42:26

just read only, no trust...

2012-02-20 MT
...
去年收購的LED公司中,有零件生產商,「其中1間專做散熱片,在廣東省有百多個客戶,亦有3成多銷售至日本。」另外亦有組裝公司,將零件組裝成產品,再賣給客戶。

2012年現協同效應

  每間公司皆是獨立運作,因此剛收購之時未能產生太大效益,「策略上,收購回來的公司會繼續維持其原有客戶,但內部會開始協調,可以從自己公司入貨當然就不會捨近求遠。」

  李永生表示,再進一步收購要留待現有業務鞏固之後,現時集中進行整合,「最後一個收購於去年11月底完成,今年第一季可望完成所有整合,將各個單獨運作單位變成一個整體,鞏固業務及盈利,相信2012 年能夠將效益反映出來。」現時德普整個LED產業鏈以中下游為主,短期內暫不作其他考慮。

電容器業務平穩

  至於原有的鋁電解電容器業務,李永生直言,公司未來不會再投放太多資源在這方面,「這個行業比較平穩,主要視乎鋁材價錢而定,發展空間並不大,未來產能將持平,做到幾多就照做,會嘗試選擇毛利率較高的來做,以減低風險。」
56 : greatsoup38(830)@2012-02-25 20:42:53

2012-2-20 MT

...

利潤保證1.6億元   

  【MT點評】德普新近轉型,相信部分讀者對其前景仍抱有疑問。

  其實德普每次進行新收購,皆會要求賣方作出利潤保證。李永生指出,幾間收購回來的LED公司,合共可提供逾1.6億港元的利潤保證,加上經營LED業務經年,且如前文所述,已具備相當程度的客戶。

  另外,利潤保證亦並非只是空口說白話,因為部分收購代購是以承兌票據(Promissory Note)支付的,亦即是收購時所保證的利潤真正達成,票據才可兌現為現金。

  然而,翻閱德普的中期報告,LED業務去年上半年其實錄得虧損。管理層透露,當時只有1間LED公司,於去年1月底時完成收購,正處於初起步階段,預料去年底時應該已可提供利潤。

  德普股價去年11月時爆升,踏入2012年,波幅卻並不大,資金似乎正在觀望,大家現時可先小注吸納,待 2011年全年業績公布後再作定奪。
57 : GS(14)@2012-04-01 21:46:49

http://www.hkexnews.hk/listedco/ ... TN20120401055_C.pdf
大約都蝕1,700萬,負資產爛殼

存貨245,934 198,587
預付租金401 379
貿易應收賬及應收票據12 168,589 137,693
其他應收賬及預付款75,234 58,917


二零一一年是本集團倍受鼓舞的一年。於二零一一年完成五項收購後,本集團
成功發展其製造及銷售LED照明產品及配件業務。此乃本集團之里程碑。隨著
節能環保節能業務在全球越來越重要,本集團相信LED業務前景光明。新業務
不但多元化發展本集團業務並為本集團帶來新的收入來源,而且透過多元化發
展業務,全面覆蓋行業鏈,可保障本集團免受在單一業務預計會帶來的波動。
世界各地政府紛紛實施多項政策以鼓勵發展節能業務。於二零一一年十一月,
中國國家發展和改革委員會(國家發改委)決定停止進口及銷售100瓦特或以上
的白熾燈泡,並將與財政部聯手實施政策鼓勵使用LED燈具。預計十二五計劃
將提出更多的政策及補助。本集團相信,LED業務剛剛起步,發展空間龐大,正
值其時開始參與生產鏈的不同階段-散熱印刷電路板、芯片電路封裝以及LED
照明產品之組裝及製造。本集團不僅能夠參與LED生產鏈的各方面,亦在工廠
間創造協同效應。本集團預期,該五間附屬公司併入本集團後,將從協同效應
中獲益,並為本集團及股東帶來豐厚回報。本集團對其LED業務之發展抱有信
心。
本集團亦計劃以「Ledus」品牌發展其自有的LED產品。「Ledus」擁有自己的燈管、
燈泡、投光燈及其他LED照明產品,均由本集團的廠房製造。目前,「Ledus」產
品已在西班牙及中國等地區銷售,而我們相信剛剛向前邁出了一小步。我們的
目標是使用先進技術製造一系列產品,增加我們在不同地區LED照明產品的市
場份額,並最終將「Ledus」打造為世界知名LED品牌之一。於二零一二年,本集
團將繼續在全球市場發展並拓展其「Ledus」產品。我們相信,通過不懈努力,我
們能夠達到目標。
58 : GS(14)@2012-05-23 23:48:26

http://www.mpfinance.com/htm/Finance/20120523/News/ec_ecc1.htm
「我們的電容器業務現在已經沒有增長空間了,但是公司認為環保節能的LED照明產品勢將在未來取代傳統市場,潛力巨大。」他表示,公司希望盡快在新興的LED照明市場取得先機,因此在前年便開始物色在技術、產能或銷售渠道方面有優勢的現有成熟公司,作為收購對象。「如果從建廠開始,想要接單起碼還要等兩、三年,期間可以有很多風險。」

值得注意的是,8億元的總收購代價之中,商譽即佔去3.9億元。李永生分析,與依靠公司自身資源進行「二次創業」相比, 通過收購其他公司拓展新產業, 有得亦有失。「收購的談判是最困難的一步,人家的公司本身做得不錯,我們只有通過高溢價爭取達成交易。」李永生樂觀預測,今年公司收入和核心盈利升幅定將高於去年。去年公司錄得整體虧損5241萬元,但去除無形資產攤銷及可換股票據公平值減損後的核心溢利則有2337萬元。
59 : jjolean(1007)@2012-07-13 23:41:51

why the share price can be so strong so such a long time? really dont undersatand
60 : greatsoup38(830)@2012-07-14 13:52:03

59樓提及
why the share price can be so strong so such a long time? really dont undersatand


頂住個價不會斬margin
61 : GS(14)@2012-08-10 12:13:47

http://www.hkexnews.hk/listedco/ ... TN20120809566_C.pdf
董事會謹此知會股東及有意投資者,本集團預期於截至二零一二年六月三十
日止六個月錄得綜合虧損淨額,然而二零一一年同期則錄得綜合純利。董事
會認為,本集團截至二零一二年六月三十日止期間之綜合虧損淨額主要由

(i)鋁電解電容器分部及貼片型電子部件分部錄得虧損;
(ii)可換股票據實際利息開支增加;
(iii)可換股票據之公平值變動收益;
(iv)承兌票據估算及實際利息開支增加;
及(v)攤銷其他無形資產增加所致。
62 : GS(14)@2012-08-23 23:01:34

http://www.hkexnews.hk/listedco/ ... TN20120823753_C.pdf
虧損2,600萬,擴大25倍

負資產爛殼

業務展望
LED照明獲全球廣泛確認為節能產品。由於其於多個國家之應用仍處於起步階段,故未來的長期增長潛力強勁。LED
照明業為中國於「十二五計劃」下促進節能科技及產品之「七大戰略性新興產業」之一。本集團預期,對節能LED照明
發出新政府補助、「十城萬盞」計劃下持續增長的照明產品需求以及不斷增加的商業╱或工業用途將讓LED照明業務
於未來數年在中國蓬勃發展及強勁增長。
本集團將於LED照明業務投放更多資源,以改善其技術、提升生產力、減低生產成本及確保質素控制。本集團之最
終目標為將「LEDUS」及「萊德斯」建立為全球最重要及領先的LED照明產品品牌之一。除發展其自身技術外,本集團
將繼續物色任何可增強及鞏固本集團LED照明產品研發之技術。就本集團已進入之市場而言,本集團擬擴闊分銷渠
道至國內及海外市場及進一步刺激銷售,最終增加本集團於LED照明業之市場份額。
本集團對LED照明業務之前景充滿信心。儘管如此,面對不明朗的全球經濟環境,本集團將於發展新業務時持審慎
態度。本集團將致力保留現有客戶之重大訂單、開拓新市場以擴展客戶基礎及與客戶合作提供切合需要的照明解決
方案。另一方面,本集團將謹慎運用資源,避免過度生產及產能過剩。本集團相信LED照明業務將於日後為本集團
及股東貢獻令人鼓舞的利益及回報。
鑑於環球市場增長持續放緩及國內市場需求疲弱,期望鋁電解電容器及貼片型電子部件分部銷售額大幅增長屬不切
實際。此外,由於傳統低利潤率及生產成本上升,該兩個分部之盈利能力可能持續被磨蝕,故未來表現並不樂觀。

63 : greatsoup38(830)@2012-10-20 11:23:56

http://www.hkexnews.hk/listedco/ ... TN20121019003_C.pdf
垃圾聯盟,出貨手段

與INDRA SISTEMAS, S.A.建立聯盟
董事會欣然宣佈,本公司間接非全資附屬公司Tecdoa Energy, S.A. (「Tecdoa Energy」)
已與Indra Sistemas, S.A(.「Indra Sistemas」)於二零一二年七月二十六日或前後成功
獲得西班牙Tarancon市議會准予之公共照明裝置之保養服務標書(「標書」)。
於二零一二年五月十九日或前後,西班牙Tarancon市議會發佈通告,透過公開
程序就公共照明裝置之保養服務進行公開招標。Tecdoa Energy同意就(其中包
括)編製及呈交標書之聯合報價與Indra Sistemas合作,及已設立一九八二年五月
二十六日法例18/1982之暫時合資企業(Union Temporal de Empresas of the Law 18/1982
of 26 May 1982 )(「UTE」),其為西班牙之聯盟或非股權合資企業之一種形式,以
為遵守西班牙政府部門之規定而實施招標。
鑒於雙方已成功獲得標書,Tecdoa Energy 與Indra Sistemas已成立UTE以根據標書
執行合約(「合約」)。Tecdoa Energy 與Indra Sistemas已訂立合作夥伴協議(「合作夥
伴協議」),惟須獲西班牙相關政府部門就其形式及內容作出必要批准,包括但
不限於Tarancon市議會授出裁定。UTE已於成立時採納一套組織章程細則(「細
則」),其已遵循合作夥伴協議之條款及條件。Tecdoa Energy與Indra Sistemas於UTE
之權益將分別為50%及50%。
標書之主要條款
根據標書,UTE與Tarancon市議會已於二零一二年十月十六日訂立合約,內容
有關提供西班牙Tarancon市議會准予之公共照明裝置之保養服務。合約自二零
一二年十月十六日起計為期16年,而合約收入將由產品之節能效益及市場上
價格指數之變化決定。
合作夥伴協議及細則之主要條款
根據合作夥伴協議之建議條款,同意Tecdoa Energy將主要負責供應及安裝合約
項下之照明產品(「產品」);為實施合約研發節能高效方案;改進及翻新照明設
施以及管理UTE。而Indra Sistemas將主要負責UTE之行政事務以及保養及維修
Tecdoa Energy根據合約供應之產品。
Tecdoa Energy 及Indra Sistemas各自就所提供之服務及╱或供應之產品向UTE發出
發票。Tecdoa Energy及Indra Sistemas各自分別將分佔UTE之收入50%及50%。無論如
何倘UTE收取之收入超過Tecdoa 及Indra發出之發票金額,則Tecoda Energy 及Indra
Sistems將按其各自於UTE之股權比例分佔。此外,Tecdoa 及Indra Sistemas各自按
其於UTE之參與比例注入履約保證金,作為UTE責任之抵押品。根據合作夥伴
協議,Tecdoa Energy須對合約實際執行有關審計及工程項目、Tecdoa根據項目批
准之產品以改善能源效益、產品之初步安裝成本以及設立設施管理軟件之財
務需要負全責。根據標書之條款,UTE須提供履約保證金為數約218,000歐元,
以確保UTE履行其於合約項下之責任,而履約保證金將於合約屆滿時解除。
此外,根據細則,管理委員會(「管理委員會」)將負責、代表及管理UTE。管理委員
會由四名成員組成,包括兩名Tecdoa Energy代表及兩名Indra Sistemas代表。Tecdoa
已提名一名經理(即Tecdoa Energy之代表),並由UTE委任代其執行標書,彼獲正
式授權(其中包括)代表UTE訂立合約、向相關政府機關代表UTE、實施管理委員
會作出之決定等。Indra已提名一名管理人(即Indra Sistemas之代表),並亦由UTE
委任,負責UTE之行政事務,包括但不限於存置UTE賬簿及記錄,以反映根據合
約履行之工程運作,以及管理UTE其他財務監控。
作為Tecdoa Energy將供應以實施項目之產品之製造商以及Tecdoa Energy之同系
附屬公司,本公司之全資附屬公司光電智源環保有限公司(「光電智源」)亦已提
供企業擔保,向Indra Sistemas保證Tecdoa Energy會履行合作夥伴協議、合約及細
則項下之責任。
INDRA SISTEMAS之資料
根據Indra Sistemas提供之資料,其為一所環球科技、創新及人才濟濟之公司。該
公司向公營之運輸、交通及能源業及醫療、金融服務、保安及國防及電訊及媒
體業,供應最尖端之高增值解決方案及服務。Indra Sistemas於超過118個國家中
經營業務,全球員工超過40,000 人。Indra Sistemas二零一一年收益為2,688,000,000
歐元,除利息開支及稅項前營業額及盈利為267,800,000歐元。
Indra Sistemas之所有股份於西班牙四所全國證券交易所掛牌,即馬德里證券交
易所、巴塞羅那證券交易所、畢爾巴鄂證券交易所及瓦倫西亞證券交易所。普
通股自一九九九年三月二十三日起於市場持續掛牌。Indra Sistemas於路透社及
彭博之代號分別為IDR.MC及IDR SM。
自一九九九年七月一日起,Indra Sistemas經挑選被納入IBEX 35指數。彼亦為多個主
要國際指數之成份股,如FTSE eTX、道瓊斯全球指數及MSCI。此外,自二零零六年
起,Indra Sistemas股份於道瓊斯可持續發展世界指數(Dow Jones Sustainability World
Index (DJSWI))及道瓊斯STOXX可持續發展指數(Dow Jones STOXX Sustainability
Index (DJSI STOXX))中買賣,該等指數分別從全球及歐洲最大型公司中挑選投
放最大努力將業務達致可持續發展標準之公司。
建立聯盟之理由及好處
本集團主要從事(i)製造及銷售鋁電解電容器;(ii)製造及銷售貼片型電子部件
以及製造及銷售LED照明產品業務。Tecdoa Energy主要從事提供能源效益服務
業務。
根據標書供應產品乃在本集團日常業務過程中按正常商業條款進行。與Indra
Sistemas之合作為Tecdoa Energy提供將業務拓展至公營部門之機會。董事會相
信,投標成功為Tecdoa Energy開拓另一潛在市場,並增加日後成功投得西班牙
其他地區公營部門標書之機會。標書項下所供應的產品將為本集團自有品牌
「LEDUS」產品,而董事會相信,這可提升品牌「LEDUS」在歐洲的聲譽、獨特性
及知名度。因此,董事會對能源效益業務的未來前景感樂觀,鑒於標書項下所
獲的合約金額及上述的市場機會,董事會認為,合作夥伴協議之條款及條件屬
公平合理,與Indra Sistemas建立聯盟符合本公司及股東整體利益。
64 : GS(14)@2012-11-03 12:30:42

http://www.hkexnews.hk/listedco/ ... N201211021601_C.pdf
咁有乜分別呢? 種債,為未來供股留下空間

(3) 債券及認股權證之主要條款
債券之主要條款
債券之主要條款概述如下:
本金額: 人民幣72,000,000 元(約相等於88,560,000 港元)
面值: 按面值及人民幣1,000,000 元之完整倍數。
發行價: 債券將按本金額之100%發行。
票息: 按債券結欠本金額計年息8厘(基準為一年360日(包
括12 個月,每月30 日),倘為不完整月份,則按已
過日數),由本公司每年派息一次,未支付利息(如
有)將由本公司於到期日贖回債券時支付。
到期日: 債券發行日期起計五周年當日。
收益: 年息8 厘,按複息計算。
贖回: 本公司將於到期日以美元按於到期日之美元等
值金額(連同累計至指定進行贖回之相關日期止
之應計但未支付之利息)贖回債券。
...
認股權證認購股份及認股權證行使價
第一批認股權證行使價及相關認股權證認購股份
第一批認股權證行使價初步為每股認股權證認購股份3.00 港元,可按第一批
認股權證所列條款及條件調整及重置。
第一批認股權證行使價乃本公司與認購人經公平磋商後釐定,較:
(a) 股份於緊接認購協議日期前之最後交易日二零一二年十一月二日在聯交
所所報收市價每股2.88 港元有溢價約4.17%;
(b) 股份於認購協議日期前最後五個交易日在聯交所所報平均收市價每股2.93
港元有溢價約2.39%;及
(c) 股份於認購協議日期前最後十個交易日在聯交所所報平均收市價每股2.98
港元有溢價約0.67%。
董事會認為,第一批認股權證行使價屬公平合理,且符合本公司及股東整體
利益。
根據第一批認股權證行使價之初步定價每股3.00 港元計算,89 份第一批認股
權證所附認購權獲全面行使後將予發行及配發之認股權證認購股份總數為
29,666,637 股,佔本公司現有已發行股本約2.76%,及因發行及配發29,666,637 股
認股權證認購股份後經擴大之已發行股本約2.69%。
第二批認股權證行使價及相關認股權證認購股份
第二批認股權證行使價初步為每股認股權證認購股份1.95 港元,可按第二批
認股權證所列條款及條件調整及重置。第二批認股權證行使價相等於可換股
票據換股價。
第二批認股權證行使價乃本公司與認購人經公平磋商後釐定,較:
(a) 股份於緊接認購協議日期前之最後交易日二零一二年十一月二日在聯交
所所報收市價每股2.88 港元折讓約32.29%;
(b) 股份於認購協議日期前最後五個交易日在聯交所所報平均收市價每股2.93
港元折讓約33.45%;及
(c) 股份於認購協議日期前最後十個交易日在聯交所所報平均收市價每股2.98
港元折讓約34.56%。
董事會認為,第二批認股權證行使價屬公平合理,且符合本公司及股東整體
利益。
根據第二批認股權證行使價之初步定價每股1.95 港元計算,88 份第二批認股
權證所附認購權獲全面行使後將予發行及配發之認股權證認購股份總數為
45,128,248 股,佔本公司現有已發行股本約4.20%,及因發行及配發45,128,248 股
認股權證認購股份後經擴大之已發行股本約4.03%。

發行債券及認股權證之理由及所得款項用途
本集團主要從事(i) 製造及銷售鋁電解電容器;(ii) 製造及銷售貼片型電子部件;
及(iii) 製造及銷售LED照明產品及配件。
董事會認為,建議發行債券及認股權證以及建議抵銷符合本公司及股東整體
利益。
相比將於二零一三年五月二十五日到期之可換股票據,債券將讓本公司於較
後日期還款。此外,債券賦予本公司權利於若干指定日期提早贖回債券,本
公司可藉此更有效控制現金流量,並於其業務營運方面享有更大靈活彈性。
由於擬發行之債券亦賦予債券持有人提早贖回之權利,故債券持有人可選擇
贖回之最早日期為債券發行二十四個月後,即二零一四年。就此,債券將讓
本公司於可換股票據之原定到期日之較後日期還款。
可換股票據嵌入式衍生工具須於每個報告期末計算公平值,而可換股票據嵌
入式衍生工具之公平值變動主要受到本公司股份市價波動之影響,並直接於
本公司之收益表內反映。由於債券及兩批認股權證並無有關規定,故本公司
之收益表將不再受本公司股份市價波動所影響。
由於債券之利息低於現有可換股票據,故本集團之利息開支將得以減少,債
券亦可讓本集團於較後日期作出還款。
此外,於認股權證獲行使後,本公司將會取得額外所得款項,而轉換可換股
票據不會為本公司產生任何現金流入。
債券之票息率及到期收益額均為8 厘,而現有可換股票據之票息率及到期收
益額分別為10 厘及13 厘。利率較低代表於新架構下,本公司於未來數年將較
現有可換股票據之架構支付較低利息。
因此,董事會認為建議發行債券連同認股權證以及建議抵銷之條款屬公平合理,
且符合股東整體利益。
由於發行債券連同認股權證之認購價將會由認購人透過建議抵銷可換股票據
於完成時所結欠本金額之方式支付,故預期發行債券及認股權證將不會產生
任何所得款項。
假設認股權證(包括第一批認股權證及第二批認股權證)所附認購權獲全面行使,
預期將合共籌集約177,000,000 港元。所得款項淨額當中約177,000,000 港元將用
作一般營運資金、削減本集團之負債及╱或於合適機會出現時用作撥付任何
可能取得之投資及╱或資產。
據董事經作出一切合理查詢後所深知、全悉及確信,於本公佈日期,所有認
股權證獲行使後將予發行之新股份,連同所有其他認購權獲行使後將予發行
之所有其他股本證券,將不會超過本公司已發行股本20%。
65 : greatsoup38(830)@2012-12-15 14:17:59

http://www.hkexnews.hk/listedco/ ... TN20121214608_C.pdf
把賣舊業務套現8,000萬

有關海特威集團之資料
海特威為於香港註冊成立之公司,主要從事投資控股業務。於本公佈日期,海
特威直接持有(i) Splendid Victory Development Limited 100%全部已發行股本,該公
司持有威德創建有限公司100%全部已發行股本,而威德創建有限公司持有常
州大有電子有限公司100%股本權益;及(ii)奧斯特展盛電子(深圳)有限公司100%
股本權益。
根據按香港財務報告準則所編製海特威集團於二零一二年一月一日至二零一二
年六月三十日期間之未經審核綜合財務報表,海特威集團之未經審核綜合營
業額約為人民幣38,980,000 元(相當於約48,720,000港元),而未經審核綜合除稅及
非經常性項目後虧損淨額約為人民幣3,740,000 元(相當於約4,680,000港元)。於二
零一二年六月三十日,海特威集團之未經審核負債淨額約為人民幣7,320,000 元
(相當於約9,150,000港元)。
有關通泰集團之資料
通泰為於英屬處女群島註冊成立之公司,主要從事投資控股業務。於本公佈日
期,通泰直接持有南方華威電子(深圳)有限公司100%股本權益。
根據按香港財務報告準則所編製通泰集團於二零一二年一月一日至二零一二
年六月三十日期間之未經審核綜合財務報表,通泰集團之未經審核綜合營業額
約為人民幣11,020,000 元(相當於約13,770,000港元),而未經審核綜合除稅及非經
常性項目後虧損淨額約為人民幣420,000 元(相當於約520,000港元)。於二零一二
年六月三十日,通泰集團之未經審核資產淨值約為人民幣26,070,000 元(相當於
約32,580,000港元)。
於建議出售事項後餘下集團之業務
建議出售事項後,餘下集團將不再從事製造及銷售貼片型電子部件相關業務
並將繼續其(i)製造及銷售LED照明產品;及(ii)製造及銷售鋁電解電容器之其他
現有業務。
製造及銷售LED照明產品
本集團於二零一一年透過收購五組公司成功發展其製造及銷售LED照明產品
及配件業務。該五組公司參與LED照明產品生產鏈的不同階段-包括散熱印刷
電路板、芯片電路封裝以及LED照明產品之組裝及製造。收購後,隨著通過整
合上游部件線、組裝設施及工程人才可能帶來的龐大成本協同效應,價值鏈位
置得以完善。此外,由於所有生產階段均執行質量控制,故LED照明產品之質
量亦得以提升。
進行建議出售事項之原因及裨益
目前,本集團主要從事(i)製造及銷售鋁電解電容器;(ii)製造及銷售貼片型電子
部件;及(iii)製造及銷售LED照明產品及配件業務。
誠如本公司截至二零一一年十二月三十一日止年度之年報所披露,海特威集團
及通泰集團從事之業務主要為製造及銷售鋁電解電容器及貼片型電子部件。即
使營業額增加,惟貼片型電子部件分部仍錄得虧損,由二零一零年之溢利約人
民幣7,150,000 元(相當於約8,940,000港元)至二零一一年之虧損約人民幣5,630,000
元(相當於約7,040,000港元)。比較二零一零年之財務表現,二零一一年銷售鋁
電解電容器及貼片型電子部件之營業額有所減少,主要乃全球市場發展緩慢
及出口量(尤其是台灣市場)下降所致。誠如本公司截至二零一二年六月三十
日止六個月之中期報告所披露,鋁電解電容器及貼片型電子部件分部之營業
額分別較二零一一年同期減少約8.43%及約20.08%,並分別錄得虧損約人民幣
28,840,000 元(相當於約36,050,000港元)及約人民幣2,150,000 元(相當於約2,690,000
港元)。本公司預期製造及銷售鋁電解電容器及貼片型電子部件之未來表現可
能受其相對較低之利潤率及高營運成本所影響。此外,由於市場需求縮減及市
況不明朗,其可能會為業務表現帶來不利影響。
本公司一向積極使其業務更多元化,達致高增值業務,並尋求蓬勃發展及改善
本公司之競爭力。本公司亦旨在為股東及投資者帶來高回報。鑑於上文所述,
以及海特威集團及通泰集團自二零一一年十二月三十一日起一直錄得虧損,
及建議出售事項可讓本集團縮減其於鋁電解電容器及貼片型電子部件業務之
規模及參與,精簡餘下集團從事之業務,即(i)製造及銷售鋁電解電容器;及(ii)
製造及銷售LED照明產品,董事相信該等業務(特別是LED分部)有更佳之潛能
及前景,故將重點及資源投放有關業務。
基於海特威集團及通泰集團多年來之過往表現及毛利率相對較低,董事認為
重新分配本集團若干現有資源於投資高增值業務乃符合本集團及股東之整體
利益。建議出售事項將在(i)已付按金;及(ii)海特威集團結欠之無抵押銀行貸款
方面降低本集團負債。此外,亦會降低無抵押銀行貸款之利息開支。
經考慮海特威集團及通泰集團之表現未如理想以及建議出售事項後有機會重
新分配財務資源,董事認為建議出售事項之條款及條件屬公平合理,乃按一般
商業條款訂立並符合本公司及股東之整體利益。
進行建議出售事項之財務影響及所得款項擬定用途
倘完成於二零一二年十一月三十日落實,估計本集團將就建議出售事項錄得
收益約人民幣1,700,000 元(相當於約2,140,000港元)。有關收益乃根據建議出售事
項可收取之代價(即80,000,000港元)(約人民幣64,000,000 元)減於二零一二年十一
月三十日海特威集團負債淨額約人民幣9,780,000 元(相當於約12,230,000港元)及
通泰集團資產淨值約人民幣24,870,000 元(相當於約31,080,000港元)、餘下集團應
收海特威集團及通泰集團之非貿易應收款項之豁免約人民幣47,210,000 元(相當
於約59,010,000港元)以及其他相關費用及開支計算。
由於代價將與已付按金相抵銷,故本集團將不會因建議出售事項收取任何所
得款項。就此,建議出售事項將減少本公司之債務及利息開支,繼而有助增加
本公司流動資金及營運資金。

66 : greatsoup38(830)@2012-12-19 00:21:26

http://www.hkexnews.hk/listedco/ ... TN20121218614_C.pdf
除該公佈所披露之資料外,本公司亦謹此宣佈下表所列之其他資料,下表顯
示根據按香港財務報告準則所編製海特威集團及通泰集團於截至二零一一年
十二月三十一日止兩個財政年度之經審核綜合財務報表呈列彼等各自之營業
額、除稅前純利╱虧損淨額(扣除非經常項目)、除稅後純利╱虧損淨額(扣除非
經常項目)及資產淨值或負債淨額:
海特威集團
截至二零一零年
十二月三十一日止年度
截至二零一一年
十二月三十一日止年度
營業額人民幣72,181,000 元
(相當於約90,226,000港元)
人民幣75,469,000 元
(相當於約94,336,000港元)
除稅前純利╱(虧損淨額)
(扣除非經常項目)
人民幣4,203,000 元
(相當於約5,254,000港元)
(人民幣7,084,000 元)
(相當於約(8,855,000港元))
除稅後純利╱(虧損淨額)
(扣除非經常項目)
人民幣3,472,000 元
(相當於約4,341,000港元)
(人民幣7,004,000 元)
(相當於約(8,755,000港元))
資產淨值╱(負債淨額) 人民幣3,424,000 元
(相當於約4,280,000港元)
(人民幣3,580,000 元)
(相當於約(4,475,000港元))
通泰集團
截至二零一零年
十二月三十一日止年度
截至二零一一年
十二月三十一日止年度
營業額人民幣26,633,000 元
(相當於約33,291,000港元)
人民幣22,380,000 元
(相當於約27,975,000港元)
除稅前虧損淨額
(扣除非經常項目)
人民幣235,000 元
(相當於約294,000港元)
人民幣1,866,000 元
(相當於約2,332,000港元)
除稅後虧損淨額
(扣除非經常項目)
人民幣356,000 元
(相當於約445,000港元)
人民幣1,866,000 元
(相當於約2,332,000港元)
資產淨值人民幣28,349,000 元
(相當於約35,436,000港元)
人民幣26,483,000 元
(相當於約33,104,000港元)
此外,本公司謹此宣佈,本集團已將已付按金用於減低其負債,以償還承兌票
據約40,000,000港元及董事貸款約20,000,000 港元,並作LED業務一般營運資金約
20,000,000港元。

67 : GS(14)@2013-01-22 01:37:34

http://www.hkexnews.hk/listedco/ ... TN20130121495_C.pdf
董事會謹此宣佈,本公司主要股東同亨已向董事會主席兼執行董事李先生
授出涉及合共56,500,000股股份之認購期權,相當於本公司現有已發行股本
約5.25%,據此,李先生可要求同亨於某段時間向彼(或彼指定代表或代名人)
出售該等股份。同時,李先生亦已向同亨授出涉及合共56,500,000股股份之認
沽期權,相當於本公司現有已發行股本約5.25%。據此,同亨可要求李先生
(或彼指定代表或代名人)於某段時間向其收購該等股份。
本公佈乃遵照上市規則第13.09條刊發。
董事會謹此宣佈,本公司獲同亨及李先生知會,彼等(其中包括)已訂立該等購
股權契約,乃關於授出涉及合共113,000,000股股份之該等購股權,相當於本公
佈日期本公司現有已發行股本約10.51%。
根據首份購股權契約,同亨同意向李先生授出一份購股權(「首份購股權」),可
要求同亨向彼(或彼指定代表或代名人)出售合共56,500,000股股份(「首批購股權
股份」),行使價為每股首批購股權股份2.11港元。另亦同意,李先生可行使首
份購股權附帶的權利,於首份購股權契約日期起直至二零一三年一月三十一
日止期間內,收購40,000,000股首批購股權股份,及於首份購股權契約日期起至
二零一三年二月二十八日止期間內,收購16,500,000股首批購股權股份。同亨承
諾,於上述行使期間,其將不會向任何第三方出售、轉讓、出讓或贈送首批購
股權股份。首份購股權可由李先生於上述行使期內不時按1,000,000股首批購股
權股份的完整倍數全部或部分行使。

根據第二份購股權契約,李先生同意向同亨授出一份購股權(「第二份購股權」),
可要求李先生(或彼指定代表或代名人)向其收購合共56,500,000股股份(「第二批
購股權股份」),行使價為每股第二批購股權股份(i) 2.11 港元;或(ii)相等於股份
於緊接同亨就第二份購股權發出行使通知該日前連續五個營業日在聯交所每
日報價表所報的平均收市價的價格(以較高者為準)。另亦同意,同亨可行使其
第二份購股權附帶的權利,可要求李先生(或彼指定代表或代名人)於二零一三
年九月一日起至二零一四年三月三十一日止期間內,收購第二批購股權股份。
同亨承諾,由訂立購股權契約日期起至二零一四年三月三十一日止,同亨將不
會向任何第三方出售、轉讓、出讓或贈送第二批購股權股份。第二份購股權可
由同亨於上述行使期內不時按1,000,000股第二批購股權股份的完整倍數全部或
部分行使。
於本公佈日期,(i)同亨為113,000,000股股份之持有人,相當於本公司現有已發
行股本約10.51%;及(ii)李先生為139,600,000股股份之持有人,相當於本公司現
有已發行股本約12.98%。假設李先生及同亨分別悉數行使該等購股權,並假設
本公司股本並無其他變動,李先生將於252,600,000股股份中擁有權益,相當於
本公司現有已發行股本約23.48%。

68 : 自動波人(1313)@2013-01-22 01:57:30

大股東向李生發輪,而李生又向大股東發認沽期權..

玩乜?
69 : GS(14)@2013-01-22 23:24:51

68樓提及
大股東向李生發輪,而李生又向大股東發認沽期權..

玩乜?


大股東慢慢賣晒他d股還債,好高息的
70 : GS(14)@2013-04-01 13:47:33

3823
虧1,800萬,增50%,負資產爛殼
71 : Clark0713(1453)@2013-04-08 22:40:39

收購STARRY VIEW INVESTMENTS LIMITED及MEGA WIDE INVESTMENTS LIMITED全部已發行股本之溢利保證
72 : y2kcatman(5671)@2013-05-28 12:17:58

【個股信息】專訪:德普(3823-HK)無意併購LED外產業,料今年毛利率改善
2013/05/24 14:36
財華社香港新聞中心
德普科技主席李永生向《財華社》透露,集團暫時會專注發展LED照明產品、配件及解決方案業務,故短期內不會併購LED以外的產業。他對對全球LED市場發展非常樂觀,加上已陸續賣出錄得虧損的鋁電解電容器業務,故有信心2013年的毛利率較去年表現佳。

他表示,在營業額上升的情況下,德普在研發開支上亦會相應增加,令比率上維持在現行水平。李氏相信隨著LED技術發展在光、機、電三方面越趨成熟,生產成本和平均售價均會下降,後者降幅更望可按年達20-30%;價格下降亦同時意味市場擴張。(J)

http://www.finet.hk/mainsite/newscenter/552427.html
73 : greatsoup38(830)@2013-07-16 00:08:49

買垃圾
74 : GS(14)@2013-07-27 12:44:33


75 : GS(14)@2013-08-22 21:57:27

3823

虧損降8%,至2,600萬,負資產空殼
76 : GS(14)@2013-11-28 16:14:24

買上海物業50%股權,作價4.5億,以現金、新股及CB支付
77 : iniesta(1400)@2014-02-22 01:09:35

開曼群島股份過戶及登記總處將更改為 Condan Trust Company (Cayman) Limited
應該係Codan
幾十間公司出同一公告, 咁都打錯字, 間公司個秘書好大意
78 : GS(14)@2014-03-04 01:08:50

盈警
79 : greatsoup38(830)@2014-04-04 12:49:24

3823

轉賺2,000萬,負資產重債
80 : GS(14)@2014-06-11 01:25:48

配售1億份option@15仙,行使價3.95元
81 : GS(14)@2014-08-05 01:02:32

盈警
82 : GS(14)@2014-08-21 01:43:26

3823

虧損增2成4,至3,100萬,債重
83 : GS(14)@2014-09-28 02:10:32

5送1紅股
84 : GS(14)@2014-10-21 16:39:37

國富浩華辭任
85 : GS(14)@2014-11-02 15:47:33

向肥媽發行500萬股,每股6元的新股,用作發言人費用
86 : y2kcatman(5671)@2014-11-18 05:05:12

5年值3000萬!唔怪得肥媽近排政治上都咁出位了。
87 : wilson(35011)@2014-11-18 07:48:15

高價包肥媽,一個月五十個,真系唔使做
88 : greatsoup38(830)@2014-11-19 00:33:13

都知唔賣唔賣得出
89 : Louis(1212)@2014-12-23 17:12:41

個股方面,大家可以留意成交一直不俗的德普科技(03823),主要業務是製銷LED照明產品,面對很大之市場競爭,股價在五年間竟暴升70倍,公司卻連續四年錄得經營虧損,今年中期虧損擴大至7696萬。今日股價再升,最新創5.77元之上市新高,每股NAV只有0.557元,難得此股可作沽空,暫時是明年筆者最不看好之股份(Best sell idea)。

《信報》網站 羅崇博

電郵:dobielo@hkej.com


smiley
90 : Banana Republic(1499)@2014-12-23 17:59:16

看了几年,不斷升,到底什么原因可以有近100亿市值??
91 : greatsoup38(830)@2014-12-24 00:04:55

班大莊唔肯放股吧
92 : greatsoup38(830)@2015-02-18 02:07:17

買球會
93 : GS(14)@2015-02-18 10:16:51

http://www.mpfinance.com/htm/finance/20150218/news/ec_ecd1.htm
德普6000萬購法足俱樂部
2015年2月18日

【明報專訊】LED照明及物業分租服務商德普科技(3823)昨公布,有意收購法國足球俱樂部索察(Football Club Sochaux-Montbeliard),可能代價為700萬歐元(約6195萬元)。德普科技稱,希望通過收購索察,加強在法國乃至整個歐洲推廣及宣傳旗下「LEDUS」LED品牌。

冀提升LED品牌知名度

德普科技昨與索察的持有人標致汽車起訂意向書,德普計劃斥資700萬歐元,向標致收購索察25萬股普通股,即索察全部已發行股份,德普將在收購日期前以現金支付款項。公告稱雙方計劃在6月30日前完成收購。

索察於19218年由標致汽車已故老闆Jean-Pierre Peugeot創立,曾多次在法國贏得重要冠軍獎。德普表示,計劃收購索察是因為公司有意開拓歐洲公共及私營市場,佔領更多LED燈的市場份額,透過法國足球賽電視廣播、俱樂部T恤和紀念品等足球俱樂部宣傳資料,提升「LEDUS」在法國甚至歐洲的認知度。德普計劃將索察的足球場及培訓學校現有照明系統全部更新為LED燈。

94 : greatsoup38(830)@2015-03-04 01:24:25

盈警
95 : GS(14)@2015-05-18 10:57:35

虧損增80%,至9,000萬,輕債
96 : GS(14)@2015-05-19 00:19:54

購球會
97 : greatsoup38(830)@2015-07-16 01:04:17

1拆4
98 : GS(14)@2015-08-22 03:06:17

虧損降67%,至4,000萬,輕債
99 : greatsoup38(830)@2015-09-28 23:20:40

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
100 : greatsoup38(830)@2016-03-14 03:50:55

盈警
101 : GS(14)@2016-03-28 00:58:17

虧損增11%,至1億,5,000萬現金
102 : greatsoup38(830)@2016-05-28 21:19:32

397持有3886、1019、3823股權,另外還有39集垃圾股
103 : GS(14)@2016-05-31 16:59:47

big wok
104 : GS(14)@2016-06-06 03:43:08

買埋剩下一半物業
105 : GS(14)@2016-07-28 14:17:47

沽空report
https://glaucusresearch.com/wp-c ... ll_July_28_2016.pdf
106 : GS(14)@2016-07-28 14:18:10

董事會強烈否認該報告內針對本公司之指控,並認為該報告所載資料並不全
面,所選及呈列之資料均有偏頗並產生嚴重誤導。誠如Glaucus在該報告內承認,
Glaucus為賣空者,而該報告內之觀點偏向賣空,故彼等將從本公司股價下跌中
獲利。因此,董事會建議本公司股東及有意投資者審慎使用該報告之資料。
107 : Louis(1212)@2016-07-28 21:44:41

大股東持有這麼少的百分比, 加上PB仍沒有吸引力, 儘管大幅下跌, 我還是不敢去賭!

3823主要股東
股東名稱 持股量 總股本 日期
李永生 1,237,924,400 18.94% 15/06/2016
招自康 345,472,000 5.28% 03/06/2016
每股淨資產值 (人民幣) 0.139 元

1421主要股東
股東名稱 持股量 總股本 日期
張杰 128,195,000 16.87% 18/07/2016
彭榮武 85,440,000 11.24% 27/05/2016
中國國際金融股份有限公司 (03908) 44,910,000 5.91% 18/07/2016
每股淨資產值 (坡元) 0.036 元
108 : ffazlmy(38385)@2016-07-29 00:02:53

Louis105樓提及
大股東持有這麼少的百分比, 加上PB仍沒有吸引力, 儘管大幅下跌, 我還是不敢去賭!

3823主要股東
股東名稱 持股量 總股本 日期
李永生 1,237,924,400 18.94% 15/06/2016
招自康 345,472,000 5.28% 03/06/2016
每股淨資產值 (人民幣) 0.139 元

1421主要股東
股東名稱 持股量 總股本 日期
張杰 128,195,000 16.87% 18/07/2016
彭榮武 85,440,000 11.24% 27/05/2016
中國國際金融股份有限公司 (03908) 44,910,000 5.91% 18/07/2016
每股淨資產值 (坡元) 0.036 元


那个张杰我认识真人,是人头。
109 : greatsoup38(830)@2016-07-29 03:39:59

Louis105樓提及
大股東持有這麼少的百分比, 加上PB仍沒有吸引力, 儘管大幅下跌, 我還是不敢去賭!

3823主要股東
股東名稱 持股量 總股本 日期
李永生 1,237,924,400 18.94% 15/06/2016
招自康 345,472,000 5.28% 03/06/2016
每股淨資產值 (人民幣) 0.139 元

1421主要股東
股東名稱 持股量 總股本 日期
張杰 128,195,000 16.87% 18/07/2016
彭榮武 85,440,000 11.24% 27/05/2016
中國國際金融股份有限公司 (03908) 44,910,000 5.91% 18/07/2016
每股淨資產值 (坡元) 0.036 元


1421 已賣了盤沒所謂啦
110 : greatsoup38(830)@2016-07-29 03:40:25

ffazlmy106樓提及
Louis105樓提及
大股東持有這麼少的百分比, 加上PB仍沒有吸引力, 儘管大幅下跌, 我還是不敢去賭!

3823主要股東
股東名稱 持股量 總股本 日期
李永生 1,237,924,400 18.94% 15/06/2016
招自康 345,472,000 5.28% 03/06/2016
每股淨資產值 (人民幣) 0.139 元

1421主要股東
股東名稱 持股量 總股本 日期
張杰 128,195,000 16.87% 18/07/2016
彭榮武 85,440,000 11.24% 27/05/2016
中國國際金融股份有限公司 (03908) 44,910,000 5.91% 18/07/2016
每股淨資產值 (坡元) 0.036 元


那个张杰我认识真人,是人头。


哈哈,點解咁肯定

隻野賣左畀邪人,彈一彈就散
111 : ffazlmy(38385)@2016-07-29 22:02:02

greatsoup38108樓提及
ffazlmy106樓提及
Louis105樓提及
大股東持有這麼少的百分比, 加上PB仍沒有吸引力, 儘管大幅下跌, 我還是不敢去賭!

3823主要股東
股東名稱 持股量 總股本 日期
李永生 1,237,924,400 18.94% 15/06/2016
招自康 345,472,000 5.28% 03/06/2016
每股淨資產值 (人民幣) 0.139 元

1421主要股東
股東名稱 持股量 總股本 日期
張杰 128,195,000 16.87% 18/07/2016
彭榮武 85,440,000 11.24% 27/05/2016
中國國際金融股份有限公司 (03908) 44,910,000 5.91% 18/07/2016
每股淨資產值 (坡元) 0.036 元


那个张杰我认识真人,是人头。


哈哈,點解咁肯定

隻野賣左畀邪人,彈一彈就散


我有佢微信,见过佢同李永生的合照。个人成日去旅游,大把钱,但係就无咩事业。
112 : Louis(1212)@2016-07-29 23:10:13

德普科技董事於禁售期買賣證券
http://www.hkexnews.hk/listedco/ ... TN20160729997_C.pdf

董事會接獲執行董事李永生先生(「李先生」)、劉 新 生 先 生(「劉先生」)及招自康先 生(「招先生」)通 知,表 示 彼 等 已 就 個 人 投 資 目 的 訂 立 若 干 保 證 金 融 資 安 排,而 李 先 生、劉 先 生 及 招 先 生 各 自 持 有 之 若 干 本 公 司 股 份 已 存 放 於 證 券 公 司(「經紀」),作 為 擔 保 彼 等 各 自 之 保 證 金 融 資 之 抵 押 品(「保證金證券」)。

李 先 生、劉 先 生 及 招 先 生 告 知,若 干 經 紀 已 分 別 於 二 零 一 六 年 七 月 二 十 八 日 及二零一六年七月二十九日出售彼等之部分保證金證券(「出售事項」)。當 本 公 司獲 得 出 售 事 項 之 進 一 步 詳 情 時,本 公 司 將 於 適 當 時 候 作 出 進 一 步 公 佈。

董 事 會 認 為 上 述 事 件 將 不 會 對 本 集 團 之 營 運 構 成 任 何 影 響。
113 : GS(14)@2016-08-01 04:25:10

被斬倉
114 : GS(14)@2016-08-07 23:25:42

配售13億股,又特別授權13億股
115 : GS(14)@2016-08-08 00:31:09


斬晒
116 : GS(14)@2016-08-08 01:26:00

盈警
117 : greatsoup38(830)@2016-08-15 02:40:06

被斬倉
118 : greatsoup38(830)@2016-08-21 02:39:21

虧損增6成,至6,400萬,輕債
119 : GS(14)@2016-08-30 10:44:48

8328 buy 3823
120 : GS(14)@2016-09-02 03:51:47

買不成
121 : GS(14)@2016-09-05 03:06:56

取消批股
122 : greatsoup38(830)@2016-09-13 01:18:47

虧損增320%,至3,000萬,輕債,持有垃圾股,有663、2322、2326、3823、2223和6828
123 : GS(14)@2016-10-27 06:37:45

有d問題
124 : greatsoup38(830)@2016-11-05 09:30:31

買蔡瀾廣州美食城項目
125 : GS(14)@2016-11-23 18:25:25

根據一般授權配售新股份
於二零一六年十一月二十二日(聯交所交易時段後),本公司與配售代理訂
立配售協議,據此,配售代理同意(作為本公司之代理)按竭誠基準促使不少
於六名承配人(彼等及其最終實益擁有人須為獨立第三方)按每股配售股份
0.192港元之配售價認購最多500,000,000股配售股份。
126 : GS(14)@2016-12-30 10:06:41

終止諒解備忘錄

有關收購富國控股有限公司全部已發行股本
之須予披露交易
涉及根據一般授權發行代價股份
127 : GS(14)@2017-04-05 12:03:46

根據一般授權配售新股份
於二零一七年四月三日(聯交所交易時段後),本公司與配售代理訂立配售
協議,據此,配售代理同意(作為本公司之代理)按竭誠基準促使不少於六名
承配人(彼等及其最終實益擁有人須為獨立第三方)按每股配售股份0.128 港
元之配售價認購最多489,370,000股配售股份。
最多489,370,000股配售股份佔(i)於本公佈日期本公司現有已發行股本約6.65%;
及(ii)經配發及發行所有配售股份擴大之本公司已發行股本約6.24%。
每股配售股份0.128港元之配售價較:(i)股份於二零一七年四月三日(即配售
協議日期)在聯交所所報收市價每股0.151港元折讓約15.23%;及(ii)股份緊接
配售協議日期前最後連續五個交易日在聯交所所報之平均收市價每股約
0.150港元折讓約14.67%。
128 : GS(14)@2017-04-05 17:46:27

虧損增25%,至4,400萬,1,600萬現金
129 : GS(14)@2017-05-07 02:26:00

虧損增4成,至4,500萬,1,600萬現金
130 : GS(14)@2017-06-14 14:29:01

印了
131 : GS(14)@2017-09-22 03:00:32

虧損增122%,至8,900萬,輕債
132 : GS(14)@2017-09-22 03:00:48


133 : GS(14)@2017-11-11 09:18:55

game over
134 : GS(14)@2018-03-10 11:21:55


135 : GS(14)@2018-03-10 11:22:06

本公司董事(「董 事」)會(「董事會」)謹此知會本公司股東(「股 東」)及 有 意 投 資 者,
根據對本集團截至二零一七年十二月三十一日止年度未經審核管理賬目之初
步 評 估,本 集 團 預 期 於 截 至 二 零 一 七 年 十 二 月 三 十 一 日 止 年 度 錄 得 綜 合 虧 損
淨 額 增 幅,而 截 至 二 零 一 六 年 十 二 月 三 十 一 日 止 年 度 亦 錄 得 綜 合 虧 損 淨 額,主
要由於預期於一間合營企業之權益及應收一間合營企業款項錄得減值虧損所
致。
136 : GS(14)@2018-07-02 10:58:42

DELAY
137 : GS(14)@2018-08-02 10:41:32

STILL NEGOTIATING
138 : GS(14)@2019-05-15 09:18:46


139 : GS(14)@2019-05-23 07:48:17

賣球會
德普 科技 3823 專區 關係 0899 1142
PermaLink: https://articles.zkiz.com/?id=270458

亞洲資源(0899,前永利實業 、永利國際貨運)專區(關係:3823、1189、詹培忠、陳若偉、陳厚光))

1 : GS(14)@2010-10-15 22:21:06

http://www.hkexnews.hk/listedco/ ... TN20101006482_C.pdf
请教一下汤财兄,在上述公告中的第5页,本月底可能发行底新股份数为29亿股,在发行货币一栏现实“未上市,(于9月29日发行)”,请教一下,是不是指这部分股份不可以上市交易?如果上市交易,是不是就要触发超过30%,必须公开要约的规定?
谢谢!

http://sdinotice.hkex.com.hk/di/ ... 010&sc=899&src=MAIN〈=EN

同时,在10月12日,显示对外进行减持,是不是为了规避超过30%的规定而进行的分仓活动?
2 : GS(14)@2010-10-15 22:26:19

1樓提及


http://www.hkexnews.hk/listedco/ ... TN20101006482_C.pdf
请教一下汤财兄,在上述公告中的第5页,本月底可能发行底新股份数为29亿股,在发行货币一栏现实“未上市,(于9月29日发行)”,请教一下,是不是指这部分股份不可以上市交易?如果上市交易,是不是就要触发超过30%,必须公开要约的规定?
谢谢!

http://sdinotice.hkex.com.hk/di/ ... 010&sc=899&src=MAIN〈=EN

同时,在10月12日,显示对外进行减持,是不是为了规避超过30%的规定而进行的分仓活动?


1. 這批股票只是未換股,換了股就可進行交易,就是之前和3823合作那刁呢...但受規限,換股後持股量不能多於30%
http://www.hkexnews.hk/listedco/ ... N200911031019_C.pdf

2. 這個應該不是轉股,根據資料,應該沒有換股,更大可能是換了可換股票據
3 : wsl8173(3935)@2010-10-15 22:26:31

看到,谢谢!
4 : wsl8173(3935)@2010-10-15 22:31:11

2. 這個應該不是轉股,根據資料,應該沒有換股,更大可能是換了可換股票據

没太明白。29亿不就是可转换票据吗,怎么还需要再换呢?

不好意思,能否再解释一下。smiley
5 : GS(14)@2010-10-15 22:32:04

4樓提及
2. 這個應該不是轉股,根據資料,應該沒有換股,更大可能是換了可換股票據

没太明白。29亿不就是可转换票据吗,怎么还需要再换呢?

不好意思,能否再解释一下。smiley


是轉讓了才對,可能這位先生/小姐可些財務問題,這批債券的轉讓代替了債項...
6 : wsl8173(3935)@2010-10-15 22:44:17

http://www.hkexnews.hk/listedco/ ... N200911031019_C.pdf

也就是说交易中可转换债券已经获得股东大会批准,而且已经发行,收购行为已经完成? 是这样吗,不好意思,总问。
7 : GS(14)@2010-10-15 22:53:57

6樓提及
http://www.hkexnews.hk/listedco/listconews/sehk/20091103/LTN200911031019_C.pdf

也就是说交易中可转换债券已经获得股东大会批准,而且已经发行,收购行为已经完成? 是这样吗,不好意思,总问。


沒所謂,多多留意絕對歡迎...

http://www.hkexnews.hk/listedco/ ... TN20100902959_C.pdf
對,因為已獲股東通過了..
8 : wsl8173(3935)@2010-10-18 23:36:40

http://www.hkexnews.hk/listedco/ ... /LTN20101018223.pdf

约30亿的可转换股份已有近6亿股转成股份,也就是说可以上市交易,那么下一步这些股份的持有人将减持套现呢?或者是制造概念,拉升以后再出货?
请汤财兄指点。
9 : GS(14)@2010-10-18 23:40:35

8樓提及
http://www.hkexnews.hk/listedco/listconews/sehk/20101018/LTN20101018223.pdf

约30亿的可转换股份已有近6亿股转成股份,也就是说可以上市交易,那么下一步这些股份的持有人将减持套现呢?或者是制造概念,拉升以后再出货?
请汤财兄指点。


拉升未必,出貨一定
10 : wsl8173(3935)@2010-10-20 17:27:19

899已经连跌1年多,从最近的成交看,买盘的兴趣非常少,若转换股份要出货,不制造概念,很难引来大家的兴趣,应该有一个拉升的过程,引起散户跟进,然后在下跌的过程中完成出货。散户往往是在上升的过程中跟进,然后在下跌的过程中,不断的补仓,然后被套牢。899要出货,必须有一个出货的概念和过程。
11 : GS(14)@2010-10-20 20:56:39

10樓提及
899已经连跌1年多,从最近的成交看,买盘的兴趣非常少,若转换股份要出货,不制造概念,很难引来大家的兴趣,应该有一个拉升的过程,引起散户跟进,然后在下跌的过程中完成出货。散户往往是在上升的过程中跟进,然后在下跌的过程中,不断的补仓,然后被套牢。899要出货,必须有一个出货的概念和过程。


這個一定會有新聞,但未必要拉升得太多...只需要引起部分國內朋友的興趣就得
12 : wsl8173(3935)@2010-10-21 07:13:07

汤财兄,899经过一年多的下跌,并多次扩股,供股,并收购资产(是矿业或是空气恐怕只有当事人知道)。汤财兄认为不会拉的太高,是不是认为蟹货太多,归边的不够,拉高时,解套盘位太多?汤财兄对归边的程度有何估计,谢谢!
13 : GS(14)@2010-10-21 22:26:46

12樓提及
汤财兄,899经过一年多的下跌,并多次扩股,供股,并收购资产(是矿业或是空气恐怕只有当事人知道)。汤财兄认为不会拉的太高,是不是认为蟹货太多,归边的不够,拉高时,解套盘位太多?汤财兄对归边的程度有何估计,谢谢!


會好集中,但是他手貨成本太低,拉升根本不需要,只需有一兩日大升,成交量維持充足,之後陰跌亦維持一定的成交即可。
14 : GS(14)@2010-11-23 21:13:19

看來不只是普通的集資...

林栢森先生,49歲,持有英國華威大學工商管理碩士學位及英國Wolverhampton大學法律榮譽學位。彼現時為香港會計師公會及英國特許公認會計師公會資深會員。林先生於財經界、貨幣市場及資本市場擁有逾20年經驗。

林先生於二零零四年七月至二零零八年五月期間擔任鈞濠集團有限公司(股份代號:115)、於二零零五年九月至二零零八年十二月期間擔任中國星電影集團有限公司(股份代號:8172)及於二零零七年六月至二零零八年十一月期間擔任恒芯中國控股有限公司(股份代號:8046)之獨立非執行董事。

現時,彼為滙通天下集團有限公司(股份代號:21)、能源國際投資控股有限公司(前稱森源鈦礦控股有限公司)(股份代號:353)、百威國際控股有限公司(股份代號:718)、泰盛實業集團有限公司(股份代號:1159)及萊福資本投資有限公司(股份代號:901)之獨立非執行董事。該等公司均於香港聯合交易所有限公司上市。
15 : GS(14)@2010-11-23 21:23:25

16樓提及
看來不只是普通的集資...

是否意味着扩股或者配股,现在股价这么低,是否扩股的可能性更大?


看來不只是配股(增發),應該是合股,然後大比例供股(配股)機會更大
16 : GS(14)@2010-11-23 21:49:04

18樓提及
如果股份已经非常归边,而且还有很多可转换股份没有转换,也就是说大股东已经控制了899,那么还需要合股并供股的意图是什么?是为了更进一步归边?


我一直不覺得這隻股歸邊,況且覺得這隻股是有點奇怪....

我認為一直有第三方持有大量股票...
17 : GS(14)@2010-11-23 22:03:39

20樓提及
不解,难道要走273威利国际的方法,只有下跌,跌完后合股供股,然后继续下跌。


自從買了礦開始,我已覺得這股沒可為
18 : GS(14)@2010-11-23 22:10:21

22樓提及
20樓提及
不解,难道要走273威利国际的方法,只有下跌,跌完后合股供股,然后继续下跌。
自從買了礦開始,我已覺得這股沒可為


为什么?按说股票一直跌,买完矿,可以大肆抄作,拉高出货。但是反而无所作为呢?


通常炒法是買礦已到尾聲,炒作已在買礦此前完成...

何況那礦的價值遠超實值,就算十分一價錢賣出股票都賺翻....

這隻股此前股權已經分得太散,想炒也非常困難
19 : GS(14)@2010-11-23 22:59:51

26樓提及
18樓提及
如果股份已经非常归边,而且还有很多可转换股份没有转换,也就是说大股东已经控制了899,那么还需要合股并供股的意图是什么?是为了更进一步归边?
我一直不覺得這隻股歸邊,況且覺得這隻股是有點奇怪....

我認為一直有第三方持有大量股票...

请教汤财,为什么说认为第三方持有大量股份,能否分析解释一下?怎么判断的?谢谢!


有一次供股,公司方懷疑有人濫用機制...如果他不是損失利益的話,哪會這樣做?
20 : GS(14)@2010-11-23 23:22:18

28樓提及
有一次供股,公司方懷疑有人濫用機制...如果他不是損失利益的話,哪會這樣做?

不好意思,本人愚笨,没明白什么意思。那个第三方是指的“公司方”或者“有人”,是什么机制?有点打破沙锅问到底,不好意思。smileysmiley


公司方當然是指上市公司....有人當然是指第三方...機制是超額認供股的方法
http://www.hkexnews.hk/listedco/ ... N201004281455_C.pdf

如濫用這機制,這樣會令大股東及包銷商持股量減少...
21 : GS(14)@2010-11-27 14:34:00

http://www.hkexnews.hk/listedco/ ... TN20101126670_C.pdf

debt high, need cash
22 : GS(14)@2011-06-28 08:14:18

http://www.hkexnews.hk/listedco/ ... TN20110628006_C.pdf
又蝕

就 大 輸 液 業 務 而 言,管 理 層 在 檢 討 重 整 廠 房 生 產 線 之 進 度 及 效 應,發 現 本 集 團 之 四 平廠 房 在 提 升 產 能 之 重 整 程 序 已 證 明 取 得 成 效,並 於 年 度 內 回 復 盈 利 能 力。然 而,本 集團 之 溫 州 廠 房 之 重 整 程 序 尚 未 成 功,且 其 表 現 未 符 合 本 集 團 之 預 期。因 此,溫 洲 廠 房已 於 二 零 一 一 年 五 月 十 六 日 完 成 出 售。本 集 團 相 信,出 售 溫 州 廠 房 能 為 本 集 團 帶 來 良機,以 集 中 其 資 源 於 四 平 廠 房 及 鐵 礦 業 務。

由於主要人員Danny Sun先生及Lee Yang女士(彼等兩位均於資源行業擁有豐富經驗)已 於 二 零 一 零 年 九 月 辭 任,故 蒙 古 鐵 礦 之 業 務 計 劃 被 進 一 步 押 後。因 應 該 押 後,已 根據 獨 立 估 值 師 之 估 值 報 告 錄 得 採 礦 權 之 公 平 值 減 少10,415,000港 元。

...


自 於 二 零 一 零 年 九 月 二 十 九 日 完 成 收 購P T.  D a m p a r  G o l d e n  I n t e r n a t i o n a l(「P T. Dampar」)全 部 已 發 行 股 本 之55%以 來,本 公 司 已 於 泗 水 設 立 辨 事 處 及 聘 請 當 地 職 員以 開 展 其 於 印 尼 之 鐵 砂 貿 易 業 務。此 外,我 們 已 委 聘 項 目 經 理 以 監 察 上 述 於 印 尼 之 貿易 業 務 之 發 展。預 期 貿 易 業 務 將 於 二 零 一 一 年 最 後 一 個 季 度 展 開。

除 維 持 現 有 業 務 之 穩 定 運 作 外,本 集 團 正 積 極 物 色 機 會 以 進 一 步 實 現 業 務 多 元 化,藉以 擴 闊 其 收 入 來 源 及 盈 利 基 礎。我 們 有 信 心 改 善 本 集 團 之 整 體 效 率 並 致 力 為 股 東 帶來 令 人 滿 意 之 回 報。
23 : GS(14)@2011-07-01 22:11:58

http://www.hkexnews.hk/listedco/ ... TN20110630717_C.pdf
董事被罷免
24 : GS(14)@2011-07-14 23:15:04

http://www.hkexnews.hk/listedco/ ... TN20110712434_C.pdf
抢钱啦
25 : GS(14)@2011-07-14 23:15:24

我都想成為其中一個獨立非執行董事, 輕鬆賺 30 倍
26 : batubara(13151)@2011-07-21 22:35:04

http://www.hkexnews.hk/listedco/ ... /LTN20110719164.pdf

水喉大开,刚注水1.4亿股期权,现在又1.8亿股,成本是空气,好赚。
27 : GS(14)@2011-07-29 22:21:04

http://news.sina.com.hk/news/2/1/1/2392532/1.html
原訴楊龍山為廣東省清遠市豐聖鞋業有限公司的主席,首被告陳厚光,又名陳迅元,曾為亞洲資源控股執行董事,但於本年六月遭公司罷免董事一職;次被告為其父親,前永安旅遊主席陳若偉;第三被告寶豐投資有限公司,陳厚光為該公司的董事兼股東,第四被告Infinite Nature有限公司於事發時為亞洲資源控股旗下的附屬公司,而第五被告Thomas Li &Yu律師行於事發時代表第四被告。

原訴在入稟中狀中指,他於○八年底在內地一次社交場合中透過友人介紹而認識陳厚光兩父子,並得知兩父子在清遠市投資一億美元的生意。○九年五月四月,原訴在金鐘一酒店與陳若偉見面,陳表示需要二千萬港元向詹培忠買入亞洲資源的四億股,借該公司在內地投資煤礦生意,陳更保證當收到貸款後,即把四億的亞洲資源股轉為原訴名義作抵押。

...

但兩人沒有依時還款,更沒有把四億亞洲資源股轉給楊名下,原訴三度追數下,陳氏父子只還款二千二百萬多元,之後再沒有還款,更聲稱「俾詹培忠呃」,去年九月三日原訴到第四被告辦公室追債,更鬧至報警。

亞洲資源主席、詹培忠兒子詹劍崙在電話中,叫原訴跟其父親詹培忠溝通,但詹培忠否認對事件知情。原訴遂入稟向五名被告追討損失。
28 : CHAUCHAU(1254)@2011-11-22 23:07:03

http://www.hkexnews.hk/listedco/ ... TN20111122308_C.pdf
董事會謹此知會股東及潛在投資者,本集團截至二零一一年九月三十日止六個月
之未經審核中期業績預期較截至二零一零年九月三十日止六個月所錄得之虧損錄
得大幅虧損,有關虧損乃主要源自確認於蒙古採礦權之減值虧損。
29 : GS(14)@2012-06-26 00:50:54

http://www.hkexnews.hk/listedco/ ... TN20120625579_C.pdf
虧損減少,爛殼
30 : GS(14)@2012-08-08 12:45:33

http://www.hkexnews.hk/listedco/ ... TN20120807500_C.pdf
拿物業抵債

進行轉讓之理由
本集團主要從事生產及銷售藥品以及礦山營運及開採業務。
本公司已就支付過去數年之未償還餘款積極與第一被告磋商。董事會認為轉讓符合
本集團之利益,原因為其大幅減少未償還餘款,且和解安排避免倘訴訟程序繼續時本
公司將耗費更多資源,以及保證該等被告即時償還,故降低訴訟程序之不明朗因素及
於長期訴訟程序後該等被告因缺乏財務資源償還而面臨之風險。因此,董事會認為轉
讓有利於並符合本公司及股東之整體利益。
董事會計劃將該等物業租賃予第三方以賺取租金收入,並可考慮倘其市值於日後可
能升值時將其出售之可能性。
31 : greatsoup38(830)@2012-11-01 23:16:08

http://www.hkexnews.hk/listedco/ ... N201211011728_C.pdf
根據對本集團截至二零一二年九月三十日止六個月之未經審核綜合管理賬目之初步
審閱,並參考由獨立估值師對蒙古之採礦權(「蒙古採礦權」)編製之估值報告草稿,
本公司之董事(「董事」)會(「董事會」)謹此知會本公司之股東(「股東」)及潛在投資
者,本集團截至二零一二年九月三十日止六個月之未經審核中期業績(「二零一二年
中期業績」)預期較截至二零一一年九月三十日止六個月所錄得之虧損錄得大幅虧
損。有關虧損乃主要源自
(i)確認蒙古採礦權之進一步減值虧損,
及(ii)相對於截至二零一一年九月三十日止六個月所錄得的出售本集團若干全資附屬公司之一次性重大收益(詳情於本公司日期分別為二零一一年三月二十日及二零一一年四月十九日之公佈及通函內披露),於截至二零一二年九月三十日止之六個月並無任何出售資產之重大收益。
32 : greatsoup38(830)@2012-12-02 10:56:13

http://www.hkexnews.hk/listedco/ ... TN20121127272_C.pdf
899
虧損增60%,至1.5億元,負資產爛殼
33 : greatsoup38(830)@2013-01-03 00:36:00

http://www.hkexnews.hk/listedco/ ... N201301021759_C.pdf
董事會謹此宣佈,於二零一二年十二月二十四日,本公司已收到蒙古環境及綠色發展
部(Ministry of Environment and Green Development of Mongolia)(「該部」)日期為二零
一二年十二月十八日之函件,通知本公司鐵礦開採執照乃位於透過總督決議案採納
之蒙古Shudtiin河、森林前緣及水源盆地保護區(「保護區」)內,而該保護區之邊界乃
由蒙古政府2012第194號決議案之附件釐定。董事會其後已向其有關蒙古法律之法律
顧問尋求意見,並於二零一二年十二月三十一日收到初步法律意見,其意見為儘管已
繳付截至二零一三年十一月十四日之執照費用且鐵礦開採執照並無任何尚未支付費
用、產權負擔及第三方權利,惟根據有關「禁止於河源及河岸、水源盆地及森林進行
開採及勘探活動」之新法律條文,由於蒙古鐵礦位於保護區,鐵礦開採執照須受新法
律所規限並須被註銷。然而,本公司並未獲告知有關註銷之生效日期,而董事會正在
向該部尋求進一步澄清。
除上文所披露者外,於本公佈日期,本公司並無收到蒙古政府就鐵礦開採執照之進一
步通知或意見。本公司將指示其有關蒙古法律之法律顧問就鐵礦開採執照之最終狀
況及就本公司須就鐵礦開採執照採取之任何必要或可能行動(包括但不限於索取補
償或對該門之決定提出上訴(如有必要))作出建議。本公司將於適當時候作出進一
步公佈,以就事件進展向股東及潛在投資者提供最新資料。
有關印尼鐵礦之運輸及銷售之IUP OPK執照
本公司謹此進一步宣佈,於二零一二年十二月十九日,有關運輸及銷售之IUP OPK執
照已由東爪哇總督、東爪哇省投資協調局(Investment Coordination Board )主管就印尼
鐵礦授予Dampar,根據Dampar與IUP持有人(PT Indo Modern Mining Sejahtera )簽立
之服務協議,該執照准許Dampar於印尼東爪哇省內運輸及銷售鐵礦砂。於本公佈日
期,Dampar已經就運輸及銷售開展IUP OPK執照項下所准許之有限度營運。
誠如本公司截至二零一二年三月三十一日止年度之年報及本公司截至二零一二年九
月三十日止六個月之中期報告所披露,Dampar亦已申請有關加工IUP OPK執照並正
等待有關申請之結果。於本公佈日期,本公司已向相關機關提交申請有關加工之IUP
OPK執照之所有必需文件,但有關申請之結果並無預期日期。本公司將於適當時候作
出進一步公佈,以就申請結果向股東及潛在投資者提供最新資料。
34 : greatsoup38(830)@2013-01-16 01:33:19

http://www.hkexnews.hk/listedco/ ... TN20130115518_C.pdf
謹此提述亞洲資源控股有限公司(「本公司」)日期為二零一三年一月二日之公佈(「該
公佈」),內容有關(其中包括)本公司之蒙古開採權之業務發展及可能影響鐵礦開採
執照之由蒙古議會通過之新法規。除另有界定者外,本公佈所用之詞彙具有該公佈所
賦予之相同涵義。
誠如該公佈所披露,董事會已就「禁止於河源、水庫保護區及林區進行礦產勘探及採
礦營運」之新法律(「該法律」)條文及其對鐵礦開採執照之影響向其有關蒙古法律之
法律顧問尋求進一步法律意見。董事會之代表(由三名執行董事組成)亦已親赴蒙古
並與該部之部長會面,以就該法律之影響進行進一步討論及探求任何可能補救措施。
於二零一三年一月十一日,董事會已收到其有關蒙古法律之法律顧問之第二份法律
意見,並獲告知該法律直至於二零一二年頒佈有關其實施之法規及決定河流盆地、林
區及保護區之邊界(其界定受該法律影響之保護區)時方始實施。根據有關蒙古法律
之法律顧問之意見,於該法律生效後,若干勘探及開採執照已被註銷。根據該法律,
其亦估計更多有關位於保護區內之礦井之執照將予註銷。據董事所深知、盡悉及確
信,於本公佈日期,將予註銷之執照清單尚未正式頒佈,惟董事會亦獲告知該部可能
隨時公佈有關清單。
董事會獲進一步告知,儘管直至本公佈日期並未提供註銷鐵礦開採執照之具體時間,
惟註銷執照將首先於數個指定省份(包括蒙古鐵礦所在之Selenge 省)開始實行。蒙古
政府將於註銷鐵礦開採執照時正式通知本公司。
董事會認為,倘鐵礦開採執照被註銷,則蒙古鐵礦之公平值須作出進一步減值,而將
予減值之金額將視乎進一步獨立估值結果而决定。董事會屆時將分析估值結果及評
估對本集團財務表現之影響。董事會亦正考慮本公司可採取之任何可能行動,以盡量
減少倘落實註銷鐵礦開採執照所產生之虧損。倘收到註銷鐵礦開採執照之正式通知,
本公司將於適當時候作出進一步公佈,以向股東及潛在投資者提供最新資料。
35 : GS(14)@2013-04-25 12:55:06

25合1
36 : GS(14)@2013-06-05 20:03:19

899
37 : GS(14)@2013-06-30 17:04:17

899
虧損減6%,至5,600萬,負資產空殼
38 : ant2012(35387)@2013-07-12 21:14:01

0.6 配售30m 股
39 : greatsoup38(830)@2013-07-13 10:56:05

東方匯財好重要
40 : greatsoup38(830)@2013-07-13 10:56:14

又想摸魚
41 : ant2012(35387)@2013-07-13 11:01:04

49樓提及
又想摸魚


你成日重覆,定係我唔貼留番你貼好啲?
42 : greatsoup38(830)@2013-07-13 11:13:15

50樓提及
49樓提及
又想摸魚


你成日重覆,定係我唔貼留番你貼好啲?


你貼啦,我del我自己,有時兩個account好煩
43 : ant2012(35387)@2013-07-13 11:35:04

del
44 : greatsoup38(830)@2013-07-13 11:39:49

52樓提及
其實東方


?
45 : ant2012(35387)@2013-07-13 11:55:55

Del
46 : greatsoup38(830)@2013-07-13 11:56:47

54樓提及
53樓提及
52樓提及
其實東方


?


東方


東方點
47 : ant2012(35387)@2013-07-13 11:58:39

Del
48 : greatsoup38(830)@2013-07-13 12:05:36

56樓提及
東方


你講乜呀
49 : ant2012(35387)@2013-07-13 12:14:46

你尼個post 有問題
50 : greatsoup38(830)@2013-07-13 12:18:02

58樓提及
你尼個post 有問題


東方匯財個匯打唔到是咪,叫壇主搞下他

不過呢間野是好邪的
51 : CHAUCHAU(1254)@2013-07-13 15:14:31

51樓提及
50樓提及
49樓提及
又想摸魚


你成日重覆,定係我唔貼留番你貼好啲?


你貼啦,我del我自己,有時兩個account好煩

老千湯真係好煩,叫完人貼佢唔睇下就去再貼,經常性
52 : greatsoup38(830)@2013-07-13 15:26:45

60樓提及
51樓提及
50樓提及
49樓提及
又想摸魚


你成日重覆,定係我唔貼留番你貼好啲?


你貼啦,我del我自己,有時兩個account好煩

老千湯真係好煩,叫完人貼佢唔睇下就去再貼,經常性


太多野要貼,無時間睇番前面
53 : CHAUCHAU(1254)@2013-07-13 15:34:56

61樓提及
60樓提及
51樓提及
50樓提及
49樓提及
又想摸魚


你成日重覆,定係我唔貼留番你貼好啲?


你貼啦,我del我自己,有時兩個account好煩

老千湯真係好煩,叫完人貼佢唔睇下就去再貼,經常性


太多野要貼,無時間睇番前面

話時話你真係越貼越多,搬哂幾份報紙去文章區咁滯
54 : greatsoup38(830)@2013-07-13 15:50:05

62樓提及
61樓提及
60樓提及
51樓提及
50樓提及
49樓提及
又想摸魚


你成日重覆,定係我唔貼留番你貼好啲?


你貼啦,我del我自己,有時兩個account好煩

老千湯真係好煩,叫完人貼佢唔睇下就去再貼,經常性


太多野要貼,無時間睇番前面

話時話你真係越貼越多,搬哂幾份報紙去文章區咁滯


是啊,不想太財經
55 : 自動波人(1313)@2013-08-15 23:57:27

配售CB喎
56 : greatsoup38(830)@2013-08-15 23:59:25

睇來是賣殼,之後有大動作
57 : 自動波人(1313)@2013-08-16 00:06:36

65樓提及
睇來是賣殼,之後有大動作


之前配一鑊,壓低個價去發CB..

高手
58 : greatsoup38(830)@2013-08-16 00:08:25

66樓提及
65樓提及
睇來是賣殼,之後有大動作


之前配一鑊,壓低個價去發CB..

高手


都是廢紙,引人中計
59 : 自動波人(1313)@2013-08-16 00:54:21

好笑,之前仲傳金勞詹同豬太爭176
60 : VA(33206)@2013-11-10 22:08:59

算唔算突破?
61 : VA(33206)@2013-11-10 22:09:52

成交又勁
62 : winnwe155(41826)@2013-11-11 06:19:02

之前都突破左一次
63 : GS(14)@2013-11-14 18:09:20

2.46 億]買塊地轉做內房
64 : LHC(34894)@2013-11-16 12:44:37

配售事項之所有條件均已獲達成
65 : greatsoup38(830)@2013-12-01 19:28:04

899

虧損降1成,至2,400萬,輕債殼
66 : greatsoup38(830)@2014-01-25 13:16:48

899
67 : GS(14)@2014-02-20 00:48:04

899
68 : pcp7838(1616)@2014-03-11 23:21:41

今次唔知真唔真.

四億五千萬現金買入大連一幅地, 但唔知邊度黎咁多現金.
大連創和之主要資產現時包括位於中國大連金州新區金石灘北部區之兩幅毗鄰土地之
土地使用權,總面積約為111,642平方米。大連創和之業務範圍為於目標土地進行房
地產開發及物業管理。
69 : GS(14)@2014-03-12 00:43:07

當內房借殼囉
70 : 自動波人(1313)@2014-03-12 02:15:22

咁多暗手,都唔知拿來幹甚麼

睇今次會唔會又掉Q
71 : greatsoup38(830)@2014-03-12 23:44:30

自動波人79樓提及
咁多暗手,都唔知拿來幹甚麼

睇今次會唔會又掉Q


詹生d野都夠膽玩...
72 : GS(14)@2014-05-02 17:54:38

899
73 : GS(14)@2014-06-22 13:11:21

899
74 : GS(14)@2014-06-25 02:05:10

買物業
75 : GS(14)@2014-06-28 12:01:58

899

虧損增3成,至6,600萬,3.4億現金
76 : fin_freedom(6594)@2014-07-08 21:51:55

MOU, 買中國會展業務
77 : GS(14)@2014-07-11 15:06:34

no medicine business
78 : greatsoup38(830)@2014-07-13 19:19:44

配售6.08億CB,換股價38仙
79 : GS(14)@2014-10-12 15:08:15

礦做藥唔做
80 : GS(14)@2014-10-14 23:56:56

失敗
81 : GS(14)@2014-11-30 01:41:44

虧損降50%,至1,300萬,輕債
82 : greatsoup38(830)@2015-02-10 18:59:15

BUY RUBBISH
83 : GS(14)@2015-04-16 10:01:17

sell rubbish
84 : GS(14)@2015-05-07 01:05:10

42仙配售3.4億股
85 : GS(14)@2015-05-07 14:46:57

http://www.mpfinance.com/htm/finance/20150507/news/ww_ww2.htm
亞洲資源配股集資
2015年5月7日

【明報專訊】亞洲資源(0899)宣布,向6名承配人配售最多3.4億股股份,每股配售價為0.42元,即較昨日收市價0.5元存在16%折讓,共集資1.43億元。是次配售3.4億股將佔擴大後股本10.09%,而配售集資所得將用於其物業投資業務及撥作一般營運資金。

86 : GS(14)@2015-05-22 16:59:28

西安交通能源認購新股,再發行CB
87 : GS(14)@2015-06-07 11:06:41

買物業
88 : GS(14)@2015-06-29 12:14:58

虧損增4成,至1.5億,輕債
89 : greatsoup38(830)@2015-08-01 22:26:05

買地
90 : greatsoup38(830)@2015-09-09 01:08:06

747 買 899 股和cb
91 : GS(14)@2015-09-20 01:41:05

做垃圾
92 : greatsoup38(830)@2015-11-29 21:07:43

虧損增120%,至7,600萬,重債
93 : greatsoup38(830)@2015-12-22 01:00:06

玩天然氣
94 : greatsoup38(830)@2015-12-22 01:00:36

買天然氣公司
95 : greatsoup38(830)@2016-06-26 18:12:14

虧損增3成,至1億,1.2億現金
96 : greatsoup38(830)@2016-07-03 08:58:53

買天然氣垃圾
97 : GS(14)@2016-11-27 21:36:30

虧損降2成,至6,200萬,8,000萬現金
98 : GS(14)@2017-01-19 14:35:15

終止有關
收購中國物業之
須予披露交易
99 : GS(14)@2017-04-20 11:03:54

該協議
董事會欣然宣佈,於二零一七年四月十九日(聯交所交易時段後),買方(本公
司之全資附屬公司)就收購事項與賣方訂立該協議,據此,賣方已同意出售,
而買方已同意購買銷售股份,總代價為273,000,000港元,應以承兌票據償付。
100 : GS(14)@2017-04-21 17:44:57

本公司董事會獲本公司主要股東西安交通能源(香港)有限公司(「西安交通能源」)
知會,於二零一七年四月二十一日,西安交通能源與楊小強(「楊先生」)訂立買賣
協 議(「該協議」),據此,西安交通能源同意出售,而楊先生同意購買本公司已發
行股本中1,330,000,000股每股面值0.25港元之股份(「股 份」),相當於本公司於該協
議日期全部已發行股本約24.89%,總現金代價為493,750,000港 元。預 期 該 協 議 將
於二零一七年四月二十七日或之前完成。
在緊隨該協議完成後,西安交通能源將不再於股份中擁有權益,並不再為本公司
主要股東,而楊先生將於合共1,330,000,000股股份中擁有權益,佔本公司全部已發
行股本之24.89%並將成為本公司主要股東。
101 : sunshine(3090)@2017-04-21 22:24:22

still trading at the lower bottom price, may rise after consolidation
102 : GS(14)@2017-04-22 07:20:16

真是幾難玩架
103 : GS(14)@2017-04-28 10:28:58

出售協議
於二零一七年四月二十七日(聯交所交易時段後),賣方(本公司之間接全資附屬公司)
就出售事項與買方訂立出售協議,據此,賣方已同意出售,而買方已同意購買目標公
司60%股權,以及賣方已同意出售及促使本集團若干成員公司出售,而買方已同意購
買目標公司所結欠之銷售貸款,出售代價為人民幣240,000,000元(相等於約
271,200,000港元)。
104 : GS(14)@2017-05-24 12:43:49

該協議
董 事 會 欣 然 宣 佈,於 二 零 一 七 年 五 月 二 十 三 日(聯 交 所 交 易 時 段 後),買 方(本 公
司 之 全 資 附 屬 公 司)就 收 購 事 項 與 賣 方 訂 立 該 協 議,據 此,賣 方 已 同 意 出 售,而
買方已同意購買銷售股份,總代價為244,000,000港元,應以現金償付。
...
有關目標集團之資料
目標公司為於香港註冊成立的有限公司,其主要從事投資。
截至本公佈日期,目標公司由賣方全資擁有。目標公司擁有附屬公司A之100%股
本權益。附屬公司A主要從事(其中包括)環境及節能技術開發及服務。附屬公司A
擁有附屬公司B之100%股本權益。附屬公司B主要從事開採、生產及銷售礦泉水。
目標集團截至二零一七年三月三十一日及二零一六年三月三十一日止財政年度
的未經審核綜合管理賬目概述及載列如下:
截 至
二零一七年
三月三十一日
止年度
截 至
二零一六年
三月三十一日
止年度
(未經審核) (未經審核)
(港 元) (港 元)
除稅前及除稅後虧損 260,357 118,071
於二零一七年
三月三十一日
於二零一六年
三月三十一日
(未經審核) (未經審核)
(港 元) (港 元)
淨負債 364,387 139,454
於完成後,目標公司將成為本公司之非全資附屬公司且目標集團之財務業績將於
本集團綜合入賬。
進行收購事項之理由及裨益
本公司為一間投資控股公司。本集團主要從事鐵礦石開採業務;證券及其他貿易
業務;放債業務;及物業投資。
本集團之業務策略為專注於中國物業投資業務的開發及拓展。儘管董事會對物業
投資業務持樂觀態度,本集團已根據其經驗及其管理層之業務聯繫而主動發掘商
機,務求為本集團之業務提供穩定的收入來源。
由於開採業務為本集團一項主要業務活動,董事會相信收購事項將讓本集團將其
開採業務拓展至水開採、瓶裝水業務的生產及銷售,擴闊本集團之業務範圍,相
信目標公司之營運將為本集團帶來正面的貢獻。因此,董事認為收購事項會將日
後對本集團的貢獻提升至最高。
經考慮以上所述,董事認為該協議之條款及條件屬一般商業條款及公平合理,而
收購事項符合本公司及股東之整體利益。
105 : GS(14)@2017-06-07 14:10:07

sell land
106 : GS(14)@2017-07-02 18:23:17

虧損降12%,至9,600萬,輕債
107 : GS(14)@2017-07-09 04:54:29

1,000,000,000股認購股份佔本公司於本公佈日期之現有已發行股本約18.71%及本
公司經認購股份擴大之已發行股本約15.76%。認購股份將根據一般授權發行,
並將彼此之間及與於認購事項完成日期已發行之現有股份享有同等地位。
認 購 事 項 須 待(其 中 包 括)聯 交 所 批 准 認 購 股 份 上 市 及 買 賣,及(倘 需 要)百 慕 達
金融管理局已批准發行認購股份後,方告作實。
認購事項之所得款項總額將為250,000,000港元。認購事項之所得款項淨額將約
為249,900,000港元,並擬用作收購及發展與天然資源及其產品相關之業務或本
集團之營運資金。
...
認 購 方 為 一 名 個 人 商 人。認 購 方 原 是 香 港 泉 水 叮 咚 集 團 有 限 公 司(「香港泉水」)的
唯一最終實益擁有人。在二零一七年四月,本集團收購香港泉水20%股權。收購
事項之詳情已於日期為二零一七年四月十九日及二零一七年四月二十五日之本
公司公佈披露。收購事項完成後,香港泉水分別由認購方及本集團實益擁有80%
及20%股權。除以上所述外,經董事作出一切合理查詢後所深知、全悉及盡信,認
購人為一名獨立於本公司及其關連人士且與之並無關連之第三方。
108 : GS(14)@2017-10-13 03:38:32

可能買貴貨?
109 : GS(14)@2017-12-02 00:28:37

虧損增1成,至6,700萬,輕債
110 : GS(14)@2018-04-19 06:15:22

認購12.68億股@25仙
111 : greatsoup38(830)@2018-06-27 01:20:51

虧,輕債
112 : GS(14)@2018-07-14 11:54:58

賣走垃圾礦
113 : GS(14)@2018-07-15 14:05:28

不做放債
114 : GS(14)@2018-07-15 14:05:28

不做放債
115 : GS(14)@2018-09-03 22:43:10

自願性公告
全數贖回可換股債券
116 : GS(14)@2018-09-23 17:34:48

削股本
117 : GS(14)@2018-12-05 17:51:43

虧,輕債,持640、747
118 : GS(14)@2019-04-06 03:39:37

協議
董事會欣然宣佈於二零一九年四月四日(於聯交所交易時段後),買方(本公司之一間
全資附屬公司)與供應商訂立協議,據此,供應商同意供應及買方同意採購瓶裝水產
品。
上市規則之涵義
供應商由李玉國先生(本公司之主席、主要股東及執行董事)間接實益擁有80%。因
此,供應商為李玉國先生之聯繫人及根據上市規則第14A章為本公司之關連人士,而
訂立協議構成本公司之關連交易。
由於最高適用百分率超過0.1%,但低於25%,而總計代價則少於10,000,000港元,根
據上市規則第14A章,訂立協議須遵守公告及申報規定,惟獲豁免遵守通函及獨立股
東批准規定。此外,由於最高適用百分率高於5%,協議亦構成本公司須予披露之交
易。
119 : GS(14)@2019-04-25 07:04:05

本公告乃根據上市規則第14.36條發出。
茲提述亞洲資源控股有限公司(「本公司」)就收購該等物業,日期為2017年10月12日的公
告(「該公告」),以及日期為2018年1月22日的通函(「該通函」)。除非另有所指,本公告
內的詞彙將會與該公告及該通函中的定義的詞彙具相同涵義。
完成條件,其中包括,待賣方向買方提供所有文件證據,證明該等物業的建造已完全符
合相關法律法規及該等物業的有效權,令買方滿意後方可作實(「先決條件」)。
於2019年4月中旬,買方收到了賣方的通知,賣方未能根據買賣協議之條款如期完成建設
該等物業,並將該等物業交予買方。賣方亦建議終止買賣協議。
於2018年,瀋陽地方政府實施了一連串政策,以為物業市場降溫,因此對該等物業的出
售做成不利影響。該等政策當中包括:(i)擴大物業限購範圍;(ii)增加用地供應量;及
(iii)實施出售物業的價格上限。再者,當地政府亦調整了政策,取消了學區的安排,此取
消影響了商業區的周邊業務發展,因而導致該等物業的目標買家流失。
鑑於該等物業的前景不佳及賣方遭遇財務困難,預期先決條件將未能如雙方原先預期於
2019年12月31日或之前達成。
於2019年4月24日,經賣方與買方的公平磋商後,上述各方簽訂了終止協議,據此(i)各方
同意終止買賣協議,而各方對另一方沒有任何索償;及(ii)於2019年10月24日前,賣方將
退回所有買方已支付的款項,共計人民幣562,500,000元(「退款金額」)及向買方支付一
筆金額為人民幣11,250,000元,即退款金額之2%的款項作為補償。本公司就收購該等物
業的主要及關連交易因此而終止。
經考慮於簽訂買賣協議時的情況已有所改變,以及所涉及的不確定性及風險,董事會認
為不繼續進行買賣協議及其項下的交易符合本公司及股東的最佳利益。
亞洲 資源 0899 永利 實業 國際 貨運 專區 關係 3823 1189 、詹 詹培 培忠 忠、 、陳 陳若 若偉 偉、 陳厚 厚光
PermaLink: https://articles.zkiz.com/?id=271123

亞洲資源(0899,前永利實業 、永利國際貨運)新聞專區(關係:3823、1189、陳若偉、陳厚光)

1 : GS(14)@2011-07-29 22:19:15

http://hk.apple.nextmedia.com/template/apple/art_main.php?iss_id=20110728&sec_id=15307&art_id=15471479
亞洲資源執董遭入稟追數
2011年07月28日
亞洲 資源 0899 永利 實業 國際 貨運 新聞 專區 關係 3823 1189 、陳 陳若 若偉 偉、 陳厚 厚光
PermaLink: https://articles.zkiz.com/?id=275569

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