ZKIZ Archives


我是印廢紙- 中國環保能源(0986)、中國集成控股(1027)、匯隆控股(8021)、漢華專業服務(8193)、樂亞國際(8195)、聯旺集團(8217)

http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0818/LTN201608181093_C.pdf

公司買泡沫翠如BB,之後賣出幾隻雨傘、垃圾廢紙廠。

http://www.hkexnews.hk/listedco/listconews/GEM/2016/0818/GLN20160818006_C.pdf

近日,垃圾廢紙廠匯隆宣佈和人頭合資購入毛衣股樂亞國際,以約1.4仙現金加一堆炒高的匯隆控股(8021)支付。人頭的錢是由匯隆控股及其他公司借出來,股票是用張承兌票據印給大家。其實,樂亞國際懷疑都是給內部人控了股,用這個方法把真實股權浮面。最後,這堆內部人都是拿了堆炒貴了廢紙,現金可能都是利用財務公司借給人頭,於是兩相抵銷。

這一批如近期華仁醫療 (0648,前祥華發展、中國仁濟醫療) 換股收購銳康藥業(8037,前朗力福集團)君陽金融 (0397,前合一集團、金寶國際集團、元開達利環保、星虹控股、康健醫療科技、香港體檢、中國保綠資產、君陽太陽能) 購入絲路能源 (8250,前普思基因生物科技、確思醫藥、中國天然投資)的套路的更新版,看看無本印股大法是否能繼續及印級呢。

我是 是印 廢紙 中國 環保 能源 0986 集成 控股 1027 匯隆 8021 漢華 專業 服務 8193 、樂 樂亞 國際 8195 、聯 聯旺 集團 8217
PermaLink: https://articles.zkiz.com/?id=211328

嘉進投資(0310,前德眾投資、金源創展、金源投資)討論帖(關係:劉高原、0612、0677、0689、0922、8193)

1 : GS(14)@2010-07-31 00:06:36

related passage
http://realblog.zkiz.com/greatsoup/12045

http://www.hkexnews.hk/listedco/ ... TN20100730641_C.pdf
成先生,五十歲,於香港擁有逾20年作為執行董事及顧問以建立及管理上市公司之經驗。

成先生於中國金融及投資業(包括生命科學、生物科技、節能、旅遊、貿易及金融服務)具有廣泛經驗。

成先生曾擔任長盈集團(控股)有限公司(689.HK)之副主席兼執行董事以及金科數碼國際控股有限公司(922.HK)之主席兼執行董事,兩間公司均為香港聯合交易所有限公司(「聯交所」)主板上市公司。除所披露者外,成先生於過去三年內並無於任何其他上市公眾公司(無論香港或海外)擔任任何董事職務,並無於本公司及本集團其他成員公司擔任任何職務,及與本公司其他董事、高級管理人員、主要股東或控股股東概無任何關係。
2 : GS(14)@2010-07-31 00:07:01

http://www.hkexnews.hk/listedco/ ... TN20100730647_C.pdf
(1) 配售現有股份;
(2) 先舊後新認購新股份;
3 : jksara1212(3240)@2010-08-01 22:59:00

轉人是否可抄一轉 ?
4 : GS(14)@2010-08-01 23:07:26

3樓提及
轉人是否可抄一轉 ?


我不知道。但為何你認為轉人可以炒一轉?
5 : jksara1212(3240)@2010-08-01 23:38:42

此股觀察已久, 見近來的成交是為了此次配股, 所以看看會否跟以往一樣配股後炒一轉.
6 : GS(14)@2010-08-01 23:42:49

5樓提及
此股觀察已久, 見近來的成交是為了此次配股, 所以看看會否跟以往一樣配股後炒一轉.


你觀察了多久?自這樣研究起嗎?
http://realblog.zkiz.com/greatsoup/12045

此前批股應該是有料先批,但是有好多阻礙,拆股及批股都因而拖延...通常拆股都不是好事...


換這個人的目的是甚麼?
7 : leftnotright(2667)@2010-08-02 21:04:44

仲以為 劉生佢會一次過賣哂 d 股又換主 tim

當初劉生上台 就打上去 無停過
以為佢會有乜大搞作 ... 但估唔到乜鬼收購投資都無
佢就開始賣股分 ...


雖然 0.75 賣股 佢獲利都有 1xx ~ 2xx %
唔做主席但又留任 副主席同非執董 ...


應該仲有一獲野要搞下話 ?
8 : GS(14)@2010-08-02 21:16:24

7樓提及
仲以為 劉生佢會一次過賣哂 d 股又換主 tim

當初劉生上台 就打上去 無停過
以為佢會有乜大搞作 ... 但估唔到乜鬼收購投資都無
佢就開始賣股分 ...


雖然 0.75 賣股 佢獲利都有 1xx ~ 2xx %
唔做主席但又留任 副主席同非執董 ...


應該仲有一獲野要搞下話 ?




D貨散晒,應該難了一點
9 : GS(14)@2010-08-03 00:40:11

http://www.hkexnews.hk/listedco/ ... N201008021163_C.pdf
10 : leftnotright(2667)@2010-08-03 22:27:10

大股東將 d 股票由 英皇證券 轉左去 中銀國際 ?

中銀國際 既牌好努力咁放賣盤


似乎劉生要走了 ?
11 : GS(14)@2010-08-03 23:46:42

10樓提及
大股東將 d 股票由 英皇證券 轉左去 中銀國際 ?

中銀國際 既牌好努力咁放賣盤


似乎劉生要走了 ?


記唔記得當年中銀國際包銷498的新股.....中銀國際和劉先生應該有一定關係
12 : renyan(1526)@2010-08-03 23:53:30

10樓提及
大股東將 d 股票由 英皇證券 轉左去 中銀國際 ?

中銀國際 既牌好努力咁放賣盤


似乎劉生要走了 ?


中銀國際是配售代理,大股東是先舊後新配股,之後再認股。如真的是中銀國際放貨,不是好事。
13 : passport(1491)@2010-08-05 22:55:32

12樓提及
10樓提及
大股東將 d 股票由 英皇證券 轉左去 中銀國際 ?

中銀國際 既牌好努力咁放賣盤


似乎劉生要走了 ?


中銀國際是配售代理,大股東是先舊後新配股,之後再認股。如真的是中銀國際放貨,不是好事。
相信會係高位橫行一段黎派貨跟住大插
14 : GS(14)@2010-09-04 17:13:06

http://www.hkexnews.hk/listedco/ ... TN20100831008_C.pdf
15 : GS(14)@2010-09-11 13:06:58

http://www.hkexnews.hk/listedco/ ... TN20100910629_C.pdf
16 : hoffman85(6358)@2011-01-22 07:37:42

hello, i am a newbie here. i bought this stock at 0.82.

according to the disclosure of Interests,the major shareholder has increased from 30% (from last year end of august until right now) to 50%, did he really buy back??

http://www.irwebcast.com/cgi-local/report/redirect.cgi?url=http://202.66.146.82/listco/hk/prosperityinv/press/cp100813.pdf

http://www.irwebcast.com/cgi-local/report/redirect.cgi?url=http://202.66.146.82/listco/hk/prosperityinv/press/cp100909.pdf
not sure if you have seen these news... what do you think these guys are doing behind the curtain?????? thank you : )
17 : GS(14)@2011-01-22 13:23:38

16樓提及


hello, i am a newbie here. i bought this stock at 0.82.

according to the disclosure of Interests,the major shareholder has increased from 30% (from last year end of august until right now) to 50%, did he really buy back??

http://www.irwebcast.com/cgi-local/report/redirect.cgi?url=http://202.66.146.82/listco/hk/prosperityinv/press/cp100813.pdf

http://www.irwebcast.com/cgi-local/report/redirect.cgi?url=http://202.66.146.82/listco/hk/prosperityinv/press/cp100909.pdf
not sure if you have seen these news... what do you think these guys are doing behind the curtain?????? thank you : )


http://www.hkexnews.hk/listedco/ ... TN20100730647_C.pdf
他只是先舊後新股必要變動

做咁多估值師出來,目的都好明顯啦,是幫手做財技
18 : hoffman85(6358)@2011-01-22 15:03:12

are the facts still "positive" for me to hold on the stock?

does it really seem like Mr Lau is leaving soon ??? as above mentioned about..

thank you.

smiley
19 : GS(14)@2011-01-22 15:07:26

我抱負面態度
20 : hoffman85(6358)@2011-01-24 17:15:00

can you please advice me what info from this stock i should pay attention to in the future?? while i am still holding this stock.

are the followings useful for me to keep track of everyday??

http://www.hkexnews.hk/sdw/search/search_sdw_c.asp

http://sdinotice.hkex.com.hk/di/NSConstdSSList.aspx?sa2=cs&sid=26600103&corpn=Prosperity+Investment+Holdings+Ltd.&corpndisp=%b9%c5%b6i%a7%eb%b8%ea%b0%ea%bb%da%a6%b3%ad%ad%a4%bd%a5q&sd=28/01/2010&ed=07/01/2011&sa1=cl&scsd=24%2f01%2f2010&sced=24%2f01%2f2011&sc=310&src=MAIN〈=ZH

knowing that Mr Lau account is 中銀國際 ...

thank you. smiley
21 : GS(14)@2011-01-24 21:28:02

20樓提及
can you please advice me what info from this stock i should pay attention to in the future?? while i am still holding this stock.

are the followings useful for me to keep track of everyday??

http://www.hkexnews.hk/sdw/search/search_sdw_c.asp

http://sdinotice.hkex.com.hk/di/NSConstdSSList.aspx?sa2=cs&sid=26600103&corpn=Prosperity+Investment+Holdings+Ltd.&corpndisp=%b9%c5%b6i%a7%eb%b8%ea%b0%ea%bb%da%a6%b3%ad%ad%a4%bd%a5q&sd=28/01/2010&ed=07/01/2011&sa1=cl&scsd=24%2f01%2f2010&sced=24%2f01%2f2011&sc=310&src=MAIN〈=ZH

knowing that Mr Lau account is 中銀國際 ...

thank you. smiley


用Webb-site玩啦
22 : GS(14)@2011-03-16 07:50:44

http://www.hkexnews.hk/listedco/ ... TN20110313018_C.pdf

23 : hoffman85(6358)@2011-06-18 22:16:59

嘉進投資<00310.HK>持股15%的漢華專業服務<08193.HK>於創業板上市,該15%股權賬面淨值為500 萬元,按漢華配售價每股0.72 元計算,該15%股權價值增9.8倍至5400萬元。(me/a)


will do anything good to the stock???

I have sold half before it took the plunge while ago , now still holding half...

such low price, should think about buying some to anticipate positive movement for the stock price???


thanks. : )
24 : hoffman85(6358)@2011-06-18 22:22:14

i have also heard "rumors", 310 bosses are behind 8193.

not sure if its real..@_@"

checking hkex 8193 been mostly holding by BOCI stock account.

ummm...
25 : GS(14)@2011-06-19 13:13:24

24樓提及
i have also heard "rumors", 310 bosses are behind 8193.

not sure if its real..@_@"

checking hkex 8193 been mostly holding by BOCI stock account.

ummm...


無錯,310只是以大約500萬債權就換來大部分股權。
26 : GS(14)@2011-06-19 13:14:20

http://realforum.zkiz.com/thread.php?tid=19866
可以參考這個

http://webb-site.com/ccass/chistory.asp?issue=6887&part=17
同埋這一個
27 : GS(14)@2011-06-19 13:15:42

23樓提及
嘉進投資<00310.HK>持股15%的漢華專業服務<08193.HK>於創業板上市,該15%股權賬面淨值為500 萬元,按漢華配售價每股0.72 元計算,該15%股權價值增9.8倍至5400萬元。(me/a)


will do anything good to the stock???

I have sold half before it took the plunge while ago , now still holding half...

such low price, should think about buying some to anticipate positive movement for the stock price???


thanks. : )


我就覺得不太low,當時的股價只是20仙
28 : hoffman85(6358)@2011-06-27 21:26:51

此乃嘉進投資國際有限公司(「本公司」)作出之自願公佈。
轉讓
本公司董事會(「董事會」)獲Sun Matrix Limited(「Sun Matrix 」)知會,於二零一一
年六月二十七日,Sun Matrix以71,927,081.00港元之價格出售於Favor Hero Investments
Limited(「Favor Hero 」)之49%持股權益予由本公司執行董事成海榮先生(「成先生」)
全資擁有之公司Glory Avenue Limited(「Glory Avenue 」)。Sun Matrix由本公司非執
行董事劉高原先生(「劉先生」)擁有50%權益及劉先生之配偶擁有50%權益。Favor
Hero持有本公司之266,890,840股股份,相當於本公司於本公佈日期之已發行股本約
37.17%。成先生另外持有本公司9,370,000股股份,相當於本公司已發行股本約1.31%。
於轉讓後,Favor Hero由Sun Matrix持有51%及Glory Avenue持有49%權益。


smiley
29 : hoffman85(6358)@2011-06-27 22:06:48

reading clearly again,

they are trying to floor the price??

49% of 266,890,840股股份 at a price of 71.9million.

around 0.538??...
30 : GS(14)@2011-06-27 22:34:28

28樓提及
此乃嘉進投資國際有限公司(「本公司」)作出之自願公佈。
轉讓
本公司董事會(「董事會」)獲Sun Matrix Limited(「Sun Matrix 」)知會,於二零一一
年六月二十七日,Sun Matrix以71,927,081.00港元之價格出售於Favor Hero Investments
Limited(「Favor Hero 」)之49%持股權益予由本公司執行董事成海榮先生(「成先生」)
全資擁有之公司Glory Avenue Limited(「Glory Avenue 」)。Sun Matrix由本公司非執
行董事劉高原先生(「劉先生」)擁有50%權益及劉先生之配偶擁有50%權益。Favor
Hero持有本公司之266,890,840股股份,相當於本公司於本公佈日期之已發行股本約
37.17%。成先生另外持有本公司9,370,000股股份,相當於本公司已發行股本約1.31%。
於轉讓後,Favor Hero由Sun Matrix持有51%及Glory Avenue持有49%權益。


smiley


http://www.hkexnews.hk/listedco/ ... TN20110627363_C.pdf
31 : GS(14)@2011-06-27 22:35:18

大約55仙...但是無全購bor
32 : hoffman85(6358)@2011-06-27 22:37:38

I suspect Mr Lau and Mr Shing are both partners when this game started at 0.2.

If so what can be the motive for making this move???

learning mode @_@
33 : GS(14)@2011-06-27 22:40:05

聽日炒起的話即走是最佳選擇
34 : Sunny^_^(11601)@2011-06-30 16:12:32

我想問同677有咩關系??
35 : GS(14)@2011-06-30 22:21:09

隻股之前叫金源創展同金源投資,677同677大股東都持有過
36 : Sunny^_^(11601)@2011-06-30 22:29:03

oic
37 : GS(14)@2011-08-30 07:57:54

穩健吧

http://www.hkexnews.hk/listedco/ ... TN20110829776_C.pdf
截至6月30日止六個月
2011年 2010年 變動
千港元 千港元 %
收入 5,328 1,913 179 %
本 期間虧損 (7,818) (51,668) -85 %
每股虧損( 港元) (0.011) (0.089) -88 %

主要是炒股同這個東西蝕少了...
7. 法律申索
於2008年3月14日,代理商金鷹國際 集團有限公司(「金鷹」)向一間名為金源創展有限公司(「金源創展」)
之本集團附屬公司提出索償,指稱金源創展應就金鷹於2000年提供代理服務,安排出售名為上海白貓有
限公司之投資之未結清代理佣金結餘支付 人民幣12,750,000元。
於2009年12月31日,根據法律意見,本公司董事認為金源創展不大可能承擔索償。
該案件於2010年6月25日在香港特別行政區高等法院結束,金源創展敗訴。該項索償產 生之判決金額及
利息為約17,827,000港元,已於截至2010年6月30日止六個月 期間全數付清。

...
展望
2011年下半年,美、歐、日等主要發達經濟體仍未走出經濟衰退,以新興經濟體為首之發
展中國家仍會面臨經濟增長減速、通貨膨 脹上升 及經濟結構失衡加 劇等不利狀況。鑒於已
發展市場存在眾多不明朗因素,近期內中國政府可能不願意進一步收緊宏觀政策。董事 一
直採取謹慎之避險措施及審慎之分析以管理本集團之投資組合。
本集團將按照本公司達致長期資本增值及溢利增長之投資目標及政策,持續物色及尋求任
何投資機會及管理現有投資。
38 : hoffman85(6358)@2011-11-24 23:08:11

From the chart it seems running FLAT right now, are they collecting to prepare fry another round??

crust selling?
39 : GS(14)@2011-11-25 09:17:34

少少啦,我想就算炒都唔會多
40 : hoffman85(6358)@2011-11-29 23:12:35

from the buying orders + volumes, it seems it may have some movements soon?

but hardly can go up very high right?

better to select other stocks for frying?

thanks.
41 : GS(14)@2011-11-29 23:20:36

買來擺還可...
42 : hoffman85(6358)@2011-11-30 09:25:23

http://www.hkexnews.hk/listedco/ ... TN20111129724_C.pdf
43 : GS(14)@2011-11-30 22:03:52

個名好熟,稍後找找
44 : GS(14)@2012-03-24 18:21:42

http://www.hkexnews.hk/listedco/ ... TN20120322879_C.pdf
310
收支相抵的爛殼
收購Rakarta Limited
於2011年10月20日,本集團完成收購Rakarta Limited(「Rakarta」)之8%股本權益,代價為
53,000,000港元。
Rakarta間接持有一間在中國擁有一個鉛鋅礦之中國公司之54%股本權益。於2011年12月31
日,正辦理申請該礦山之採礦許可證。
展望
展望未來,美國市場的復甦情況依然不明朗,歐洲則繼續面對信貸危機的威脅,預期環球
市場於2012年將反覆波動。儘管中國亦會受到環球市場波動的影響,但仍可維持高水平的
出口及內銷表現。本集團將繼續專注於在中國探求投資機會。
45 : GS(14)@2012-08-30 16:48:12

http://www.hkexnews.hk/listedco/ ... TN20120829688_C.pdf
310

炒股勁賺,虧損下降,殼殼地。

主要結算日後事件
於2012年6月30日後,本集團出售於漢華專業服務集團有限公司之投資及一家於上海成立之附屬公司,總代價為1,500萬港元。
46 : GS(14)@2012-09-22 14:04:32

http://www.hkexnews.hk/listedco/ ... TN20120921118_C.pdf
董事會謹此確認,本公司並非任何有關有意收購或變賣而根據第13.23條須予披露之磋商或
協議之參與方。然而,於本公司為刊發本公佈而進行查詢的過程中,本公司獲其控股股東
告知,控股股東現正就可能出售少於本公司已發行股本30%的股權而展開初步討論。本公
司瞭解該討論現為極初步階段。

47 : greatsoup38(830)@2013-01-15 00:55:09

http://www.hkexnews.hk/listedco/ ... TN20130114287_C.pdf
本公司董事(「董事」)會(「董事會」)謹此公佈,根據對本公司及其附屬公司(統稱「本集團」)未經審核管理帳目進行之初步審閱,本集團預期截至二零一二年十二月三十一日止年度錄得之虧損較截至二零一一年十二月三十一日止年度之虧損有顯著減少,其主要原因如下:
(i) 減少可供出售投資之減值及持作買賣投資之公平值調整;及
(ii) 出售附屬公司及可供出售投資的較高實現利潤。
本公佈所載資料僅為董事會根據現有資料,包括本集團截至二零一二年十二月三十一日止年度之未經審核綜合管理賬目作出之初步評估,有關資料並未經本公司之核數師確認或審核。
48 : GS(14)@2013-01-27 18:29:01

http://www.hkexnews.hk/listedco/ ... TN20130127010_C.pdf
劉高原接盤

本公司董事(「董事」)會(「董事會」)獲執行董事及本公司主席成海榮先生(「成先生」)知會,於二零一三年一月二+五日(於交易時段後),成先生以50,000,000.00港元之價格出售於Glory Avenue Limited (「Glory Avenue」)之100%持股權益予獨立於本公司的第三方銀富控股有限公司(「出讓」)。
根據本公司之記錄,於出讓後, Glory Avenue及Sun Matrix Limited(「Sun Matrix」)分別持有49%及51% Favor Hero Investments Limited(「Favor Hero 」),而Favour Hero則持有本公司之266,890,840股股份。Sun Matrix由非執行董事劉高原先生(「劉先生」)擁有50%權益及劉先生之配偶擁有50%權益。
於本公佈日期,Favor Hero及成先生分別持有本公司之266,890,840股及9,370,000股股份,相當於本公司之已發行股本約37.46%及1.31%。
49 : ng caddy(36072)@2013-01-27 19:54:13

08年-2010年有5個裂口位,我都幾怕,而且,不知道裂口位的成因,如當年178/653就是派息後直插/有些股拆細,才有機會補半個裂口位,由2011年8月-現在,一個完美凹,如404/70/93以上三隻我由2012年8月推(FACEBOOK DBC/政治經濟學),就是沒有裂口位,所以才有膽推...
50 : greatsoup38(830)@2013-07-13 11:00:11

盈警
51 : GS(14)@2013-09-19 00:11:35

虧損降一半,至300萬,4,200萬現金
52 : GS(14)@2014-09-25 00:45:44

虧損增45%,至470萬,3,000萬可變現資產
53 : Louis(1212)@2015-01-08 12:18:45

0.23元左右的股票價格與資產淨值0.4元, 有投資的價值?大機會賣殼?smiley
54 : GS(14)@2015-01-09 00:04:20

這隻是21章,又是老千,算吧
55 : greatsoup38(830)@2015-01-14 18:15:46

profit warning
56 : greatsoup38(830)@2015-01-17 01:15:10

2供1@17仙
57 : ninomiyau(41302)@2015-01-19 05:17:54

greatsoup3856樓提及
2供1@17仙


睇嚟收極都收唔夠貨,出此下策...
58 : greatsoup38(830)@2015-01-20 00:40:50

唔玩呢堆股啦
59 : 小燈神(27068)@2015-03-04 20:58:11

各位點睇???係唔係好乾身??羊先生包銷左好多....應該幫劉高源做緊野$....
60 : ninomiyau(41302)@2015-03-04 21:18:09

未知...再睇
61 : greatsoup38(830)@2015-03-05 01:47:52

唔好貪這少少錢啦
62 : GS(14)@2015-05-13 23:55:52

以20仙配售1.425億股
63 : GS(14)@2015-06-14 00:52:02

盈喜
64 : greatsoup38(830)@2015-08-30 01:17:05

虧損增8成,至900萬,2.97億可變現資產
65 : GS(14)@2016-01-15 18:22:17

盈喜
66 : greatsoup38(830)@2016-04-04 01:24:44

轉虧950萬,3.2億可變現資產
67 : greatsoup38(830)@2016-07-15 05:47:41

盈警
68 : greatsoup38(830)@2016-07-15 05:47:41

盈警
69 : greatsoup38(830)@2016-09-15 03:25:43

虧損增2成,至1,100萬,3.2億可變現資產
70 : GS(14)@2017-05-14 22:45:05

虧損增5成,至1,400萬,2.9億可變現資產
71 : GS(14)@2017-07-14 19:09:00

PROFIT WARNING
72 : GS(14)@2017-10-31 22:55:52

主要交易—出售於煙台巨力精細化工股份有限公司之投資
出售事項
董事會欣然宣佈,於二零一七年十月三十一日( 交易時段後),賣方( 本公司直接全資附屬
公司 )與買方及鞏和山( 買方擔保人 )訂立股份轉讓協議,藉以按總代價人民幣2,700萬元
( 相 等 於 約 3,172 萬 港 元 )向 買 方 出 售 銷 售 股 份( 即 2,250,000 股 股 份 , 相 當 於 煙 台 巨 力 約
1.17%股權)。於完成出售事項後,本集團將不再擁有煙台巨力之任何權益。
73 : GS(14)@2018-01-27 11:06:49

轉盈20萬
74 : GS(14)@2018-02-04 15:02:23

310 持有劉高原系大量股權,包括498、1189、199、1062、372、2383、334
75 : GS(14)@2018-07-14 12:23:18

本公司董事(「董事」)會(「董事會」)謹此公佈,根據對本公司及其附屬公司(統稱「本集團」)
未經審核管理賬目進行之初步審閱,本集團預期截至二零一八年六月三十日止六個月「( 2018期間」)
將錄得虧損約港幣3,900萬,而截至二零一七年六月三十日止六個月(「2017期間」)則為虧損約港
幣1,400萬。2018期間虧損主要原因如下:
(i) 因股市波動令持作買賣上市股本投資之公平值變動而導致虧損約港幣2,200萬(2017期間為虧損
約港幣200萬);及
(ii) 因首次採用香港財務報告準則第9號,按公平值透過損益列帳的非流動上市股本投資之公平值
變動而導致虧損約港幣600萬(2017期間公平值增加約港幣800萬於透過投資重估儲備列帳)。
76 : GS(14)@2018-09-02 09:52:24

虧,重債
77 : GS(14)@2018-09-06 01:22:33

虧,輕債
78 : GS(14)@2019-01-16 03:26:26

盈警
79 : GS(14)@2019-01-16 03:27:54

本公司董事(「董事」)會(「董事會」)謹此公佈,根據對本公司及其附屬公司(統稱「本集
團」)未經審核管理賬目進行之初步審閱,本集團預期截至二零一八年十二月三十一日止年度
(「本年度」)將錄得虧損約港幣8,700萬,而截至二零一七年十二月三十一日止年度(「2017年
度」)則為盈利約港幣20萬。本年度虧損主要原因如下:
(i) 因股市波動令收益性質之按公平值透過損益列帳的上市股本投資之公平值變動而導致虧損約
港幣5,300萬(2017年度為虧損約港幣1,300萬);及
(ii) 因首次採用香港財務報告準則第9號,資本性質之按公平值透過損益列帳的上市股本投資之公
平值變動而導致虧損約港幣1,500萬(2017年度公平值增加約港幣700萬於投資重估儲備列
帳);及
(iii) 並無因出售可供出售非上市投資之收益(2017年度收益為出售煙台巨力精细化工股份有限公
司約港幣3,100萬)。
嘉進 投資 0310 前德 德眾 金源 創展 展、 討論 關係 高原 0612 0677 0689 0922 8193
PermaLink: https://articles.zkiz.com/?id=270177

康哲藥業(0867)專區(關係:8193)

1 : GS(14)@2010-09-09 21:58:21

http://www.hkexnews.hk/reports/p ... 100909-Layout_c.htm
招股書

http://www.hkexnews.hk/listedco/ ... TN20100915044_C.pdf
正式招股書

http://realforum.zkiz.com/thread.php?tid=8960&page=0
新聞專區
2 : neo(1427)@2010-09-26 00:06:16

毛利率好像超高, 上巿後應該有短作smiley
3 : GS(14)@2010-09-26 10:34:50

2樓提及
毛利率好像超高, 上巿後應該有短作smiley


AIM有個錨
4 : 鱷不群(1248)@2010-09-26 15:14:36

2樓提及
毛利率好像超高, 上巿後應該有短作smiley

毛利率超高就是小心一點,抱懷疑態度。
5 : neo(1427)@2010-09-26 23:24:30

4樓提及
2樓提及
毛利率好像超高, 上巿後應該有短作smiley

毛利率超高就是小心一點,抱懷疑態度。

哈哈,不過毛利率不高的話就不能引人買呀
6 : GS(14)@2010-09-27 21:34:28

4樓提及
2樓提及
毛利率好像超高, 上巿後應該有短作smiley

毛利率超高就是小心一點,抱懷疑態度。


他做外國藥代理,但是毛利咁高又真是奇怪的
7 : neo(1427)@2010-09-27 23:27:12

6樓提及
4樓提及
2樓提及
毛利率好像超高, 上巿後應該有短作smiley

毛利率超高就是小心一點,抱懷疑態度。


他做外國藥代理,但是毛利咁高又真是奇怪的
我覺得也不無可能,因為藥的製造成本很低,是R&D貴, 是可以夠膽死成本幾蚊的藥賣幾百蚊粒
就算不是藥廠只是代理,你看看藥房就知道了
8 : 鱷不群(1248)@2010-09-27 23:58:49

7樓提及
6樓提及
4樓提及
2樓提及
毛利率好像超高, 上巿後應該有短作smiley

毛利率超高就是小心一點,抱懷疑態度。


他做外國藥代理,但是毛利咁高又真是奇怪的
我覺得也不無可能,因為藥的製造成本很低,是R&D貴, 是可以夠膽死成本幾蚊的藥賣幾百蚊粒
就算不是藥廠只是代理,你看看藥房就知道了

藥房的毛利不見得很高
9 : GS(14)@2010-09-28 22:05:19

7樓提及
6樓提及
4樓提及
2樓提及
毛利率好像超高, 上巿後應該有短作smiley

毛利率超高就是小心一點,抱懷疑態度。


他做外國藥代理,但是毛利咁高又真是奇怪的
我覺得也不無可能,因為藥的製造成本很低,是R&D貴, 是可以夠膽死成本幾蚊的藥賣幾百蚊粒
就算不是藥廠只是代理,你看看藥房就知道了


何況他只是經手一層,估計都是10-15%,如果有幾層才會有這樣的毛利率
10 : GS(14)@2010-10-31 13:33:41

有高管原來同馬化騰一樣,都拿到高科技住房補貼
11 : GS(14)@2011-02-24 23:08:00

http://www.hkexnews.hk/listedco/ ... TN20110224540_C.pdf
本集團自二零零七年在倫敦上市以來,一直保持了持續而穩定的增長,二零零七年至二零一零年四年間的銷售收入年複合增長率為36.7%,淨利潤年複合增長率達52.4%。我們持續穩健的增長得益於我們務實且靈活的經營策略。於二零一零年,本集團的銷售收入為132.2百萬美元(二零零九年度:96.5百萬美元),較二零零九年增長了37.0%;股東應佔溢利為30.6百萬美元(二零零九年度:20.7百萬美元),較二零零九年增長了47.9%。每股基本盈利為3.061美仙( 二零零九年度:2.186美仙, 根據於二零一零年六月二十五日通過並於二零一零年六月二十八日生效的股東決議案,本公司股本中面值0.10美元的已發行及未發行股份分拆為20股每股面值0.005美元的新股份而调整)。

股息
董事會建議派發末期股息每股1.3美仙,每股面值0.005美元( 二零零九:每股0.5美仙,根據於二零一零年六月二十五日通過並於二零一零年六月二十八日生效的股東決議案,本公司股本中面值0.10美元的已發行及未發行股份分拆為20股每股面值0.005美元的新股份而调整),給予於二零一一年三月二十九日已在本公司股東名冊內登記之股東。
12 : New comer(7338)@2011-04-04 14:46:35

http://www.hkexnews.hk/listedco/ ... TN20110404060_C.PDF
867
暫停買賣給
以待本公司刊發一項有關主要併購之屬股價敏感交易之公告
13 : 草帽(1253)@2011-04-04 20:30:19

呢隻野有條比較準既線話上10蚊, 可以去到15蚊. 不過我1股都冇買. 呢行唔熟.
14 : GS(14)@2011-04-05 11:55:47

http://www.hkexnews.hk/listedco/ ... N201104041283_C.pdf
(1)
天津普瑞森目前在中國推廣和銷售 9 個主要的由國內製藥公司生產的處方藥產品,覆吸科、心血管科、兒科、婦科、泌尿科、皮膚科、胃腸科、五官科、血液科、外科及抗感染等領域。在這些產品中,有 2 個核心産品是用於呼吸系統疾病的伊諾舒(鹽酸氨溴索注
射液)和抗病毒的藥物沙多力卡(注射用穿心蓮內酯琥珀酸半脂鈉鉀鹽;或「注射用炎琥寧」)。

根據國家食品藥品監督管理局(SFDA)南方醫藥經濟研究所廣州標點醫藥資訊有限公司發佈的二零一零年度中國醫藥市場發展藍皮書,二零零八年和二零零九年,氨溴索的市場規模在中國醫院的呼吸系統藥物中排名第一,市場份額分別爲 28.0%和 27.1%。炎琥寧注射液的市場規模在中國醫院呼吸系統中藥中排名第一,市場份額分別為 9.7%和 9.5 %。

天津普瑞森已經於二零一零年年底獲得了對伊諾舒的產品控制權,同時成功地協商降低了從生産廠商的采購價。天津普瑞森還和沙多力卡的生產廠商簽訂了長期代理協議,天津普瑞森和生產廠商是產品專利權的共同持有人。這些使天津普瑞森能夠保證這兩個核心産品的長期推廣和銷售權的穩定性。

截至二零零八年、二零零九年、二零一零年十二月三十一日止三個年度,天津普瑞森錄得銷售額分別為人民幣 169.8 百萬元、人民幣 222.4 百萬元及人民幣 300.3 百萬元,三年的複合年增長率爲 33.0%。天津普瑞森在上述期間的淨利潤分別是人民幣 35.0 百萬元、人民幣48.4 百萬元和人民幣 69.7 百萬元,三年複合年增長率爲 41.0%。

(2)
盈利保證是1.5億,是用現金直接補償盈利相差...

倂購對價爲 1,402.5 百萬港元(根據本公告題為“盈利保證”章節下所列之調整),該對
價將以以下方式支付:
(ⅰ)現金 341.7 百萬港元;及
(ⅱ)1,060.8 百萬港元,通過本公司按發行價每股代價股份 8.16 港元發行 130,000,000 股代價股份,該價格爲最後交易日在聯交所所報 的每股收市價
15 : New comer(7338)@2011-04-05 12:13:38

哦 .. 原來係買野 ... 增強本集團的競爭力

消息應該會刺激股價向上, 還是向下呢 ?

向上: 應該長遠係好的

向下: 短期, 因為發了新股 (雖然係市價)

大家點睇呢 ?
16 : GS(14)@2011-04-05 12:20:38

現時867 PE 超過30倍,如果不看盈利保證,以現價約18倍PE買,其實是對每盈利有幫助的
17 : New comer(7338)@2011-04-06 13:16:32

今日復牌後升9.8%(0.8)$8.96
18 : GS(14)@2011-06-04 13:43:41

http://www.hkexnews.hk/listedco/ ... N201106031114_C.pdf
康哲藥業獲得廣西廣明藥業51%之股權
19 : GS(14)@2011-07-21 08:16:24

http://www.hkexnews.hk/listedco/ ... TN20110720543_C.pdf
本公司董事會僅此知會本公司股東及潛在投資者,基於本集團對截至二零一一年
六月三十日止六個月之未經審核綜合管理帳目的初步審閱結果,本集團預期截至
* 僅供識別二零一一年六月三十日止六個月的純利較二零一零年同期將有顯著增長。董事會
相信有關增長主要歸因於
(i)本集團銷售的持續穩定增長及有效成本控制;及
(ii)本集團對 Great Move Limited(「Great Move」)及其全部附屬公司的成功收購。天津普瑞森醫藥貿易有限公司為 Great Move 的主要全資附屬公司,其在併入本集團時本身已有盈利,並承諾二零一一年的純利不低於 1.5 億元港幣
20 : GS(14)@2011-08-16 22:42:30

http://www.hkexnews.hk/listedco/ ... TN20110816014_C.pdf

都唔錯....

截至二零一一年六月三十日止六個月,本集團錄得下列經營業績:
• 營業額增長 57.4% 至 96.3 百萬美元(二零一零年中期:61.2 百萬美元)
• 期間溢利增長 95.0% 至 29.9 百萬美元(二零一零年中期:15.3 百萬美元)
• 每股基本盈利增長 54.0% 至 2.477 美仙(二零一零年中期:1.608 美仙)
• 於二零一一年六月三十日,本集團現金及銀行存款為 74.4 百萬美元,可隨時變現的
銀行承兌匯票為 17.9 百萬美元
• 宣佈派中期股息每股 0.8 美仙(二零一零年中期:零)
• 提議每四股派發一份紅股(二零一零年中期:零)

2蚊啦
21 : CHAUCHAU(1254)@2011-09-15 19:14:44

http://www.hkex.com.hk/chi/marke ... /PMI2011-164(C).pdf
就康哲藥業控股有限公司(證券代號867)中期股息每股0.008美元(0.0623港元)及4送1紅股,將於除淨日(2011年9月16日)
22 : GS(14)@2011-11-16 23:27:16

http://www.hkexnews.hk/listedco/ ... TN20111116608_C.pdf
酪絲亮肽Ⅲ期臨床試驗第一例受試者成功入組
本公佈乃根據香港聯交所上市規則第13.09 條而發表。
誠如本公司二零一一年中期業績公佈所披露,於二零一一年上半年,本公司已全
面啟動酪絲亮肽Ⅲ期臨床試驗受試者入組前的各項工作。於二零一一年十一月十
一日,本公司已成功入組該臨床試驗的第一例受試者。
23 : skfv(15984)@2012-02-07 19:41:43

http://www.hkexnews.hk/listedco/ ... TN20120207209_C.pdf

發盈喜

本公司董事會僅此知會本公司股東及潛在投資者,基於本集團對截至二零一一年十
二月三十一日止年度之未經審核綜合管理帳目的初步審閱結果,本集團預期截至二
零一一年十二月三十一日止年度的純利較二零一零年同期將有顯著增長。董事會認
為增長主要由於(i)本集團銷售的持續穩定增長及有效成本控制;及(ii)本集
團對Great Move Limited(「Great Move」)及其全部附屬公司的成功收購。天津
普瑞森醫藥貿易有限公司(於二零一一年十月二十四日正式更名為天津康哲醫藥科
技發展有限公司)為 Great Move 的主要全資附屬公司,其在併入本集團時本身已
有盈利,並承諾二零一一年的純利不低於 1.5 億元港幣。

本正面盈利預告公佈僅根據本集團截至二零一一年十二月三十一日止年度之未經
審核管理帳目之初步審閱而得出,乃未經本公司核數師審核或審閱。本集團截至
二零一一年十二月三十一日止之年度業績將於二零一二年三月中旬公佈。
24 : skfv(15984)@2012-02-07 19:43:54

聽日可以小注一試
25 : sunjcom(1601)@2012-02-21 13:20:35

联交所资料显示,新加坡资产管理公司APS於2月13日,悉售康哲药业(00867.HK)8443.02万股或5.24%,惟未有披露作价。

相反,德国安联(Allianz SE)於同日首次申报,持有康哲药业8443.2万股或5.24%权益,同样未有披露作价。
26 : GS(14)@2012-02-21 21:36:16

25樓提及
联交所资料显示,新加坡资产管理公司APS於2月13日,悉售康哲药业(00867.HK)8443.02万股或5.24%,惟未有披露作价。

相反,德国安联(Allianz SE)於同日首次申报,持有康哲药业8443.2万股或5.24%权益,同样未有披露作价。


http://sdinotice.hkex.com.hk/di/ ... 7&src=MAIN&lang=ZH&
27 : greatsoup38(830)@2012-03-17 19:03:32

http://www.hkexnews.hk/listedco/ ... TN20120315830_C.pdf
財務摘要:
 營業額增長59.2%至210.4 百萬美元(二零一零年:132.2 百萬美元)
 年度溢利增長103.2%至62.4 百萬美元(二零一零年:30.7 百萬美元)
 每股基本盈利增長71.5%至3.971 美仙(二零一零年:2.315 美仙)
 於二零一一年十二月三十一日,現金及銀行存款為97.9 百萬美元,可隨
時變現的銀行承兌匯票為23.6 百萬美元
 建議末期股息每股0.8 美仙,使得截至二零一一年十二月三十一日止年
度總股息為每股1.44 美仙1,對比上年增長38.5%(二零一零年:末期
股息和年度總股息為每股1.04 美仙2)
 提議每兩股派發一份紅股(二零一零年:零)

業績狂增70%,至5,400萬美元,賺20仙,40仙現金,2.4吧

前景及展望
在二零一一年已取得的成績基礎上,本集團將繼續努力取得更佳業績。一方面,本集團將加緊實施新產品引入的三個策略,即「迅速成長的產品策略」、「可預期的長線產品策略」及「永久可控的產品策略」,並致力於增加產品發展的透明度、可預期性及穩定性,盡可能地控制產品的中國市場權利;另一方面,本集團將會不斷擴展營銷推廣網絡,加強營銷推廣網絡在基層市場的覆蓋。同時,本集團將繼續投入產品的學術推廣,強化代理商網絡的管理,繼續致力於發揮兩種推廣模式的整合優勢,加快兩個模式、兩個網絡在產品營銷和推廣上的融合。展望未來,本集團將繼續運用和發揮資本市場的力量,充分把握並有效結合中國政府的醫藥政策和發展方向,審時度勢,以更加務實進取的態度和更加多元化的方式為本集團取得更加長遠穩定的發展。

不停送紅股,好像不太好
28 : GS(14)@2012-08-15 16:36:56

http://www.hkexnews.hk/listedco/ ... TN20120814604_C.pdf
截至二零一二年六月三十日止六個月之中期業績公佈
康哲藥業控股有限公司(「本公司」)之董事會(「董事會」)欣然公佈本公司及其附屬公司(「本集團」)截至二零一二年六月三十日止六個月(「報告期」)之未經審計簡明合併業績。
財務摘要:
 營業額增長37.1%至132.0百萬美元(二零一一年中期:96.3百萬美元)
 期間溢利增長38.1%至41.3百萬美元(二零一一年中期:29.9百萬美元)
 每股基本盈利增長33.5%至1.709美仙(二零一一年中期:1.280美仙)
 於二零一二年六月三十日,本集團現金及銀行存款為110.5百萬美元,可隨時變
現的銀行承兌匯票為26.0百萬美元
 宣派中期股息每股0.645美仙,較去年同期增長51.1%(二零一一年中期:0.427
美仙1)

盈利增45%,至3,900萬美元,8,400萬美元現金

前景及展望
展望未來,本集團將繼續堅持和發展兩大核心發展戰略,即:產品引進與發展和擴展營銷推廣網絡。
對於現有產品,本集團將繼續通過擴大醫院覆蓋,加快產品在不同應用科室的滲透,鞏固並擴大專家網絡隊伍來拓展新的市場,並通過各種層次的學術活動強化產品的品牌建設。同時,本集團亦會充分利用兩個營銷推廣網絡的不同特質和優勢,逐步實現在產品推廣和銷售上的優勢互補。
本集團致力為直接網絡和代理商網絡引入新產品以加強競爭優勢。除了繼續保持現有的獨家代理模式外,本集團在未來將繼續圍繞產品權利採用多元化的方式引入新品種。
在網絡發展方面,本集團致力於通過新員工招聘和培訓項目提供,提升銷售人員的專業技能來擴展直接網絡。同時,本集團亦將加強和細化對代理商網絡的管理以保證其與直接網絡的順利融合和擴展。
集團亦將繼續不斷完善內部管理,加強內控標準,並不斷加強對本集團附屬公司的管控。
29 : starlee(2277)@2012-08-16 01:29:18

保持增長,但市場好像不太信任?
30 : greatsoup38(830)@2012-08-16 08:59:02

公司的董事...
31 : vincentlica(20756)@2012-09-11 11:19:59

30樓提及
公司的董事...


請問公司董事有何不妥?
32 : greatsoup38(830)@2012-09-11 22:14:51

31樓提及
30樓提及
公司的董事...


請問公司董事有何不妥?


好多8193
33 : starlee(2277)@2012-09-17 13:23:18

出事了,康哲藥業(00867.HK)產品引起內地32名病人出現不良反應

http://www.hkexnews.hk/listedco/ ... TN20120917035_C.pdf
34 : wilyty(1376)@2012-09-17 21:20:55

影響幾大呢smiley
35 : GS(14)@2012-09-17 23:03:37

34樓提及
影響幾大呢smiley


好大
36 : vincentlica(20756)@2012-09-18 11:36:24

35樓提及
34樓提及
影響幾大呢smiley

好大


沙多力卡(注射用炎琥寧)
沙多力卡由重慶藥友製藥有限公司研發生産,是一種廣泛適用於兒科、呼吸科和急診科室的抗感染類中藥注射液。於報告期內,沙多力卡實現銷售為15.7百萬美元,佔集團營業額的7.4%。

僅僅占營業額德7.4%, 影響應該不算大吧
37 : skfv(15984)@2012-09-18 22:10:18

我擔心大眾會有generalization 覺得佢其他藥都有事……
38 : GS(14)@2012-09-18 22:27:19

36樓提及
35樓提及
34樓提及
影響幾大呢smiley

好大

沙多力卡(注射用炎琥寧)
沙多力卡由重慶藥友製藥有限公司研發生産,是一種廣泛適用於兒科、呼吸科和急診科室的抗感染類中藥注射液。於報告期內,沙多力卡實現銷售為15.7百萬美元,佔集團營業額的7.4%。
僅僅占營業額德7.4%, 影響應該不算大吧


連鎖效應也
39 : GS(14)@2012-09-18 22:27:25

37樓提及
我擔心大眾會有generalization 覺得佢其他藥都有事……


就是咁
40 : vincentlica(20756)@2012-10-09 12:13:43

http://www.epochtimes.com/gb/12/ ... F%E8%A2%AB%E6%9F%A5

涉贿赂薄熙来千万 广东康力医药董事长被查

大纪元综合报导)近日各大网站都在纷纷转载广东康力医药有限公司董事长许静予(原名郑军)涉嫌非法传销、行贿被调查的消息。据称,郑军 2005~2006年曾行贿给当时的商务部长薄熙来1,000多万元通关费,拿到广东省直销牌。
有知情人在网上透露,广东康力医药有限公司董事长郑军的发迹,源自利用其总政广州联络局特工身份保下医药走私头子,深圳康哲公司老板的命,然后借船下海,成立自己的广东康力医药有限公司。
41 : greatsoup38(830)@2012-10-09 22:03:54

http://boxun.com/news/gb/pubvp/2012/07/201207020818.shtml
廣東康力醫藥有限公司董事長鄭軍的發跡,源自利用其總政廣州聯絡局特工身份保下醫藥走私頭子,深圳康哲公司老闆的命,然後借船下海,成立自己的廣東康力醫藥有限公司。鄭軍利用自己相貌與許世友相似的特點,更名為許瀞予,有意無意暗示自己是許世友侄女,忽悠惑眾,招搖撞騙。她先是搭上原國家藥管局局長鄭莜萸,倒賣外人難以獲取的醫藥連鎖特許經營權和藥品經營許可證,在鄭本人被處死後,又在新加坡華人潘安娟幫助下,搭上原商務部部長薄熙來,獲取到燙手可熱的直銷特許牌照,然後再與潘安娟鬧翻,獨佔直銷牌招利益。
    在中國是非常難領取到直銷牌照的,本就是個空殼公司,更無任何從業經驗,經營業績的廣東康力醫藥有限公司,竟然在眾多實力雄厚的競爭者中如黑馬般勝出,領到了極為稀缺的直銷牌照,顯然是因為薄熙來看重其軍方情報人員背景,有意滲透軍方情報系統而為之。
    荒唐的是,許瀞予雖然得到了直銷牌照,卻無心經營,先是鬧出將直銷牌照倒賣給香港一家公司的醜聞,因為過於荒誕不經,被媒體曝光後交易流產,然後就是四處零拆直銷牌照權利,讓眾多傳銷分子掛靠到廣東康力公司名下,自己收取管理費,保護費。
[博訊來稿] (博訊 boxun.com)
42 : greatsoup38(830)@2012-10-09 22:04:52

http://www.3398.cc/a/guona/waijiaofabuhui/2012/0719/3412.html
近日各大網站都在紛紛轉載廣東康力醫藥有限公司董事長許靜予(原名鄭軍)涉嫌非法傳銷、行賄被調查的消息。據稱,鄭軍2005—2006年曾行賄給當時的商務部長薄熙來1000多萬元通關費,拿到廣東省直銷牌。

有知情人在網上透露,廣東康力醫藥有限公司董事長鄭軍的發跡,源自利用其總政廣州聯絡局特工身份保下醫藥走私頭子,深圳康哲公司老闆的命,然後借船下海,成立自己的廣東康力醫藥有限公司。

鄭軍利用自己相貌與許世友相似的特點,更名為鄭軍,有意無意暗示自己是許世友侄女,忽悠惑眾,招搖撞騙。

她先靠受賄原藥監局局長鄭筱萸;倒賣外人難以獲取的醫藥連鎖特許經營權和藥品經營許可證賺取上億。

在鄭鄭筱萸被處死後,鄭軍又搭上原商務部部長薄熙來。

消息人士透露,鄭軍在2005—2006年受賄給時任商務部長的薄熙來1000多萬元通關費,並以虛假文件申報,在很短時間內就拿到了只限於廣東省的直銷牌。

消息引述康力原來的財務人員透露,薄熙來雖然發佈的直銷牌照只限在廣東直銷,鄭軍打著部隊旗幟跨出廣東省全國招兵買馬,詐騙數以億計的巨額錢財。

這名消息人士透露,鄭軍兒子鄭少東在澳門開了幾個賭桌也幫著洗錢,住著奢華賓館,去年買的法拉利,今年又買了勞斯萊斯和蘭博基尼,每個月要破費100多萬元。最近,傳銷公司在保定、寧夏、銀川、上海、廣西、貴州六盤水等地傳銷的人被抓獲後,鄭軍就以廣州總政聯絡處的身份去花錢處理了。

消息稱,鄭軍在國內沒有一家藥廠是她公司的,全是假協作,另鄭軍在香港設的皮包公司先後幾次更改註銷。2012年1月份香港稅務局發現鄭軍公司的賬號裡往來十幾個億,但歷來沒打稅,就開始找他,她說咱們是情報部門,對查她們的部門無可奉告。

網上評論稱,從廣東康力醫藥有限公司董事長鄭軍的嚴重犯罪行為能夠看出,其觸及金額之大,情節之嚴重,氣焰之猖狂,知情者之多,社會注重之水平等等,能夠看出這將是一個嚴重的犯罪案件。鄭軍案如告破,將會是反腐的嚴重成功,這將會對那些涉嫌以經濟手腕受賄,非法傳銷,違規運營及冒名詐騙等潛在的犯罪人群,構成較大的震懾作用。
(責任編輯:道爾)
43 : vincentlica(20756)@2012-10-10 15:10:42

股价不跌反而狂升?
44 : GS(14)@2012-10-10 22:40:45

43樓提及
股价不跌反而狂升?

幾巴仙就狂升?
45 : vincentlica(20756)@2012-10-11 11:45:27

兩日內10%,算可以了吧
46 : GS(14)@2012-10-11 22:40:50

45樓提及
兩日內10%,算可以了吧


一般
47 : greatsoup38(830)@2013-02-11 23:03:35

867 報告
48 : greatsoup38(830)@2013-02-21 23:51:47

買藥
49 : ahtf(35089)@2013-02-23 21:25:59

開始攪埋上游業務, 但佢又無做開生產
以佢的網絡應該唔驚賣唔出D藥
唔知利好定利淡

利申: 持貨者
50 : 自動波人(1313)@2013-02-24 02:46:08

靚圖一幅


51 : greatsoup38(830)@2013-02-24 11:05:03

49樓提及
開始攪埋上游業務, 但佢又無做開生產
以佢的網絡應該唔驚賣唔出D藥
唔知利好定利淡

利申: 持貨者


他老細私人仲有生意的
52 : 054053(9286)@2013-02-24 11:35:34

星期五回左小小
53 : greatsoup38(830)@2013-03-03 11:12:18

867 報告
54 : Clark0713(1453)@2013-03-19 19:59:10

截至二零一二年十二月三十一日止之年度業績公佈
55 : greatsoup38(830)@2013-03-20 01:03:15

盈利增45%,至7,900萬,9,200萬現金,派息好低
56 : greatsoup38(830)@2013-03-31 17:35:31

867
57 : skfv(15984)@2013-03-31 17:38:05

頭先聽新聞話上海同安徽有三個人中左H7N9禽流感, 於是做下關於特敏福同樂感清既功課......
58 : ant2012(35387)@2013-04-01 09:42:46

57樓提及
頭先聽新聞話上海同安徽有三個人中左H7N9禽流感, 於是做下關於特敏福同樂感清既功課......


570有隻藥對沙士有療效,不知禽流感得唔得,但民眾一恐慌可能都照搶

利申,持有570
59 : franco26(24932)@2013-04-01 12:42:27

58樓提及
57樓提及
頭先聽新聞話上海同安徽有三個人中左H7N9禽流感, 於是做下關於特敏福同樂感清既功課......


570有隻藥對沙士有療效,不知禽流感得唔得,但民眾一恐慌可能都照搶

利申,持有570


先睇一堆流感疫苗股
60 : ant2012(35387)@2013-04-01 12:44:56

59樓提及
58樓提及
57樓提及
頭先聽新聞話上海同安徽有三個人中左H7N9禽流感, 於是做下關於特敏福同樂感清既功課......


570有隻藥對沙士有療效,不知禽流感得唔得,但民眾一恐慌可能都照搶

利申,持有570


先睇一堆流感疫苗股


請問有邊隻?
61 : GS(14)@2013-04-01 12:45:29

60樓提及
59樓提及
58樓提及
57樓提及
頭先聽新聞話上海同安徽有三個人中左H7N9禽流感, 於是做下關於特敏福同樂感清既功課......


570有隻藥對沙士有療效,不知禽流感得唔得,但民眾一恐慌可能都照搶

利申,持有570


先睇一堆流感疫苗股


請問有邊隻?


1011?
62 : Clark0713(1453)@2013-04-01 12:48:15

61樓提及
60樓提及
59樓提及
58樓提及
57樓提及
頭先聽新聞話上海同安徽有三個人中左H7N9禽流感, 於是做下關於特敏福同樂感清既功課......


570有隻藥對沙士有療效,不知禽流感得唔得,但民眾一恐慌可能都照搶

利申,持有570


先睇一堆流感疫苗股


請問有邊隻?


1011?
呢隻假咗d...
63 : GS(14)@2013-04-01 12:51:30

咁仲有邊隻? 創業板應該唔少?
64 : ant2012(35387)@2013-04-01 12:59:02

63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些
65 : GS(14)@2013-04-01 13:01:01

64樓提及
63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些


不過呢d野擺得唔耐呀
66 : ant2012(35387)@2013-04-01 13:04:55

65樓提及
64樓提及
63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些


不過呢d野擺得唔耐呀


Or 那些股,如板藍根股
67 : Clark0713(1453)@2013-04-01 13:05:03

其實盈天真係好,可惜自已在$2.65大lot 沽清,無
68 : GS(14)@2013-04-01 13:06:02

66樓提及
65樓提及
64樓提及
63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些


不過呢d野擺得唔耐呀


Or 那些股,如板藍根股


炒爆晒啦,得番個概念
69 : ant2012(35387)@2013-04-01 13:08:04

67樓提及
其實盈天真係好,可惜自已在$2.65大lot 沽清,無


現在真係高,仲要開始有人推,危險
70 : Clark0713(1453)@2013-04-01 13:09:53

69樓提及
67樓提及
其實盈天真係好,可惜自已在$2.65大lot 沽清,無


現在真係高,仲要開始有人推,危險
無la,全沽清換入一堆較低估值的藥股。
71 : ant2012(35387)@2013-04-01 13:10:27

68樓提及
66樓提及
65樓提及
64樓提及
63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些


不過呢d野擺得唔耐呀


Or 那些股,如板藍根股


炒爆晒啦,得番個概念


H7n9 都係概念,雖然我相信已經爆,因病發期差咁遠,上海浙江一帶
72 : Clark0713(1453)@2013-04-01 13:11:27

66樓提及
65樓提及
64樓提及
63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些


不過呢d野擺得唔耐呀


Or 那些股,如板藍根股
有邊d股?願聞其詳。
73 : ant2012(35387)@2013-04-01 13:12:31

70樓提及
69樓提及
67樓提及
其實盈天真係好,可惜自已在$2.65大lot 沽清,無


現在真係高,仲要開始有人推,危險
無la,全沽清換入一堆較低估值的藥股。


我都諗緊沽,但搵晤到楂那隻
74 : ant2012(35387)@2013-04-01 13:13:43

72樓提及
66樓提及
65樓提及
64樓提及
63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些


不過呢d野擺得唔耐呀


Or 那些股,如板藍根股
有邊d股?願聞其詳。


搵緊中
75 : franco26(24932)@2013-04-01 14:04:56

72樓提及
66樓提及
65樓提及
64樓提及
63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些


不過呢d野擺得唔耐呀


Or 那些股,如板藍根股
有邊d股?願聞其詳。


OTC 藥周街都係,大至874 白云山小至8197 東北虎都有感冒顆粒
76 : Clark0713(1453)@2013-04-01 14:07:08

67樓提及
其實盈天真係好,可惜自已在$2.65大lot 沽清,無

77 : GS(14)@2013-04-01 14:21:41

75樓提及
72樓提及
66樓提及
65樓提及
64樓提及
63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些


不過呢d野擺得唔耐呀


Or 那些股,如板藍根股
有邊d股?願聞其詳。


OTC 藥周街都係,大至874 白云山小至8197 東北虎都有感冒顆粒


不如開個藥topic
78 : franco26(24932)@2013-04-01 14:42:16

77樓提及
75樓提及
72樓提及
66樓提及
65樓提及
64樓提及
63樓提及
咁仲有邊隻? 創業板應該唔少?


其實疫苗係後一步爆發咗先有生意,應該買民眾因恐㤺而立即屯積那些


不過呢d野擺得唔耐呀


Or 那些股,如板藍根股
有邊d股?願聞其詳。


OTC 藥周街都係,大至874 白云山小至8197 東北虎都有感冒顆粒


不如開個藥topic


贊成smiley
79 : greatsoup38(830)@2013-08-07 01:39:54

盈利增8%,至4,200萬,9,000萬美元現金
80 : 馬謖(20548)@2013-08-12 23:04:58

康哲药业:印度禁售黛力新不会导致中国禁售

http://hk.jrj.com.cn/2013/07/18173415553827.shtml

...印度禁售黛力新不会导致中国禁售。印度最近出于健康风险禁止黛力新(氟哌噻吨美利曲辛片,抗抑郁药)的销售。黛力新占2012年总收入的31.2%,因此有投资者担心黛力新在中国被禁售。印度政府没有详细说明健康风险,我们估计可能包括与其他药物合用导致的心律失常以及/或增加儿童和青少年自杀意图或行为风险。但我们认为该药在中国被禁售的可能性非常小,理由是:
  1.该药在美国、日本、加拿大、丹麦等都没有上市销售,可能是因为某些风险。但如果是因为这些风险导致其没有在这些国家销售的话,中国药监局肯定会知道这些风险,既然批准其在中国上市就是表明监管部门对该药安全性和疗效的认可。不会因为印度禁售而改变对该药的看法...

連生產國都唔畀賣...
可以輸死人既股
而生產呢隻藥既藥廠話:該藥在丹麥還未完成審批程序。

81 : GS(14)@2013-08-12 23:07:41

隻野我覺得AIM上都已經要扣分啦,覺得是搞財技,老細又多私人野....
82 : 馬謖(20548)@2013-08-12 23:08:01

黛力新不良反应

http://baike.baidu.com/view/642104.htm#14

在推荐用量范围内,副作用极少。即使出现也极轻微、短暂,继续治疗1-2周后即可消失。少数的副作用可能有:轻微口干,夜间服用本药可能影响睡眠。较大剂量治疗时,极少数病人可出现不安或轻微震颤。
在临床试验中,观察到以下不良反应:
神经系统
常见:头晕(2.1%)、震颤(2.1%);不常见:疲劳(1%)。
精神障碍
常见:睡眠障碍(6%)、不安(2.5%)、躁动(1.7%)。
视觉功能障碍
常见:调节障碍(1.5%)。
胃肠道不适
常见:口干(5.4%)、便秘(1.5%)。
以上不良反应也可见于抑郁症本身的症状。
83 : GS(14)@2013-08-12 23:12:14

80樓提及
康哲药业:印度禁售黛力新不会导致中国禁售

http://hk.jrj.com.cn/2013/07/18173415553827.shtml

...印度禁售黛力新不会导致中国禁售。印度最近出于健康风险禁止黛力新(氟哌噻吨美利曲辛片,抗抑郁药)的销售。黛力新占2012年总收入的31.2%,因此有投资者担心黛力新在中国被禁售。印度政府没有详细说明健康风险,我们估计可能包括与其他药物合用导致的心律失常以及/或增加儿童和青少年自杀意图或行为风险。但我们认为该药在中国被禁售的可能性非常小,理由是:
  1.该药在美国、日本、加拿大、丹麦等都没有上市销售,可能是因为某些风险。但如果是因为这些风险导致其没有在这些国家销售的话,中国药监局肯定会知道这些风险,既然批准其在中国上市就是表明监管部门对该药安全性和疗效的认可。不会因为印度禁售而改变对该药的看法...

連生產國都唔畀賣...
可以輸死人既股


http://bg.panlv.net/report/0365127882fa0d87.html
報告可於此下載
84 : 馬謖(20548)@2013-08-12 23:15:29

你以後咪識得去下載囉
85 : GS(14)@2013-08-12 23:18:35

84樓提及
你以後咪識得去下載囉


我好多
86 : MrYeung(15476)@2013-08-13 21:11:51

867
87 : MrYeung(15476)@2013-08-15 20:29:48

867
88 : GS(14)@2013-08-28 12:31:57

867
89 : MrYeung(15476)@2013-09-02 20:00:46

http://www.eif.com.hk/EssenceWeb ... 7&dl=0&t=1378123053
867
90 : MrYeung(15476)@2013-09-03 21:55:30

del (duplicate)
91 : GS(14)@2014-03-05 09:42:02

867
92 : chinesecheung(32113)@2014-03-05 11:32:22

greatsoup, read it but it is too technical for me.
93 : greatsoup38(830)@2014-03-05 22:14:40

chinesecheung92樓提及
greatsoup, read it but it is too technical for me.


總之就反應一般
94 : chinesecheung(32113)@2014-03-05 22:27:22

Wu Man Ching also said similar thing on metro radio this morning. Bought some when it was -12/-13% and 2/3 when market closed.
95 : chinesecheung(32113)@2014-03-05 23:13:06

read the english version (sorry, sometimes english is easier for me). of course, still do not understand the technical terms as expected. however, the annoucement said companies concerned would still like to go ahead to next stage of clinical trial should the data is final verified. my feeling for the risk warning section is ony formality - well, it is only me feeling as a layman. correct me if am wrong.
96 : mannishmark(26310)@2014-03-14 20:38:00

867 report
97 : syaoranc(35116)@2014-03-26 23:16:39

867
98 : GS(14)@2014-05-11 15:11:07

867
99 : GS(14)@2014-05-14 15:29:25

867

盈利增15%,至8,800萬,9,000萬現金
100 : GS(14)@2014-07-02 18:24:19

867
101 : GS(14)@2014-08-19 02:11:19

867

盈利增45%,至3.7億,6.2億現金
102 : GS(14)@2014-10-30 00:27:58

成為西藏藥業第一大股東
103 : greatsoup38(830)@2014-11-12 00:35:32

http://www.gelonghui.com/forum.php?mod=viewthread&tid=3984
康哲药业(867)调研纪要
作者:格隆汇 蓝蓝冰

西藏药业相关问题:


控股西藏药业主要目的?
持股的目的,主要为了对新活素这个品种的控制。未来可能会把西藏药业作为A股的资本平台,通过对西藏药业派新的管理层,帮助西藏药业做管理体系、制度、推广模式等方面的重建。


控股后新董事会和管理层什么时候到位?
股权变更以后,最长转让时间一个月,完成股权变更,然后就是成立新的董事会,然后是选出新管理层,年底前这些应该可以完成,明年是新的经营年。


以前西藏药业是大股东华西药业和二股东新凤凰城等存在矛盾,以后华西药业会不会和公司之间存在矛盾?后续会不会通过增持股份强化控股地位?
西藏药业存在管理效率的问题,今年春节以后公司开始举牌,增持到8%。现在控股后企业管理等方面会做的更好一些。原来股东理念上不同,新凤凰主要做地产的,现在康哲跟华西至少都是药厂,在一些理念上有一致性。控股后对西藏药业、对康哲来说都是好事,西藏药业的利润会有好的表现,股价一定会有上升空间。未来不排除继续增持股份,强化控股地位,但增持股份原则上不超过30%,超过30%有很多麻烦的程序。

西藏药业在研品种有限,后面会不会收一些藏药的品种?
利用西藏药业,把其当做国内资本市场的平台,后续不排除对一些藏药品种进一步的收购。不会局限现有品种,后面可能会参股或收购更多的品种。

康哲和西藏药业都是卖药的,康哲与西藏药业关联交易问题怎么解决?成为控股子公司后关联交易会不会减少?
关联交易只要价格公允是没问题的,西藏药业是独立的主体。关联交易的规定是不能超过3年,3年以后要看进一步的谈判,今年签订新活素经销协议有小幅提价,但以后西藏药业新活素不太可能大幅提价。

西藏药业的诺迪康胶囊等中药品种未来康哲会代理吗?
其它品种是否康哲来代理,需要控股后新的董事会产生,商讨决定。从西藏药业股东层面,现在费用率居高,主要因为没有专业的团队去做,让康哲做是利益最大化的。从康哲层面来说,中药品种也偏少,需要补充中药品种。


为什么这些年西藏药业利润率这么差?
西藏药业报表要分开来看,分为自有产品和批发业务。自有品种除了新活素以外的品种费用率太高,高达48-50%,主要因为西藏药业费用管理粗放。西藏药业这么多好的品种,康哲去做费用率就会低很多。目前西藏药业3000多万净利润基本都是新活素创造的利润。别的品种比如诺迪康胶囊如果没有那么多费用,利润就会有很好的增长。


新活素医保问题?
暂时还没进医保,进医保对成长空间有帮助。但目前医保体系不是非常有规则、透明化,调整进医保还需要时间。但不是说新活素不进医保就不能卖,新活素作为救命的药,很多病人都是不行了才用新活素。当然以后进医保后也会有相应的策略。


新活素这个产品介绍下,市场空间?竞争品种?怎么规划?前景如何?10亿?
新活素是治疗急性心衰唯一的生物制剂,其它大都是化药。急性心衰是个大病种,很多病后期都会有心力衰竭的问题。
未来有过十亿的空间,未来几年30%以上的增速很有可能。


西藏药业还有哪些看好的品种,假设我们来做,哪些能做大?
有诺迪康胶囊(1亿左右收入),政府事务非常全面,基药独家品种,治疗冠心病、心绞痛等心脑血管疾病,未来有望过十亿的品种。
十味蒂达、雪山金罗汉等品种都是独家品种,在招标过程中竞争都很有优势的。


强生新活素销售情况如何?目前有在国内销售吗?未来会在国内销售吗?


强生新活素2005年过十亿美金,后来临床出现一些不良反应,销售受到影响,2008年强生启动该药的再次临床检验 2010年11月14,结果出来了,好于目前的所有药品,且毒害不高于这些已有产品,目前在向FDA申请重新销售。目前新活素国内是独家销售,新药保护的监测器10年已经过了,强生要进来是可以进来,但生物制剂还是要做临床,估计上市需要较长时间。

新活素出厂价多少?从西藏药业和康哲的销售额可以推算?
康哲代理新活素毛利率60%左右,新活素从西藏药业出厂价在400-500元/支。

新活素GMP改造的进展?年底前能完成?
目前车间的硬件、软件都做好了,股权变完以后很快就可以申请。递上去一两月就可以批下来,年底后明年初拿到证书问题不大。


2011-2013年这三年新活素增速都在50%以下,今年西藏药业产能存问题,为什么我们还有超过65%的增速?
新活素的存货较多,可保障今年这么快的增速,年底GMP认证通过后,明年的产能也没有问题。今年增速较快主要因为去年进行营销团队的调整,覆盖的地区更加细化。新活素去年覆盖1200家,今年覆盖2000家,未来几年保底30%的增速。


上次停牌要剥离本草堂药品批发业务,后面为啥没剥离?
主要因为之前股东之间有矛盾,没剥离成功,当时公告半年之内不能再议剥离事项。但剥离药品批发业务本身就是康哲提的建议,现在康哲控股后,以后会考虑剥离,药品批发业务监管上不好监管,每年还有一些亏损,留着没有太大意义。

康哲相关问题:

为什么康哲销售费用率18%,很多公司都是40-50%?
康哲主要通过招聘应届生自己培养,应届生成本相对低一些;
公司对ERP的建设也很重视,对每笔费用都需要申请,对费用的管理也很精细化;
最重要的是,康哲不是靠回扣去销售,很多品种前期的教育、导入费用率比较大,但随着品牌的成熟,费用率就会越来越低,规模优势可以体现出来。

2012年底开始的营销组织架构的调整的目的?具体如何调整?目前进展及调整效果如何?
去年销售架构更加细化,地区经理原来80-90个,后来一些优秀的代表通过竞聘为地区经理,地区经理人数增加到200个,推广的学术活动也有增加。省区多了,大区也行使部分总部管理权限。大区经理要经常下市场,每隔1-2个月要来总部汇报。改革后销售团队更有效率一些,很多品种在去年网络细化后今年增长提速,说明改革的成效还是很好的。


销售人员流动性问题情况如何?怎么解决员工流动性这个问题?
康哲主要招聘应届生培养,新员工流动性大,毕业2年的销售人员流失率25-30%,也比较很正常,有些也是因为无法完成任务被淘汰掉的。老员工逐渐会有一些额外的津贴,特别适合企业发展的人员后续可能会有股权。


伊诺舒供货问题解决了吗?
新的代理生产厂家证书拿到,开始供货。但今年伊诺舒可能还是负增长,明年有望恢复增长。


未来品种引进会不会更困难?未来怎么应对变化?
并没有感觉到很明显的困难。但如果达不到公司的条件宁愿放弃,有机会的品种会争取。
目前在谈的品种很多,但谈利润分配不像原来那么简单,现在随着中国走出去的上市公司越来越多,别的代理商可能会为了拿品种不管价格。


CMS024进展如何?
三期临床揭盲结果不达预期,后续还需要对数据进行分析。CMS024等一些在研的品种划分到林总私人持股的公司负责研发,假如研发失败,公司不会受到影响。公司只是分享这些品种上市后的销售权。


进口注册品种的上市周期?
目前主要是等的时间比较久,布地奈德排队超过3年时间等待批临床。一般至少5-6年时间是要的,药审中心的人手比较少,希望新增加人手以后会加速。


cso未来发展趋势?
从趋势来看,药品专业代理的空间会越来越大。国外很多中小药企,需要来中国做推广。但康哲更多品种未来不是做代理,而主要是通过购买资产的方式进行,买断商标权、国内上市的独家销售权等。
收藏3
104 : GS(14)@2014-12-08 18:40:26

buy medicine company
105 : greatsoup38(830)@2014-12-14 16:01:18

2014-12-13 HJ
康哲藥業收購 有利長期營銷  

康哲藥業(00867)年內表現相當出色,去年底以8.14 元收市,今年11 月升至15 元,升幅達84%,而近期則回落至12.16 元,波幅達19%,可說進銳退速,近日在反覆,相信低位已獲支持。

康哲開發及生產以至銷售藥品,亦引入海外藥品銷售,其銷售模式頗為特別,一是直接學術推廣網絡,另一為代理商網絡,兩者分別銷售9個及14個產品,除致力於改善銷售網絡外,並作出收購,以改善產品及擴張,其中成為西藏藥業最大股東,最令人側目。

西藏藥業為西藏第一間高新技術製藥企業,且為一間集藏藥產品、植物藥、化學藥及生物製藥產銷一體化現代企業,主要產品包括新活素、諾康迪、十味蒂達膠囊等;已擁有新活素獨家代理總經銷權,至2016年底止,可續期3年,又持有西藏藥業股權8.64%,於10月底向多個股東收購共17.97%,耗資7.84 億元人民幣,而西藏藥業2013年的銷售收入14億元,但淨利潤只有2396萬元,收購相當於往績P?E 182倍,但收購之後,康哲已持有西藏藥業股權26.61%,成為最大股東。

康哲認為收購有利,可保證長期營銷的權利,未知康哲如何使西藏藥業的業績達到理想,成為未來關鍵的表現。康哲於6月底的淨現金7.95億元差不多已用於收購。上半年,康哲亦先後購入Beacon 的琥珀醯明膠注射液於中國市場的全部資產,以及施圖倫滴眼液於中國市場全部資產,但未有提及兩項收購的代價。

最近,康哲訂立框架協議,以收購河北興隆希力藥業全部股權,正商討收購細節中,該藥廠生產丹參酮,其功能為抗菌消炎,目標適用人群廣泛,是全國獨家產品、國家乙級醫保產品,市場潛力大,今年首10個月,銷售額約1億元。希力藥業擁有5種劑型的生產線,重點產品為丹參與山楂兩個系列,丹參系列的4個產品中,有兩個為全國獨家產品。

康哲以銷售藥品為主,特別是引入海外產品,由丹麥引入的黛力斯(主治抑鬱及焦慮)及從德國引入優思弗(主治膽囊相關癌症),上半年兩者的銷售佔總營業額37.6%,是直接網絡主要產品,是透過學術推廣的銷售產品,此網絡擁有專業營銷員1700人,覆蓋全國醫院1.6萬間,直接網絡銷售佔營業額73.6%,代理商網絡佔21.3%,自研產品並不明顯。曾研發治療原發性肝癌新藥,而臨床試驗未達到上市銷售目的,正進一步分析及調研;但經過年內收購,自產藥品將會增加。

截至6 月底止半年度,康哲盈利4.1 億元人民幣,按年增長30.3%,期內銷售額增31.3%,毛利增30.7%,反映毛利率稍為回落,銷售費用增31.4%,行政費用只增4.5%;其他收益及虧損淨額減少36%,是利息收入與滙兌損失所影響。其分類業績並無提供,而銷售產品包括自有權利委託藥廠生產,其敍述偏重於銷售網絡,尤以直接網絡為甚。據報直銷網絡毛利較高,已逐漸將若干代理網絡的產品轉入直銷網絡。

引入外國產品增利潤率

此外,將於瑞士、德國、法國及英國引入9個產品,正辦理進口註冊申請工作,待國家頒發進口藥品註冊證後即可上市銷售,反映康哲的策略是多方面配合,從年內的安排看,是增加於上游的投資,預期利潤率高於代理產品。而此等安排,將使財務狀況有所改善,可以說是現金得以運用,稍有瑕疵是西藏藥業的回報率較低。而股價於調整後亦已轉升,日來仍在反覆,可候低看好中線,目前P/E頗高,往績達39倍,但考慮其增長強勁,可以接受,這是藥業股的特性。

戴兆


106 : Clark0713(1453)@2014-12-18 11:25:43

自願性公告-康哲藥業獲得產品蘭美抒片和溴隱亭片的中國市場


  《經濟通通訊社18日專訊》康哲藥業(00867)於昨日(17日)與諾華簽署一系列
協議和文件,以購買其產品蘭美抒R片、以及溴隱亭R片中國市場的資產。
  協議簽署後,集團將從諾華獲得蘭美抒R片的生產批文,以及溴隱亭R片在瑞士的聯合營銷
許可及中國進口藥品註冊證。同時,集團將獲得產品的上市許可、中文商標等資產。
  蘭美抒為已在中國上市銷售多年,屬於新一代丙烯胺類抗真菌藥。Parlodel的主要
成分是溴隱亭,亦已在中國上市銷售多年,主要用於治療高催乳素血症(HPRL)。
  該公司表示,於兩產品完成生產批文、聯合營銷許可、中國進口藥品註冊證等轉讓工作後,
將自行在中國市場生產、銷售及推廣產品。(kk)
107 : greatsoup38(830)@2014-12-18 23:29:01

又有新野搞了
108 : Clark0713(1453)@2014-12-31 14:08:51

自願性公告-康哲藥業成功從諾金獲得默維可的中國市場相關資產

"默维可®(聚乙二醇鈉鉀散)

默維可®
(聚乙二醇鈉鉀散)的有效成分包括聚乙二醇 3350、碳酸氫鈉、氯化鈉、
氯化鉀。本品已在中國上市,用於治療慢性便秘、糞便嵌塞。作為適應症領域的
知名品牌,本品在歐洲銷售多年,最近 3 年的年度銷售額過億歐元。本品在中國
目標適用人群廣泛,市場潛力較大。"
109 : GS(14)@2014-12-31 17:25:06

自願性公告
康哲藥業成功從諾金獲得默維可的中國市場相關資產
110 : greatsoup38(830)@2015-01-15 00:43:11

new medicine
111 : greatsoup38(830)@2015-01-17 01:20:44

又中新藥
112 : greatsoup38(830)@2015-01-22 01:41:58

好強
113 : greatsoup38(830)@2015-02-03 01:45:47

new medicine
114 : greatsoup38(830)@2015-02-15 16:11:14

盈喜
115 : GS(14)@2015-04-07 02:46:58

大股東減持7,250萬股,同時配新股7,250萬股
116 : GS(14)@2015-05-14 18:07:25

buy medicine
117 : GS(14)@2015-05-20 00:37:43

買新藥
118 : greatsoup38(830)@2015-08-19 15:29:34

盈利增25%,至4.6億,輕債
119 : greatsoup38(830)@2016-01-26 23:02:51

新產品延期
120 : GS(14)@2016-03-01 01:07:34

買代理權
121 : GS(14)@2016-03-01 01:27:43

3億幾美元買外國藥
122 : GS(14)@2016-03-29 17:45:07

盈利增27%,至9.6億,輕債
123 : greatsoup38(830)@2016-05-04 01:08:38

新藥
124 : greatsoup38(830)@2016-05-04 01:08:38

新藥
125 : greatsoup38(830)@2016-08-29 01:59:10

盈利增45%,至6.6億,重債
126 : GS(14)@2017-04-06 10:30:25

須予披露的交易
延長股東貸款期限和向西藏藥業集團提供有關依姆多資產收購的不
超過9000萬美元額度貸款的擔保

127 : greatsoup38(830)@2017-04-18 03:11:39

盈利增48%,至14億,重債
128 : GS(14)@2017-09-06 09:15:45

業務進展公告
Faron 宣佈美國 FDA 提議其產品 Traumakine®
在歐洲和日本的Ⅲ期研究結束后直接提交生物製品許可申請(BLA)
129 : GS(14)@2017-09-08 14:37:52

China Medical System Holdings Limited 獲 Treasure Sea Limited 及 Viewell Limited
知會,於二零一七年九月七日(交易時段後),Treasure Sea Limited 及 Viewell
Limited 與 Goldman Sachs (Asia) L.L.C.及 Morgan Stanley & Co., International plc
訂立配售協議,配售本公司股本中合共 90,000,000 股現有普通股,配售價為每股
配售股份 13.60 港元。
130 : GS(14)@2018-03-20 15:57:31

盈利增24%,至17.3億,輕債
131 : GS(14)@2018-05-08 19:49:23

茲提述China Medical System Holdings Limited(「本公司」,連同其附屬公司稱為「本集
團」)於二零一五年五月十九日及二零一七年九月五日發佈的公告(「該等先前公告」),
內容分別有關購買產品Traumakine ®(「產品」)的相關資產及有关產品申請註冊許可的
進展。亦請提述本公司於二零一八年五月七日作出有關本公司股票(「股票」)於香港聯
合交易所有限公司(「聯交所」)短暂停止買賣之公告。除另有說明外,本公告所載詞彙
與該等先前公告所界定者具有相同含義。本公告乃根據香港法例第571章《證券及期貨
條例》第XIVA部及聯交所證券上市規則第13.09條而作出。
Faron於二零一八年五月八日的公告中宣佈了有關產品的泛歐Ⅲ期INTEREST試驗的頂線
數據。INTEREST研究施用Traumakine治療沒有達到第28天(D28)無呼吸機支持天數和生
存率的主要療效復合終點。 詳情請閱 Faron 的網站
https://www.faron.com/investors/regulatory-news-service-rns),網站內容不構成本公告組
成部分。

132 : GS(14)@2018-05-10 04:40:57

茲提述China Medical System Holdings Limited(「本公司」,連同其附屬公司稱為「本集
團」)於二零一八年五月八日先前發佈的公告(「公告」),內容有關Faron製藥有限公司
發佈的關於產品Traumakine ®(「產品」)的泛歐Ⅲ期INTEREST試驗頂線數據的公告。
如公告披露,歐洲的INTEREST研究施用Traumakine治療沒有達到第28天(D28)無呼吸
機支持天數和生存率的主要療效複合終點。
本公司相信,在目前情況下產品無法基於上述結果獲得上市所必要的註冊許可。儘管該
等臨床試驗結果令人失望,本公司董事不認為其會對本集團財務業績具有重大影響。
133 : GS(14)@2018-07-02 11:13:44

China Medical System Holdings Limited(「本公司」,連同其附屬公司稱為「本集團」)欣
然宣佈,根據本集團通過其全資附屬公司與旭化成製藥株式會社(「旭化成製藥」)此前
達成的非法律約束力的戰略合作備忘之基礎,本集團通過其全資附屬公司於二零一八年
六月二十八日與旭化成製藥就其產品益蓋寧(依降鈣素注射液)(「產品」)簽訂了推廣
業務委託協議書(「協議」)。根據該協議的約定,本集團通過其全資附屬公司從旭化成
製藥獲得了產品在中華人民共和國(不含香港特別行政區、澳門特別行政區及臺灣)(「中
國」)的獨家推廣權利,推廣活動自二零一八年八月一日開始。
通过此次合作,本集團及旭化成製藥將致力於在更多產品上開展進一步合作。
134 : GS(14)@2018-08-01 06:23:23


135 : GS(14)@2018-08-08 06:26:18

not bad
136 : GS(14)@2018-08-14 19:20:20

GOOD
137 : GS(14)@2018-09-02 13:02:38

China Medical System Holdings Limited(「本公司」,連同其附屬公司稱為「本集團」)欣
然宣佈,本集團通過其全資附屬公司與Blueberry Therapeutics Limited(「Blueberry
Therapeutics」)於二零一八年八月十四日簽訂了資產購買協議(「協議」)。根據協議,
(i)本集團購得Blueberry Therapeutics領先產品BB2603(用於治療甲真菌病和足癬)的中
國(包括香港特別行政區、澳門特別行政區和臺灣)、韩國、朝鲜及蒙古(「區域」)的
全部相關資產;(ii)本集團進一步獲取Blueberry Therapeutics利用其獨特納米製劑輸送系
統在皮膚科及其他領域正在開發或後續開發的其他管線產品(如用於治療特應性皮炎、
痤瘡等方面的產品,與產品BB2603合稱為「產品」)的區域內全部相關資產的權利。上
述資產具體包括但不限於所有區域內的關於產品研發、商業化及生產方面的國家專利、
國家商標及必要的註冊許可等。另外,根據協議本集團還獲得與本次交易有關的所有必
要許可。
Blueberry Therapeutics的納米製劑輸送系統是一個創新的專利藥物技術平臺,可快速組
裝小分子和大分子(例如蛋白質、肽和核酸),並將其“包裝”成納米顆粒。這些納米
顆粒極大地增強了向哺乳動物和細菌細胞的藥物遞送,克服一些現有療法的局限,開闢
了新的治療可能性。基於此技術平臺,本公司將尋求和Blueberry Therapeutics展開戰略
合作,以期未來開發更多的新型納米製劑,包括但不限於乳膏、噴霧、貼片等,可廣泛
應用於皮膚等領域。
此次合作進一步豐富了本集團的專利創新儲備產品種類,本集團相信產品於區域上市後
將擁有廣闊的市場前景
138 : GS(14)@2018-09-04 23:02:12

賣藥
139 : GS(14)@2018-09-20 19:03:22

China Medical System Holdings Limited(「本公司」,連同其附屬公司稱為「本集團」)
欣然宣佈,本集團通過其全資附屬公司與VAXIMM AG於二零一八年九月十九日簽訂了
許可及合作協議(「協議」)。根據協議的約定,本集團通過其全資附屬公司獲得了
VAXIMM AG現在控制的醫藥產品(現有領先產品為VXM01)、延伸線及將來獨家擁有
或控制的指定醫藥產品、延伸線(「產品」)在中國(包括香港特別行政區、澳門特別
行政區和台灣)、新加坡、菲律賓、韓國、馬來西亞等亞洲指定國家(不含日本、印度
和西亞國家)(「區域」)的獨家、永久、可轉讓、可分許可的研發和商業化產品的權
利。
此次合作進一步豐富了本集團的專利創新儲備產品種類,本集團相信產品於區域上市後
將擁有廣闊的市場前景。
關於產品
VXM01(已經完成歐洲Ⅰ期臨床試驗,計劃開展歐洲I/Ⅱ期臨床試驗)
VXM01是一種口服T細胞免疫療法,由攜帶編碼血管內皮生長因子受體2(VEGFR2)基
因的真核表達質粒的活減毒傷寒沙門氏菌組成。VXM01現階段將主要開發用於治療復
發性膠質母細胞瘤(GBM),它具有單獨治療和與手術或免疫檢查點抑制劑聯合使用
的潛力。VXM01口服給藥,患者治療依從性高,幾次給藥後即可獲得抗原特異性免疫
反應,具有良好的耐受性和安全性。VXM01已獲得歐盟和美國食品藥品監督管理局
(FDA)用於腦膠質瘤的孤兒藥指定。VXM01的生產工藝專利已在中國獲得授權,保
護期至2032年。另外,兩項用途專利已進入中國,若獲授權,保護期最長可達2036年。
VXM01口服T細胞疫苗以減毒的活沙門傷寒桿菌Ty21a疫苗株作為載體,靶向腫瘤血管,
可以引起對抗VEGFR2的免疫應答,從而具有治療多種癌症的潛力。患者口服VXM01
後,載體細菌通過M細胞進入淋巴集結並被巨噬細胞吞噬,載體細菌中搭載的特定質粒
進入巨噬細胞核並編碼特定的抗原蛋白(VEGFR2);抗原蛋白隨後被樹突狀細胞吞噬、
處理,並被呈現在樹突狀細胞表面,由此刺激針對這一抗原蛋白的CD8+T淋巴細胞的活
化。活化後的特異性CD8+T淋巴細胞循環到特定部位與抗原(VEGFR2)結合,發揮治
療作用。
VXM01在復發性GBM患者體內的I期臨床研究結果於2018年6月公佈。研究結果顯示,
所有患者的中位給藥次數是八次疫苗接種,VXM01顯示出良好的耐受性和安全性。在
長期隨訪中,7名患者存活時間超過1年。且ELISpot分析顯示,在測量的12名患者中7名
(58%)可檢測到VEGFR2特異性T細胞反應。接下來將在復發性GBM患者中開展
VXM01與PD-L1抑制劑聯合使用的I/II期臨床研究。此外,VXM01還拓展用於胰腺癌和
轉移性結直腸癌患者。
VXM01的主要目標適應症,復發性GBM,是一種高惡性度的原發性腦腫瘤,具有高復
發率、低生存率的特點。據估計,我國膠質瘤年發病率為(3~6.4)/10萬,年死亡人數達
3萬;惡性膠質瘤的發病率為5.8/10萬,5年病死率在全身腫瘤中僅次於胰腺癌和肺癌,
位列第3位。以惡性膠質瘤為代表的中樞神經系統惡性腫瘤造成了巨大的社會經濟及家
庭負擔,一直是當今腫瘤研究的熱點。絕大多數GBM患者初次治療後都會復發,國際
治療指南中將手術治療、替莫唑胺化療和針對血管內皮生長因子(VEGF)的單抗貝伐
單抗治療作為復發性GBM患者的推薦治療方案。但是,只有少部分復發患者符合接受
手術治療的條件;替莫唑胺化療存在胃腸道和血液學毒副反應;貝伐單抗治療也存在導
致血管栓塞和高血壓等不良反應。且GBM患者即使採用了最為積極的治療手段(例如
替莫唑胺、貝伐單抗等),中位生存期仍然少於15個月。由此可見復發性GBM患者存
在對於新的治療藥物的迫切需求。基於前期良好的研究結果,VXM01有可能成為提高
復發性GBM患者生存率的創新生物製劑。
VAXIMM AG擁有一支由經驗豐富的領導者組成的強大管理團隊,他們擁有傑出的科學
知識和行業背景。如執行主席,Thomas Hecht,醫學博士,是一名服務過多家生物技術
公司的知名行業資深人士;COO,Heinz Lubenau,藥學博士,在生物藥開發領域擁有廣
泛經驗,曾經領導第一代粒細胞集落刺激因子非格司亭Ratiograstim®的生物仿製藥在歐
洲市場成功上市;CBO,Marc Mansour,生物學博士,在癌症免疫療法和傳染病疫苗開
發上經驗豐富。VAXIMM AG豐富的研發管理經驗是推進產品進展的強大動力。
140 : GS(14)@2018-09-27 15:23:56

噴霧)的新藥申請,用於治療癲癇發作活動增加(也稱為急性反復性或叢集性癲癇發作)
的六歲及以上癲癇患者。今年早些時候,FDA有條件地接受以前在臨床開發中稱為
“ NRL-1 ” 的 產 品 使 用 “ VALTOCO ” 的 名 稱 。 詳 情 請 閱 Neurelis 的 網 站
https://www.neurelis.com/neureli ... ation-fda-valtocotm
-nasal-spray-investigational-treatment-pediatric),網站內容不構成本公告組成部分。
本集團將在Neurelis向FDA遞交新藥申請後著手準備VALTOCO在中國的註冊申請等相
關工作。
建議股東和投資者在進行公司股票及其他證券的交易時謹慎操作。
141 : GS(14)@2018-10-01 21:37:30

good
142 : GS(14)@2018-10-23 08:00:52

自願性及業務進展公告
Helius宣佈PoNS設備獲得加拿大衛生部的醫療器械上市許可批准
茲提述China Medical System Holdings Limited(「本公司」,連同其附屬公司稱為「本
集團」)於二零一八年八月二十日和二零一八年九月四日分別發佈的關於購買產品便攜
式神經調節刺激器(無論是否以PoNS設備命名)(「產品」)資產以及Helius Medical
Technologies(「Helius」)已向美國食品藥品監督管理局(FDA)提交用於治療輕度至
中度創傷性腦損傷(TBI)引起的慢性平衡障礙的PoNS設備的de novo分類及510(k)上市
申請的公告(「PoNS公告」)。PoNS是開發用於具有平衡障礙症狀的TBI、卒中、腦
癱等患者的輔助治療的Ⅱ類醫療器械。除另有說明外,本公告所載詞彙與PoNS公告所
界定者具有相同含義。
Helius宣佈,其全資附屬公司NeuroHabilitation Corporation已獲得加拿大衛生部的授權,
銷售其便攜式神經調節刺激器(PoNS™),該產品在加拿大屬於Ⅱ類醫療器械。詳情
請閱Helius的網站(https://heliusmedical.com/index.php/newsroom/news-release/2018/24
6-),網站內容不構成本公告組成部分。
本集團已在中國全面展開PoNS的II類醫療器械註冊申請等相關工作。
建議股東和投資者在進行公司股票及其他證券的交易時謹慎操作。
143 : GS(14)@2019-01-30 12:44:52

China Medical System Holdings Limited(「本公司」,連同其附屬公司稱為「本集團」)
欣然宣佈,本集團通過其全資附屬公司與Midatech Pharma PLC(「Midatech Pharma」)
於二零一九年一月二十九日簽訂了許可、合作與經銷協議(「許可協議」)。根據許可
協議的約定,本集團通過其全資附屬公司獲得了Midatech Pharma現有產品主要包括
MTD201、MTX110(受限於獲得Novartis Pharma AG的同意)等及許可協議生效日起三
年內Midatech Pharma控制知識產權和其他權利的或Midatech Pharma及其附屬公司命名
的任何新醫藥產品或延伸線(「產品」,MTD201與MTX110為「主要產品」)在中國
(包括香港特別行政區、澳門特別行政區和台灣)和本公司選擇的特定東南亞國家(包
括新加坡、菲律賓、馬來西亞等國家,受限於獲得美國食品藥品監督管理局(FDA)、
歐洲藥品管理局或英國、法國、德國或瑞士中的任一個監管機構的註冊許可時本公司的
確認)(「區域」)的獨家、永久、可轉讓、可分許可的研發和商業化產品的權利。同
時,本集團通過其全資附屬公司與Midatech Pharma簽署了認購協議,據此本集團同意對
Midatech Pharma進行股權投資(「認購交易」)。認購交易待Midatech Pharma尋求股東
批准且根據認購交易配發及發行的Midatech Pharma股份獲准在英國倫敦交易所另類投
資市場交易後生效,許可協議待認購交易完成時生效。
此次合作進一步豐富了本集團的專利創新儲備產品種類,本公司相信產品於區域上市後
將擁有廣闊的市場前景。同時,Midatech Pharma專注於研究和開發用於治療腫瘤和免疫
療法的藥物,其擁有緩釋微球、納米包合及納米金三種創新技術平台,本集團通過參與
股權投資的方式助力其開展專業研究,並分享其技術平台轉化的優異成果。
關於主要產品
MTD201(已經完成生物等效性研究,計劃開展關鍵臨床研究)
MTD201是奧曲肽的Q-Sphera™聚合物微球製劑,通過肌內注射可在較長時間內釋放藥
物,從而實現每月只注射一次。MTD201被開發用於治療肢端肥大症和神經內分泌癌。
奧曲肽是一種生長抑素類似物,被多國指南推薦用於治療與過度生長激素分泌和激素腫
瘤相關的病症。MTD201是Midatech Pharma的主要管線產品,已經在歐洲完成與上市產
品Sandostatin LAR(注射用醋酸奧曲肽微球,SLAR)之間的生物等效性研究,目前計
劃繼續開展用於上市申報的關鍵臨床研究。MTD201的多項生產工藝專利已進入中國,
保護期最長可到2032年。
MTD201基於Q-Sphera™微球技術平台,實現了藥物在一定時間內無突釋且緩慢的釋
放。Q-Sphera™是一種PLGA(D,L-乳酸和乙醇酸/或羥基乙酸共聚物)聚合物微球專
利技術,通過組織儲庫實現藥物從幾周到多於六個月的緩慢釋放。Q-Sphera™技術獨一
無二地利用壓電技術實現單個微球“印刷”,該技術可以精確控制微球粒徑,使得釋藥
微球具有可預測的藥代動力學中血藥濃度變異性低的特征。通過該技術平台獲得的微球
產品與傳統緩釋製劑相比的優勢在於:更好的患者治療體驗(減少注射疼痛);血液中
藥物釋放變異性減小,可預測性提高;更加高效的注射過程(注射前配製過程簡單、不
易出現針頭阻塞);提高生產效率(避免微球粒徑不均勻造成的浪費、降低成本)。
MTD201與上市產品SLAR的生物等效性研究結果於2018年8月公佈。研究結果顯示,
MTD201可以安全、有效、緩慢地釋放奧曲肽,釋放結果支持MTD201採用與SLAR相同
的給藥間隔,即一個月給藥一次。MTD201可以達到治療要求的奧曲肽濃度,且在本研
究中MTD201對生長激素水平平均抑制25%,與SLAR療效相似。MTD201治療耐受性良
好。受試者中注射部位疼痛在MTD201組和SLAR組的發生概率分別為8%和25%,注射
部位壓痛則分別為8%和83%。且MTD201在所有受試者中的釋藥曲線一致性好,沒有觀
察到突釋或劑量傾瀉。
MTD201的主要目標適應症為神經內分泌腫瘤(NETs)和肢端肥大。NETs在消化道腫瘤
中的發生率僅次於大腸直腸癌。生長抑素類似物是指南推薦的生物治療藥物,已經被證
實可以有效控制由於激素產生和釋放引起的相關臨床綜合征。肢端肥大症多因腦下垂體
長期過量分泌生長激素所致。控制肢端肥大症通常需要通過多種治療方法來抑制生長激
素過多分泌、減少胰島素樣生長因子I水平、控制腫瘤生長,從而減少相關的臨床症狀
和併發症。對於可以進行手術的患者,奧曲肽是指南推薦的一線術後用藥;對於無法進
行手術的患者,奧曲肽是首選治療藥物。
MTX110(I/II期臨床試驗進行中)
MTX 110採用已知的活性組蛋白去乙醯化酶抑制劑(HDACi)帕比司他,並利用Midatech
Pharma的納米包合技術將帕比司他溶解為液體製劑。MTX110現階段將主要開發用於治療彌漫性內生性腦橋膠質瘤(DIPG)。帕比司他口服固體製劑已於2015年2月被FDA批
准用於多發性骨髓瘤患者。MTX110增加了帕比司他的給藥途徑,這一點至關重要,因
為口服帕比司他無法有效通過血腦屏障。MTX110可以通過對流增強給藥(CED)繞開
血腦屏障,直接遞送至患者的腫瘤部位。
MTX 110基於MidaSolve納米包合技術,這種技術使宿主環與藥物形成主客體配合物。
宿主環有疏水內表面和親水外表面,水溶性差的藥物與宿主環的內部疏水表面締合,而
宿主環親水性外表面可以與周圍水分子締合和溶劑化。這種配合物特別穩定,具有顯著
提高活性化合物在生物pH下的水溶性的重要優點。該技術增加了帕比司他的水溶性,將
高濃度的藥物直接遞送到腫瘤部位,同時最大化降低系統毒性和其他副作用。
Midatech Pharma在2018年5月啟動了MTX110用於DIPG的開放標簽、單臂I/II期臨床試
驗,用於評估MTX110對流增強遞送給藥對於新診斷為DIPG兒童的安全性、耐受性和有
效性。該研究目前在招募階段。
DIPG屬於腦幹膠質瘤的一種。其特點為高級別、局部侵襲和預後差,好發於5~9歲兒童。
DIPG的存活率非常低,總體中位存活時間約為9個月,5年存活率不到1%。目前沒有治
療這種腫瘤的藥物,唯一的標準治療是採用姑息性局部放療,但也對患者的生存率影響
很小。根據普遍接受的流行病學數據,兒童腦幹膠質瘤的發病率為每年0.60/10萬,其中
80%為彌散內生型。
風險提示
在研產品可能存在臨床試驗失敗而導致產品未能上市的風險,建議股東和投資者在進行
公司股票及其他證券的交易時謹慎操作。


144 : GS(14)@2019-02-27 06:12:10

茲提述China Medical System Holdings Limited(「本公司」,連同其附屬公司稱為「本
集團」)於二零一九年一月二十九日發佈的關於獲得Midatech Pharma現有產品主要包括
MTD201、MTX110(受限於獲得Novartis Pharma AG的同意)等及許可協議生效日起三
年內Midatech Pharma控制知識產權和其他權利的或Midatech Pharma及其附屬公司命名
的任何新醫藥產品或延伸線的獨家、永久、可轉讓、可分許可的研發和商業化產品的權
利及對Midatech Pharma進行股權投資的公告(「Midatech公告」)。MTD201現階段被
開發用於治療肢端肥大症和神經內分泌癌,MTX110現階段被主要開發用於治療彌漫性
內生性腦橋膠質瘤。除另有說明外,本公告所載詞彙與Midatech公告所界定者具有相同
含義。
Midatech Pharma宣佈,認購交易已獲得Midatech Pharma股東批准,根據認購交易配發及
發行的Midatech Pharma股份已獲准在英國倫敦交易所另類投資市場交易,且許可協議已
正式生效。詳情請閱Midatech Pharma的網站(http://otp.investis.com/clients/uk/midatech/
rns/regulatory-story.aspx?cid=976&newsid=1235896),網站內容不構成本公告組成部分。
本集團欣然宣佈與Midatech Pharma簽訂的許可協議生效并對其完成股權投資。
建議股東和投資者在進行公司股票及其他證券的交易時謹慎操作
康哲 藥業 0867 專區 關係 8193
PermaLink: https://articles.zkiz.com/?id=270681

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

毒人是什麼意思呢?

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

陳葉馮是變了國富浩華

買油買礦,必備好友smiley


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

11樓提及
陳葉馮是變了國富浩華

買油買礦,必備好友smiley


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


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

10樓提及
毒人是什麼意思呢?

這隻股很乾下@@


近毒股的人就叫毒人,傳媒的最佳朋友,炒上唔成就向下炒

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

11樓提及
陳葉馮是變了國富浩華

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


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

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

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

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

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

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

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

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


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

15樓提及
玩唔玩得過lei?
有冇人買@@


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

17樓提及
15樓提及
玩唔玩得過lei?
有冇人買@@


畀你拿到配售值得賭,毒成咁

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

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

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


唔怪之得的佢上次問啦,呢D野不如去Webb-site睇會仲多...

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

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


唔怪之得的佢上次問啦,呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊



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

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


唔怪之得的佢上次問啦,呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊



係啊,又識多了幾位朋友


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

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


唔怪之得的佢上次問啦,呢D野不如去Webb-site睇會仲多...

上次你真係去了講座啊



係啊,又識多了幾位朋友


多叫他們上線,我們未來好需要人,多過錢


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

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

24樓提及
我唔需要只要錢的人,那些要錢的人根本不明白核心觀念


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

25樓提及
24樓提及
我唔需要只要錢的人,那些要錢的人根本不明白核心觀念


其實我越來越贊成萬惡計劃


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

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


其實我越來越贊成萬惡計劃


我個人不希望搞這些,就算付錢都是付給長期網友



你這個是好提議
再者我和龍生還沒有好人選

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

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


其實我越來越贊成萬惡計劃


我個人不希望搞這些,就算付錢都是付給長期網友



你這個是好提議
再者我和龍生還沒有好人選

但,現在有沒有這樣的網友?


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

28樓提及


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



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

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

29樓提及
28樓提及


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



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作?


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

30樓提及
29樓提及
28樓提及


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



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作?


如果他們出來的話,就多找一個人領軍啦,或者拔刺者領住先...



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

31樓提及
30樓提及
29樓提及
28樓提及


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



拔刺者在幫我們寫緊一兩篇
不過他的時間不多
不可以再加重他的負擔

其餘幾位我不認識他們
不如快點約他們出來看一看怎樣合作?


如果他們出來的話,就多找一個人領軍啦,或者拔刺者領住先...


有沒有另一個?他經常性不在香港


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

32樓提及


其他人我也不懂,如果是咁,你睇睇可以找邊個領隊?


最慘我一個人也handle不了整個寫手團隊
否則派龍生去就最好

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

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

33樓提及
32樓提及


其他人我也不懂,如果是咁,你睇睇可以找邊個領隊?


最慘我不個人也handle不了整個寫手團隊
否則派龍生去就最好

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

最理想是每個領隊親身帶兩個寫手
現在我和龍生已經達到這個數


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

很難

有心有力有時間的人難找

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

35樓提及
很難

有心有力有時間的人難找

再者,三層已達一間小型公司的規模


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

36樓提及
35樓提及
很難

有心有力有時間的人難找

再者,三層已達一間小型公司的規模


就是想搞個低成本的組織,可以快速地搞大,然後就請部分網友


有個穩定的班底
再有穩定的現金流
就去馬

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

37樓提及
36樓提及
35樓提及
很難

有心有力有時間的人難找

再者,三層已達一間小型公司的規模


就是想搞個低成本的組織,可以快速地搞大,然後就請部分網友


有個穩定的班底
再有穩定的現金流
就去馬

我最多可以放一半時間出來搞


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

38樓提及
37樓提及
36樓提及
35樓提及
很難

有心有力有時間的人難找

再者,三層已達一間小型公司的規模


就是想搞個低成本的組織,可以快速地搞大,然後就請部分網友


有個穩定的班底
再有穩定的現金流
就去馬

我最多可以放一半時間出來搞


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



每樣都不能急
但也不能慢

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

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

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



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

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


和經濟氣候有關?


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

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


和經濟氣候有關?


擴張成本,低成本就撐得住



你是對的
我對買office的興趣不大

但租的話怎樣看?
我和龍生去過睇一些工廠區office

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

一定唔會租office,買office的長遠利益高太多了

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

44樓提及
一定唔會租office,買office的長遠利益高太多了

如果經營到十幾二十年,就會看到差別,做唔掂都仲有本可以收番



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

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

如果經營到十幾二十年,就會看到差別,做唔掂都仲有本可以收番


但工廠的租金回報不吸引
似乎買不如租


唔是計租金,是計通漲,1年5%,10年複起來就62%了

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

借到錢買是一回事

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

47樓提及
借到錢買是一回事

若不借錢
我不見得我拿著的資金做投資的回報會跑輸通賬


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

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

48樓提及
47樓提及
借到錢買是一回事

若不借錢
我不見得我拿著的資金做投資的回報會跑輸通賬


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


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

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

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


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

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

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


你有你的道理
我很希望可以快點跟你一起工作
一起搞好這個forum


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

52樓提及
時間未到講甚麼都是空談


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

54樓提及
52樓提及
時間未到講甚麼都是空談


只差一步
你不明白
因為龍生還未跟你說他的計劃


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

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

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

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

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

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

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

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

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

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

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

咪即係我地做那些? 我就睇你幾多錢...



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

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

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

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

63樓提及
如果佢賣到呢個價錢,我就可以賣貴D



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

是人
66 : GS(14)@2011-07-19 21:49:36

64樓提及
63樓提及
如果佢賣到呢個價錢,我就可以賣貴D


其實你知唔知rf最值錢的是甚麼?


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

66樓提及
64樓提及
63樓提及
如果佢賣到呢個價錢,我就可以賣貴D


其實你知唔知rf最值錢的是甚麼?


我都覺得係個人



可惜這個人不能賣
我亦不想這個人被買

哈哈
68 : GS(14)@2011-07-20 22:25:26

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

68樓提及
你都有少少份ga


我只是small potato
湯你才是主角

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

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

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

但好似不是你心中所想的那種公司

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

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

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

其實嚴格來講是一個公關公司...但是性質類似我地...

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

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

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

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

73樓提及
佢個網站寫得幾好喎,夠簡潔清楚。


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

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

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

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

該股半日收報0.243元,跌19%,成交62.87萬元。


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

75樓提及
股價由上市之後跌剩0.25, 究竟佢地咁係咪昆佢地班投資者


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

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

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

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

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

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

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

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

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

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

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

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

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

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

8193

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

8193

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

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

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

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

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

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

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


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

8193

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

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



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



進軍中東

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

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

將迪拜作進軍中東橋頭堡

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

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

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

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

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



2011年 迪拜外商直接投資(FDI)排名十強

國家/地區 百分比 金額 (億美元)

1.英國 20.1 84.23

2.印度 8.5 35.50

3.日本 7.3 30.76

4.法國 5.1 21.55

5.美國 4.8 20.16

6.瑞士 4.8 20.04

7.伊朗 4.0 16.77

8.荷蘭 3.0 12.71

9.中國香港 3.0 12.63

10.英屬處女群島 2.3 9.61



Source: Dubai Statistics Centre




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


▲漢華專業服務有限公司董事總經理葉國光在迪拜當地開設全資擁有的公司。


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

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

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


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

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

股權集中
102 : GS(14)@2014-08-13 10:59:46

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

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

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

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

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

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

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

205認購14億股,又配售26億股@0.1

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

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

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

Bubbles and troubles in Hong Kong
24th September 2015

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CAID's new INED or mooncake coordinator

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

China 33 Media (8087)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Lerado interim results show massive gain

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

L&A (8195)

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

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

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

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

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

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

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

買垃圾
114 : GS(14)@2015-10-25 14:12:38

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

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

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

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

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

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

炮哥118樓提及
看來原主連原有業務都不要了


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

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

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

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

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

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

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

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

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

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

盈警
131 : GS(14)@2016-08-19 17:17:04

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

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

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

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

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

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

買球會
136 : GS(14)@2016-10-20 11:21:14

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

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

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


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

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

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

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

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

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

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

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

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

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

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



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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

盈警
159 : GS(14)@2018-06-26 08:04:05

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

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

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

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

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

虧,輕債
164 : GS(14)@2019-01-30 23:51:08

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

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