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KINGSTON SECURITIES LIMITED 金利豐證券有限公司




Li Juewen v World International Development (BVI) Ltd
HK Court of First Instance, 7-Sep-2011
"Immediate settlement was, as I understand it, concluded by an off-set of shares in [China Renji Medical] purchased by Kingston for other clients and deposited by Kingston in its account with CCASS" - if true, other clients will be delighted to know this.
Thinsoft's thin ice
There's a bubble in Thinsoft (8096), suspended with a market value of HK$1,604m and net assets of $33m. Over 95% of the company is in the custody of 2 brokers. We also discuss the archaic practice of parallel trading, which was to have been abolished in 2008. HKEx appears to have given up on that. (11-Dec-2009)
Hong Kong Building and Demolition
HKBLA (0145) has been a perennial cash shell. After 3 takeovers, its foundations now appear to be under threat as its cash pile gets depleted on dubious transactions, including investment in Byford and an "earnest deposit". It appears to have become part of a network which includes at least 9 other listed companies. (10-Dec-2009)
China Motion Telecom - recent history
We examine the recent history of China Motion Telecom (0989), including two aborted acquisitions and a highly dilutive placing "for working capital" at a time when the company was flush with cash. Why did the board agree to that and where did the shares go? We also query the sustainability of margins in a recent acquisition from CMT's controlling shareholders. (10-Dec-2009)
China Strategic bubble
We warn investors of a bubble in the stock of China Strategic, the 80% owner of the proposed buyer of Taiwan's Nan Shan Life Insurance, partly financed by a massive note issue convertible into 78bn shares at $0.10 each. We publish the placing list and analyse the names in the deal. Finally, we warn investors to avoid 7 companies in the "Chung Nam network", which has lost HK$6.2bn in 5 years. (13-Nov-2009)

Skin in the game
In part 3 of a series, we look at the often calamitous IPOs produced by B M Intelligence and its conversion into China Bio-med Regeneration Technology, involving a huge mark-up on the acquisition. We also cover an international organisation run out of a cobbler's shop in Las Vegas, and the recent changes of ownership in CBRT, including a CPPC member who is a big fan of the PLA. (23-Jun-2009)

China Railway Games
In part 2 of a series, we look at how HK$16bn of market cap evaporated when bubbles around China Railway Logistics, PME and Forefront burst. Each dealt with the same purported arm of the Ministry of Railways for joint ventures in wagon-leasing, media and online ticketing, each of which failed to get started. A miriad of BVI shells with shadowy owners are involved, but at least one has exposed himself in a court case. (11-Jun-2009)
Comment: RBI Holdings open offer
Independent shareholders should vote against the open offer at the SGM on Thursday 4-Jun-09, and protect themsleves from 400% dilution. (29-May-2009)
PCCW - Grounds of Appeal
In our view the judgment in the Court of First Instance on PCCW's scheme of arrangement and the alleged vote-rigging provides ample grounds for appeal. We look at the ruling in detail and where the SFC may be taking this case on Thursday at the Court of Appeal. (13-Apr-2009)
Massive Resources (0090) launches acquisition and open offer
Company announcement, 9-Feb-2007
The company is acquiring, from Mr Guo Nan, 20% of Base Move, which will receive 0.4% of the Rolling Turnover generated by Hou Wan, the junket operator which services the Chengdu VIP Club in the Sands Macao casino, for HK$120m. The open offer is underwritten by Mr Cheung Chi Tai (via Jumbo Boom) for up to $124.4m, giving him up to 28.8% of Massive Resources. Mr Cheung is "a merchant in Hong Kong. The Company got acquainted with Jumbo Boom through Kingston Securities".
Stir-Fried Lobster
We issue a bubble warning on Hon Po Group (Lobster King) (0228), and dig into the background to its apparent transformation into the next big thing, coal mining in Inner Mongolia. (19-Apr-2006)
Northern International: Kingston Securities terminated underwriting agreement for open offer
Company announcement, 18-Apr-2005
Company disagrees, says there has not been any material adverse change.

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