HEC Capital Limited
Re Allied Weli Development Ltd
HK Court of Appeal, 13-May-2022
The applications of Eugene Chuang Yue Chien and 5 others to appeal a judgment and order for production of documents and private examination is refused. The liquidators are trying to discover what happened to over HK$2.8bn of net assets in the "impugned transactions". Unfortunately, the judgment to which this refers, [2021] HKCFI 1247, and a decision of that judge also refusing leave to appeal, [2021] HKCFI 2968, are not available.
HK Court of Appeal, 13-May-2022
The applications of Eugene Chuang Yue Chien and 5 others to appeal a judgment and order for production of documents and private examination is refused. The liquidators are trying to discover what happened to over HK$2.8bn of net assets in the "impugned transactions". Unfortunately, the judgment to which this refers, [2021] HKCFI 1247, and a decision of that judge also refusing leave to appeal, [2021] HKCFI 2968, are not available.
Allied Weli Development Ltd vs Eugene Chuang Yue Chien & 65 others
HK Court of Appeal, 4-Aug-2021
Mr Chuang's application for leave to appeal against the dismissal by the Court of First Instance of his appeal against extension of a writ is dismissed.
HK Court of Appeal, 4-Aug-2021
Mr Chuang's application for leave to appeal against the dismissal by the Court of First Instance of his appeal against extension of a writ is dismissed.
Allied Weli Development Ltd vs Eugene Chuang Yue Chien & 65 others
HK Court of First Instance, 30-Mar-2021
Mr Chuang's application for leave to appeal against the extension of an unserved writ is dismissed.
HK Court of First Instance, 30-Mar-2021
Mr Chuang's application for leave to appeal against the extension of an unserved writ is dismissed.
Allied Weli Development Ltd vs Eugene Chuang Yue Chien & 65 others
HK Court of First Instance, 27-Oct-2020
"If the respondents' evidence is taken at face value, none of them has any meaningful information, documents or recollection of what happened to the Company's HK$2.86 billion worth of assets, who was involved and who benefited from the Divesting Transactions - a case of collective amnesia."
HK Court of First Instance, 27-Oct-2020
"If the respondents' evidence is taken at face value, none of them has any meaningful information, documents or recollection of what happened to the Company's HK$2.86 billion worth of assets, who was involved and who benefited from the Divesting Transactions - a case of collective amnesia."
Allied Weli Development Ltd vs Eugene Chuang Yue Chien & 65 others
HK Court of First Instance, 25-Aug-2020
"Extraordinarily, the Liquidators were denied access to any books and records of the Company upon their appointment. They were even refused entry to the Company’s premises and escorted away by security guards…"
HK Court of First Instance, 25-Aug-2020
"Extraordinarily, the Liquidators were denied access to any books and records of the Company upon their appointment. They were even refused entry to the Company’s premises and escorted away by security guards…"
Censure of GT (0263) and certain directors
| The Joint Global implosion
SEHK, 14-May-2019
This relates to our investigative report "The Joint Global implosion" of 30-Sep-2016. The announcement states that the Listing Department began investigating in mid-Oct-2016. In our view, the SFC and possibly the Commercial Crime Bureau should be investigating the circumstances of the collapse of Joint Global, which wiped over HK$2bn off the balance sheets of at least 11 listed companies in what we call the "Chung Nam Network".
SEHK, 14-May-2019
This relates to our investigative report "The Joint Global implosion" of 30-Sep-2016. The announcement states that the Listing Department began investigating in mid-Oct-2016. In our view, the SFC and possibly the Commercial Crime Bureau should be investigating the circumstances of the collapse of Joint Global, which wiped over HK$2bn off the balance sheets of at least 11 listed companies in what we call the "Chung Nam Network".
Joint Global Ltd joint venture agreement dated 15-Sep-2015
Company filing, 7-Jun-2017
Thanks to the SFC's Takeovers Code, this agreement has been published online by CMBC Capital Holdings Ltd (1141), one of the 11 entities in what we call the "Chung Nam Network" which pooled their shares in HEC Capital Ltd into Joint Global Ltd, which then imploded like a black hole. It relates to our story "The Joint Global implosion", 30-Sep-2016.
Company filing, 7-Jun-2017
Thanks to the SFC's Takeovers Code, this agreement has been published online by CMBC Capital Holdings Ltd (1141), one of the 11 entities in what we call the "Chung Nam Network" which pooled their shares in HEC Capital Ltd into Joint Global Ltd, which then imploded like a black hole. It relates to our story "The Joint Global implosion", 30-Sep-2016.
Agreement for Ultron Prime Ltd to subscribe shares of Freewill Holdings Ltd, 2-Jul-2015
Company filing, 7-Jun-2017
The agreement was published online during a takeover of Ultron's owner, Skyway (1141) on 7-Jun-2017. At the time of the subscription, HEC Capital Ltd was 29.04% owned by Freewill.
Company filing, 7-Jun-2017
The agreement was published online during a takeover of Ultron's owner, Skyway (1141) on 7-Jun-2017. At the time of the subscription, HEC Capital Ltd was 29.04% owned by Freewill.
Skyway (1141) exits Joint Global Ltd for HK$5m and Freewill Holdings Ltd for HK$105m
| The Joint Global Implosion
Company announcement, 6-Mar-2017
Skyway paid HK$440m when it subscribed for the Freewill shares in Jul-2015. It obtained the 41m JG shares in exchange for 41m shares of HEC Capital when it pooled its HECC holdings with 10 other shareholders on 15-Sep-2015. It subscribed HK$228m for 38m shares of HECC on 30-Jun-2014 and HK$18m for 3m shares on 22-Jan-2013, a total cost of $246m. JG subsequently imloded as covered in our article of 30-Sep-2016. Update: the buybacks of these holdings came just 2 days before the takeover of Skyway by China Minsheng Bank (1988) was announced.
Company announcement, 6-Mar-2017
Skyway paid HK$440m when it subscribed for the Freewill shares in Jul-2015. It obtained the 41m JG shares in exchange for 41m shares of HEC Capital when it pooled its HECC holdings with 10 other shareholders on 15-Sep-2015. It subscribed HK$228m for 38m shares of HECC on 30-Jun-2014 and HK$18m for 3m shares on 22-Jan-2013, a total cost of $246m. JG subsequently imloded as covered in our article of 30-Sep-2016. Update: the buybacks of these holdings came just 2 days before the takeover of Skyway by China Minsheng Bank (1988) was announced.
Enerchina (0622) buys 30% of HEC Securities Co Ltd for HK$525m
Company announcement, 15-Dec-2016
As far as we know, the vendor is 100% owned by HEC Capital Ltd, a hub in what we call the "Chung Nam Network". The price is a $236m premium to the attributable net assets at 30-Sep-2016. Enerchina already has an 88.22% subsidiary in financial services called Win Wind Capital Ltd, which owns Win Wind Securities Ltd.
Company announcement, 15-Dec-2016
As far as we know, the vendor is 100% owned by HEC Capital Ltd, a hub in what we call the "Chung Nam Network". The price is a $236m premium to the attributable net assets at 30-Sep-2016. Enerchina already has an 88.22% subsidiary in financial services called Win Wind Capital Ltd, which owns Win Wind Securities Ltd.
Enterprise Development (1808) admits investment in Joint Global Ltd
| The Joint Global implosion
Company announcement, 30-Nov-2016
This follows our article "The Joint Global implosion" in which we noted that ED had swapped its shares in HECC for shares in an unnamed company which had then been fully impaired.
Company announcement, 30-Nov-2016
This follows our article "The Joint Global implosion" in which we noted that ED had swapped its shares in HECC for shares in an unnamed company which had then been fully impaired.
China Smarter Energy (1004) interim results for 30-Sep-2016
Company announcement, 25-Nov-2016
This reveals that during the half-year, CSE invested HK$93,75m in 1.13% (12.5m shares @$7.50) of HEC Capital Ltd, and $105m in 4.36% (25m shares @$4.2) of Freewill Holdings Ltd, a total investment of $198.75m. Both are hubs in what we call the "Chung Nam Network".
Company announcement, 25-Nov-2016
This reveals that during the half-year, CSE invested HK$93,75m in 1.13% (12.5m shares @$7.50) of HEC Capital Ltd, and $105m in 4.36% (25m shares @$4.2) of Freewill Holdings Ltd, a total investment of $198.75m. Both are hubs in what we call the "Chung Nam Network".
Skyway (1141) investment in Joint Global Ltd
| The Joint Global implosion
Company announcement, 2-Nov-2016
Skyway now confirms that, as we deduced in our article of 30-Sep-2016, it swapped its HECC shares for shares in JG back on 2-Sep-2015. Skyway fails to mention the huge impairment from the implosion, nor does it admit that the investment in JG was a Discloseable Transaction under the Listing Rules.
Company announcement, 2-Nov-2016
Skyway now confirms that, as we deduced in our article of 30-Sep-2016, it swapped its HECC shares for shares in JG back on 2-Sep-2015. Skyway fails to mention the huge impairment from the implosion, nor does it admit that the investment in JG was a Discloseable Transaction under the Listing Rules.
CIFG (0412): breach of Listing Rules on Discloseable Transactions
| The Jont Global implosion
Company announcement, 26-Oct-2016
Following our article on 30-Sep-2016, CIFG admits that it swapped its 56.8m HECC shares for shares in JG and this was a Discloseable Transaction. It also claims that on 1-Apr-2016, the day after CIFG's year-end, it agreed to transfer its JG shares to New Peak Ltd (BVI), the owner of which is not disclosed, and in consideration received 48m shares in HECC, the transferor of which is not disclosed, thereby avoiding the JG implosion. This transaction was not completed until 30-Jun-2016. It was not disclosed as a post-balance sheet event in CIFG's accounts.
Company announcement, 26-Oct-2016
Following our article on 30-Sep-2016, CIFG admits that it swapped its 56.8m HECC shares for shares in JG and this was a Discloseable Transaction. It also claims that on 1-Apr-2016, the day after CIFG's year-end, it agreed to transfer its JG shares to New Peak Ltd (BVI), the owner of which is not disclosed, and in consideration received 48m shares in HECC, the transferor of which is not disclosed, thereby avoiding the JG implosion. This transaction was not completed until 30-Jun-2016. It was not disclosed as a post-balance sheet event in CIFG's accounts.
The Joint Global implosion
A collapse in a hub of the "Chung Nam Network" has wiped about HK$2bn off the balance sheets of at least 11 listed companies, many of which never announced that they had invested in it. We piece together an ugly jigsaw and call on the SFC to investigate and HKEX to wake up and require announcements. (30-Sep-2016)
A collapse in a hub of the "Chung Nam Network" has wiped about HK$2bn off the balance sheets of at least 11 listed companies, many of which never announced that they had invested in it. We piece together an ugly jigsaw and call on the SFC to investigate and HKEX to wake up and require announcements. (30-Sep-2016)
China Inno Fin (0412) belatedly details investments at 31-Mar-2016
Company announcement, 13-Jul-2016
This follows a complaint by Webb-site to SEHK. The firm held 9.95% of China Smarter Energy (1004), 4.49% of Huarong (0993) and 1.34% of Carnival (0996), as well as having sunk HK$340.8m into Joint Global Ltd, the newest unlisted hub in what we call the "Chung Nam Network". It provides no details of this significant investment, which in our view should have been announced when made. This was in fact a share swap of 56.8m shares of HEC Capital Ltd for the same number of shares of JG valued at $6 each.
Company announcement, 13-Jul-2016
This follows a complaint by Webb-site to SEHK. The firm held 9.95% of China Smarter Energy (1004), 4.49% of Huarong (0993) and 1.34% of Carnival (0996), as well as having sunk HK$340.8m into Joint Global Ltd, the newest unlisted hub in what we call the "Chung Nam Network". It provides no details of this significant investment, which in our view should have been announced when made. This was in fact a share swap of 56.8m shares of HEC Capital Ltd for the same number of shares of JG valued at $6 each.
China Opto (1332) discloses the junk held by Win Wind Capital Ltd
Company announcement, 28-Jun-2016
This follows a complaint filed by Webb-site on 23-Jun-2016 that the Major Transaction circular, which was presumably vetted by the Stock Exchange, failed to include any information on the underlying investments held by Enerchina (0622) subsidiary Win Wind Capital Ltd, with which China Opto is engaged in a share swap. Several of the stocks are in what we call the "Chung Nam Network". This also reveals that Win Wind (via Global Mind Investment Ltd) subscribed HK$100m for its 310 shares (5.44%) of an unnamed company which can only be Co-Lead Holdings Ltd. We calculate that this occurred between 7 and 29 July 2015, based on dilution of other holders.
Company announcement, 28-Jun-2016
This follows a complaint filed by Webb-site on 23-Jun-2016 that the Major Transaction circular, which was presumably vetted by the Stock Exchange, failed to include any information on the underlying investments held by Enerchina (0622) subsidiary Win Wind Capital Ltd, with which China Opto is engaged in a share swap. Several of the stocks are in what we call the "Chung Nam Network". This also reveals that Win Wind (via Global Mind Investment Ltd) subscribed HK$100m for its 310 shares (5.44%) of an unnamed company which can only be Co-Lead Holdings Ltd. We calculate that this occurred between 7 and 29 July 2015, based on dilution of other holders.
Dragonite (0329) pools shares of HEC Capital Ltd with others
Company announcement, 11-May-2016
This announcement of a transaction 8 months earlier follows a complaint by Webb-site regarding the opacity of the 2015 results. Dragonite is a member of what we call the "Chung Nam Network". Dragonite fails to disclose the governance arrangements of Joint Global Ltd such as its board composition, or how, with an 8.89% stake, Dragonite will have any influence over its decisions. In our view, this should have been a disclosable transaction under Chapter 14 of the Listing Rules as it represents 15.1% of total assets at 31-Dec-2014.
Company announcement, 11-May-2016
This announcement of a transaction 8 months earlier follows a complaint by Webb-site regarding the opacity of the 2015 results. Dragonite is a member of what we call the "Chung Nam Network". Dragonite fails to disclose the governance arrangements of Joint Global Ltd such as its board composition, or how, with an 8.89% stake, Dragonite will have any influence over its decisions. In our view, this should have been a disclosable transaction under Chapter 14 of the Listing Rules as it represents 15.1% of total assets at 31-Dec-2014.
National Investments Fund (1227) annual report
Company filing, 28-Apr-2016
This reveals that on 17-Jun-2015, NIF took a 1-month HK$30m loan from an unnamed "financial institution" secured on 3 investment subsidiaries, and the related investments, 8.2m shares of HEC Capital Ltd and 210 shares of Co-Lead Holdings Ltd, were transferred on 28-Jul-2015 to partially settle the loan for $22.5m. The HECC shares came from a merger on 30-Apr-2012 in exchange for 4.1m consolidated shares of Cordoba Homes Ltd and 4.1m shares of Hennabun Capital Group Ltd, both subscribed in 2011 for a total of $49.2m. NIF subscribed the Co-Lead shares in Sep-2014 for $59.85m. So investments which cost $109.05m have been disposed for $22.5m, a 79.4% loss.
Company filing, 28-Apr-2016
This reveals that on 17-Jun-2015, NIF took a 1-month HK$30m loan from an unnamed "financial institution" secured on 3 investment subsidiaries, and the related investments, 8.2m shares of HEC Capital Ltd and 210 shares of Co-Lead Holdings Ltd, were transferred on 28-Jul-2015 to partially settle the loan for $22.5m. The HECC shares came from a merger on 30-Apr-2012 in exchange for 4.1m consolidated shares of Cordoba Homes Ltd and 4.1m shares of Hennabun Capital Group Ltd, both subscribed in 2011 for a total of $49.2m. NIF subscribed the Co-Lead shares in Sep-2014 for $59.85m. So investments which cost $109.05m have been disposed for $22.5m, a 79.4% loss.
Imagi (0585) borrows HK$100m from Cordoba Homes Finance Ltd
Company announcement, 16-Mar-2016
The lender is a subsidiary of HEC Capital Ltd, one of the hubs in what we call the "Chung Nam Network".
Company announcement, 16-Mar-2016
The lender is a subsidiary of HEC Capital Ltd, one of the hubs in what we call the "Chung Nam Network".
Imagi (0585) swaps 16.01% of itself for 0.62% of HengTen (0136)
Company announcement, 29-Feb-2016
As a result, HEC Capital, one of the hubs in what we call the "Chung Nam Network" will, via its 100% subsidiary, own 16.01% of Imagi.
Company announcement, 29-Feb-2016
As a result, HEC Capital, one of the hubs in what we call the "Chung Nam Network" will, via its 100% subsidiary, own 16.01% of Imagi.
CSPT (0139) half-year results for 30-Sep-2015
Company announcement, 26-Nov-2015
Apart from humungous losses on investments in shares of companies in what we call the "Chung Nam Network", CSPT reveals that on the last day of the period, it sold West West Ltd and Four Sheets Ltd to unnamed parties for HK$45m and $30m. We can add that WW held 303 shares (5.58%) of Co-Lead Holdings Ltd, which it received in a swap in Jul-2015 for its holding in Freeman Corp Ltd, which it subscribed for $88m in Sep-2014. FS held 10m shares of HEC Capital Ltd, which it subscribed for HK$65m in Sep-2014 and at period-end was in the process of swapping for 10m shares of Joint Global Ltd.
Company announcement, 26-Nov-2015
Apart from humungous losses on investments in shares of companies in what we call the "Chung Nam Network", CSPT reveals that on the last day of the period, it sold West West Ltd and Four Sheets Ltd to unnamed parties for HK$45m and $30m. We can add that WW held 303 shares (5.58%) of Co-Lead Holdings Ltd, which it received in a swap in Jul-2015 for its holding in Freeman Corp Ltd, which it subscribed for $88m in Sep-2014. FS held 10m shares of HEC Capital Ltd, which it subscribed for HK$65m in Sep-2014 and at period-end was in the process of swapping for 10m shares of Joint Global Ltd.
Dragonite (0329) grants HK$200m loan facility to HEC Capital Ltd
Company announcement, 19-Jun-2015
HEC Capital Ltd is a hub in what we call the "Chung Nam Network", of which Dragonite is a member. Dragonite is also a shareholder of HEC Capital Ltd.
Company announcement, 19-Jun-2015
HEC Capital Ltd is a hub in what we call the "Chung Nam Network", of which Dragonite is a member. Dragonite is also a shareholder of HEC Capital Ltd.
Heritage (0412) sells Hebei forestry rights to HEC Capital for HK$720m
Company announcement, 21-May-2015
Company announcement, 21-May-2015
China Jinhai (0139) sells 15/F China United Centre in shell
Company announcement, 12-May-2015
The announcement fails to say who owns the buyer. We can tell you that as of 18-Sep-2012, Future Master Investments Ltd was owned by Cordoba Homes Ltd. That is 94.54% owned by HEC Capital Ltd (a hub of the "Chung Nam Network") and 5.46% owned by Mission Capital (1141). The shell deal avoids 8.5% Double Stamp Duty on the deal. The deal occurs just 6 weeks after completing the purchase of the same thing from Qualipak (1332).
Company announcement, 12-May-2015
The announcement fails to say who owns the buyer. We can tell you that as of 18-Sep-2012, Future Master Investments Ltd was owned by Cordoba Homes Ltd. That is 94.54% owned by HEC Capital Ltd (a hub of the "Chung Nam Network") and 5.46% owned by Mission Capital (1141). The shell deal avoids 8.5% Double Stamp Duty on the deal. The deal occurs just 6 weeks after completing the purchase of the same thing from Qualipak (1332).
Pass the parcel: Willie (0273) buys basement of China United Centre from HEC Capital for HK$170m
Company announcement, 20-Apr-2015
Avoiding 8.5% double stamp duty, Willie is buying the BVI company which indirectly owns the property. It was previously owned by Dragonite (0329) until 21-Jan-2014, by Heritage (0412) until 4-May-2011 and by Z & Z International Ltd until 25-Apr-2008. Even earlier, it was owned by China United Holdings Ltd, the former incarnation of Willie, which bought the property in 1997 for HK$470m. So it has now come full circle. All are in the "Chung Nam Network"
Company announcement, 20-Apr-2015
Avoiding 8.5% double stamp duty, Willie is buying the BVI company which indirectly owns the property. It was previously owned by Dragonite (0329) until 21-Jan-2014, by Heritage (0412) until 4-May-2011 and by Z & Z International Ltd until 25-Apr-2008. Even earlier, it was owned by China United Holdings Ltd, the former incarnation of Willie, which bought the property in 1997 for HK$470m. So it has now come full circle. All are in the "Chung Nam Network"
Qualipak (1332) sells 7/F, China United Centre, to Mission Capital (1141)
| MC announcement
Company announcement, 16-Feb-2015
Another transaction in the "Chung Nam Network". Of the HK$90m price, $79.9m is satisfied with 850m new shares in Mission Capital, or 11.70% as enlarged. MC at last disclosure is 9.19% owned by HEC Capital, 9.25% owned by Freeman Corp (both being network hubs) and 29.68% by Paul Suen Cho Hung. The transfer of the BVI property owner avoids $7.65m of double stamp duty.
Company announcement, 16-Feb-2015
Another transaction in the "Chung Nam Network". Of the HK$90m price, $79.9m is satisfied with 850m new shares in Mission Capital, or 11.70% as enlarged. MC at last disclosure is 9.19% owned by HEC Capital, 9.25% owned by Freeman Corp (both being network hubs) and 29.68% by Paul Suen Cho Hung. The transfer of the BVI property owner avoids $7.65m of double stamp duty.
The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)
Mission Capital (1141) to subscribe 22m shares (5.46%) of Cordoba Homes Ltd for HK$103.4m
Company announcement, 6-Jan-2015
MC fails to say who owns Cordoba, but we can tell you that as of 18-Sep-2012, it was 100% owned by HEC Capital Ltd, which is at the core of the Chung Nam Network and also owns HEC Securities Ltd, which is currently underwriting an open offer of new shares by MC to raise $209.7m net - so half of that goes back. HECC owns 9.19% of MC.
Company announcement, 6-Jan-2015
MC fails to say who owns Cordoba, but we can tell you that as of 18-Sep-2012, it was 100% owned by HEC Capital Ltd, which is at the core of the Chung Nam Network and also owns HEC Securities Ltd, which is currently underwriting an open offer of new shares by MC to raise $209.7m net - so half of that goes back. HECC owns 9.19% of MC.
HEC Capital Ltd sells 1.3bn shares (4.87%) of Mascotte (0136) off-market
Disclosure of interest, 16-Dec-2014
Total price of HK$169m. No buyer has disclosed an interest.
Disclosure of interest, 16-Dec-2014
Total price of HK$169m. No buyer has disclosed an interest.
ICube (0139) lends HK$75m to Cordoba Homes Ltd
Company announcement, 14-Nov-2014
The announcement fails to say who owns the borrower. As far as we know, at 18-Sep-2012 it was 100% owned by HEC Capital Ltd, which is at the core of what we call the "Chung Nam Network". ICube invested HK$65m in shares of HEC Capital Ltd on 22-Sep-2014.
Company announcement, 14-Nov-2014
The announcement fails to say who owns the borrower. As far as we know, at 18-Sep-2012 it was 100% owned by HEC Capital Ltd, which is at the core of what we call the "Chung Nam Network". ICube invested HK$65m in shares of HEC Capital Ltd on 22-Sep-2014.
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of First Instance, 14-Oct-2014
Penta successfully sues a BVI company at the centre of what we call the "Chung Nam Network" over a guarantee of a profit from a subscription of shares in Mascotte (0136) which followed a heavy loss on an earlier subscription in Freeman (0279). The claimed quantum is HK$211m. After a restructuring, Allied Weli is now a 100% subsidiary of HEC Capital Ltd.
HK Court of First Instance, 14-Oct-2014
Penta successfully sues a BVI company at the centre of what we call the "Chung Nam Network" over a guarantee of a profit from a subscription of shares in Mascotte (0136) which followed a heavy loss on an earlier subscription in Freeman (0279). The claimed quantum is HK$211m. After a restructuring, Allied Weli is now a 100% subsidiary of HEC Capital Ltd.
Enterprise Development (1808) subscribes 0.79% of HEC Capital Ltd for HK$48m
Company announcement, 8-Oct-2014
Company announcement, 8-Oct-2014
iCube (0139) subscribes 2.78% of Freeman Corp Ltd for HK$88m and 1.56% of HEC Capital Ltd for HK$102m
Company announcement, 21-Sep-2014
In a follow-up to the Freeman Financial (0279) announcement on Friday, it emerges that iCube has also subscribed for 1.56% of unlisted HEC Capital Ltd. All of these are in what we call the "Chung Nam Network". So that is a total network investment of $190m.
Company announcement, 21-Sep-2014
In a follow-up to the Freeman Financial (0279) announcement on Friday, it emerges that iCube has also subscribed for 1.56% of unlisted HEC Capital Ltd. All of these are in what we call the "Chung Nam Network". So that is a total network investment of $190m.
Dragonite (0329) subscribes 2.52% of HEC Capital Ltd for HK$137.5m
Company announcement, 16-Sep-2014
Dragonite and HEC Capital are members of what we call the "Chung Nam Network". On 21-Jan-2014, Dragonite sold the basement of China United Centre to a company that is or was owned by HEC Capital for HK$140m, almost the same amount it has injected into HEC Capital in today's deal.
Company announcement, 16-Sep-2014
Dragonite and HEC Capital are members of what we call the "Chung Nam Network". On 21-Jan-2014, Dragonite sold the basement of China United Centre to a company that is or was owned by HEC Capital for HK$140m, almost the same amount it has injected into HEC Capital in today's deal.
Agreement between Hao Tian (0474) and Ristora Investments Ltd dated 22-Jul-2013
Company filing, 2-Jul-2014
This recent filing under the Takeovers Code shows that the director of Ristora was Karen Lo Ki Yan. Ristora sold 45m shares of HEC Capital Ltd to Hao Tian for HK$270m.
Company filing, 2-Jul-2014
This recent filing under the Takeovers Code shows that the director of Ristora was Karen Lo Ki Yan. Ristora sold 45m shares of HEC Capital Ltd to Hao Tian for HK$270m.
Subscription agreement between Hao Tian (0474) and HEC Capital Ltd dated 18-Sep-2012
Company filing, 2-Jul-2014
This is a recent filing under the Takeovers Code. Schedule 1 reveals the shareholdings in HEC Capital Ltd on the subscription date, including 10 other listed companies which we consider to be in the "Chung Nam Network".
Company filing, 2-Jul-2014
This is a recent filing under the Takeovers Code. Schedule 1 reveals the shareholdings in HEC Capital Ltd on the subscription date, including 10 other listed companies which we consider to be in the "Chung Nam Network".
Poly Capital (1141) subscribes 38m shares (3.92%) of HEC Capital Ltd at $6/share for HK$228m
Company announcement, 30-Jun-2014
HEC Capital owns 5.59% of Poly Capital, which already owned 3m shares (0.32%) of HEC Capital Ltd. It subscribed those for HK$18m (also $6/share) on 22-Jan-2013. That wasn't announced but is in note 22 of the Mar-2013 annual accounts.
Company announcement, 30-Jun-2014
HEC Capital owns 5.59% of Poly Capital, which already owned 3m shares (0.32%) of HEC Capital Ltd. It subscribed those for HK$18m (also $6/share) on 22-Jan-2013. That wasn't announced but is in note 22 of the Mar-2013 annual accounts.
Freeman (0279) and Willie (0273) to pool their interests in HEC Capital Ltd
| Willie announcement
Company announcement, 20-Jun-2014
Freeman owns 4.97% of Willie, just under the disclosure threshold, and Willie owns 6.81% of Freeman.
Company announcement, 20-Jun-2014
Freeman owns 4.97% of Willie, just under the disclosure threshold, and Willie owns 6.81% of Freeman.
Heritage (0412) subscribes HK$228m for 38m shares (4.08%) of HEC Capital Ltd @$6
Company announcement, 12-Jun-2014
Company announcement, 12-Jun-2014
Freeman (0279) buys commodities broker from HEC Capital Ltd
Company announcement, 9-Jun-2014
HEC Capital Ltd is currently 19.54% owned by Freeman.
Company announcement, 9-Jun-2014
HEC Capital Ltd is currently 19.54% owned by Freeman.
Dragonite (0329) sells basement of China United Centre for HK$140m
Company announcement, 21-Jan-2014
Actually they are selling the BVI co which indirectly owns it, thereby avoiding 8.5% Double Stamp Duty (if passed). The owner of the buyer is not disclosed, but later filings show that at 18-Sep-2012 it was a 100% subsidiary of HEC Capital Ltd. Both Dragonite and HEC Capital are in what we call the "Chung Nam Network".
Company announcement, 21-Jan-2014
Actually they are selling the BVI co which indirectly owns it, thereby avoiding 8.5% Double Stamp Duty (if passed). The owner of the buyer is not disclosed, but later filings show that at 18-Sep-2012 it was a 100% subsidiary of HEC Capital Ltd. Both Dragonite and HEC Capital are in what we call the "Chung Nam Network".
China Strategic (0235): proposed acquisition of stakes in Cordoba Homes Ltd
Company announcement, 2-Sep-2013
An initial purchase of 77m shares (20.23%) from HEC Capital Ltd, which owns 100%, with subscription options to reach 51%, in effect a backdoor listing. The filing reveals that Cordoba's stake in Allied Weli Development Ltd (fka Hennabun Capital Group Ltd) valued at HK$1609m, was distributed to HECC in the year to Mar-2013. The stake was 47.96% at last dislcosure, 18-Sep-2012. Top current HECC holders are disclosed. We can add that Ristora is or was owned by Karen Lo Ki Yan and Quinella is or was owned by Lynn Hsieh Cheng Lu. Update: the deal was aborted on 29-Nov-2013.
Company announcement, 2-Sep-2013
An initial purchase of 77m shares (20.23%) from HEC Capital Ltd, which owns 100%, with subscription options to reach 51%, in effect a backdoor listing. The filing reveals that Cordoba's stake in Allied Weli Development Ltd (fka Hennabun Capital Group Ltd) valued at HK$1609m, was distributed to HECC in the year to Mar-2013. The stake was 47.96% at last dislcosure, 18-Sep-2012. Top current HECC holders are disclosed. We can add that Ristora is or was owned by Karen Lo Ki Yan and Quinella is or was owned by Lynn Hsieh Cheng Lu. Update: the deal was aborted on 29-Nov-2013.
Hao Tian (0474) buys 45m shares (5.04%) of HEC Capital Ltd from Ristora Investments Ltd for HK$270m
Company announcement, 22-Jul-2013
The vendor's owner is not disclosed, but in a previous filing, as of 15-Jan-2012, it was Karen Lo Ki Yan.
Company announcement, 22-Jul-2013
The vendor's owner is not disclosed, but in a previous filing, as of 15-Jan-2012, it was Karen Lo Ki Yan.
TLT Lottotainment (8022) rolls over HK$37m loan
Company announcement, 27-May-2013
Update: as of 18-Sep-2012, both the previous lender, Gain All Investments Ltd, and the new lender, HEC Finance 92 Ltd, were wholly-owned by HEC Capital Ltd, part of what we call the "Chung Nam Network".
Company announcement, 27-May-2013
Update: as of 18-Sep-2012, both the previous lender, Gain All Investments Ltd, and the new lender, HEC Finance 92 Ltd, were wholly-owned by HEC Capital Ltd, part of what we call the "Chung Nam Network".
Enerchina (0622) buys CU Group Investments Ltd from HEC Capital Ltd
Company announcement, 4-Dec-2012
Another deal in the "Chung Nam Network". Interestingly, this gives them Radland International Ltd (a broker) but not its sister Chung Nam Securities Ltd.
Company announcement, 4-Dec-2012
Another deal in the "Chung Nam Network". Interestingly, this gives them Radland International Ltd (a broker) but not its sister Chung Nam Securities Ltd.
Mascotte (0136) sells 25/F, China United Centre to Chung Nam Finance Ltd for HK$88m
Company announcement, 22-Nov-2012
Company announcement, 22-Nov-2012
TLT Lottotainment (8022) borrows up to HK$165m from Gain All Investments Ltd
Company announcement, 6-Jun-2012
Update: as of 18-Sep-2012, a BVI company of the lender's name was owned by HEC Capital Ltd, in what we call the "Chung Nam Network". By then, it owned a yacht.
Company announcement, 6-Jun-2012
Update: as of 18-Sep-2012, a BVI company of the lender's name was owned by HEC Capital Ltd, in what we call the "Chung Nam Network". By then, it owned a yacht.
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