Freeman Corporation Limited (KY)
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.
Co-Lead sells 32.98% of Freeman Corp Ltd
Company announcement, 26-Oct-2015
As a result, Freeman Financial (0279) owns 100% of FCL again. Co-Lead is a hub controlled by Mason Financial (0273) and invested by several listed companies in what we call the "Chung Nam Network".
Company announcement, 26-Oct-2015
As a result, Freeman Financial (0279) owns 100% of FCL again. Co-Lead is a hub controlled by Mason Financial (0273) and invested by several listed companies in what we call the "Chung Nam Network".
Freeman (0279) to buy out minorities in Freeman Corp Ltd
Company announcement, 17-Aug-2015
The main vendor, Co-Lead, is another hub in the "Chung Nam Network", majority owned by Mason Financial (0273)
Company announcement, 17-Aug-2015
The main vendor, Co-Lead, is another hub in the "Chung Nam Network", majority owned by Mason Financial (0273)
Freeman Financial (0279) acquires 100% of Smart Jump Corp
Company announcement, 10-Aug-2015
The SJ shares were distributed by Freeman Corp Ltd to its 3 shareholders, including FF (60.52%), but the other 2 holders of FC, both being hubs in what we call the "Chung Nam Network", sold their SJ shares to FF in return for 5% 1-year promissory notes. Co-Lead Holdings Ltd owns 32.98% of FC, and HEC Development Ltd owns 6.50%, which it must have acquired directly or indirectly from Benny Kwong Kai Sing since 6-Jul-2015.
Company announcement, 10-Aug-2015
The SJ shares were distributed by Freeman Corp Ltd to its 3 shareholders, including FF (60.52%), but the other 2 holders of FC, both being hubs in what we call the "Chung Nam Network", sold their SJ shares to FF in return for 5% 1-year promissory notes. Co-Lead Holdings Ltd owns 32.98% of FC, and HEC Development Ltd owns 6.50%, which it must have acquired directly or indirectly from Benny Kwong Kai Sing since 6-Jul-2015.
China Jinhai (0139) injects shares of Freeman Corp Ltd into Co-Lead Holdings Ltd
| Willie announcement
Company announcement, 6-Jul-2015
The other holders of Co-Lead are Willie (0273), National Investments Fund (1227), Rentian Technology (0885) and, after completion, Dragonite (0329). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Company announcement, 6-Jul-2015
The other holders of Co-Lead are Willie (0273), National Investments Fund (1227), Rentian Technology (0885) and, after completion, Dragonite (0329). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Dragonite (0329) injects shares of Freeman Corp Ltd into Co-Lead Holdings Ltd
| Willie announcement
Company announcement, 6-Jul-2015
It fails to state that West West Ltd is owned by China Jinhai (0139). The other holders of Co-Lead are Willie (0273), National Investments Fund (1227) and Rentian Technology (0885). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Company announcement, 6-Jul-2015
It fails to state that West West Ltd is owned by China Jinhai (0139). The other holders of Co-Lead are Willie (0273), National Investments Fund (1227) and Rentian Technology (0885). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Forefront (0885) to pool holdings in Freeman Corp Ltd with Willie (0273) and another
| Willie announcement
Company announcement, 19-Jun-2015
The third holder is Up Wonderful Ltd, the owner of which is not disclosed, but we can tell you that at 31-Dec-2014 it was owned by National Investments Fund Ltd (1227). These are all in what we call the "Chung Nam Network". The pooled vehicle, Co-Lead, will be owned 5.11% by NIF, 21.90% by Forefront and 72.99% by Willie. It will own 32.69% of FCL, with 60.52% owned by Freeman (0279), 4.37% by Dragonite (0329) and 2.41% by China Jinhai (0139).
Company announcement, 19-Jun-2015
The third holder is Up Wonderful Ltd, the owner of which is not disclosed, but we can tell you that at 31-Dec-2014 it was owned by National Investments Fund Ltd (1227). These are all in what we call the "Chung Nam Network". The pooled vehicle, Co-Lead, will be owned 5.11% by NIF, 21.90% by Forefront and 72.99% by Willie. It will own 32.69% of FCL, with 60.52% owned by Freeman (0279), 4.37% by Dragonite (0329) and 2.41% by China Jinhai (0139).
China Jinhai (0139) lends HK$100m to Freeman Corp Ltd
Company announcement, 10-Apr-2015
Both companies are in the "Chung Nam Network".
Company announcement, 10-Apr-2015
Both companies are in the "Chung Nam Network".
Mission Capital (1141) lends HK$120m to Freeman Securities Ltd
Company announcement, 4-Mar-2015
Freeman Securities is 100% owned by Freeman Corp, which is majority-owned by Freeman Financial (0279) which owns 8.42% of Mission Capital. Both are in what we call the "Chung Nam Network".
Company announcement, 4-Mar-2015
Freeman Securities is 100% owned by Freeman Corp, which is majority-owned by Freeman Financial (0279) which owns 8.42% of Mission Capital. Both are in what we call 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)
Rising Development (1004): Chairman sells 147.896m shares at $0.533?
| Correction announcement
Company announcement, 17-Dec-2014
Comment: that's 9.95% of the company, at a 91% discount to yesterday's closing price of $5.93. In our view, this stock is in a bubble. It will split 4:1 on 19-Dec-2014. At 26-Sep-2014 it was 6.27% owned by Freeman Corp Ltd, a partial subsidiary of Freeman Financial (0279). Yesterday's price values the holding at $553m. Update: we see that 147.9m shares have crossed the exchange at $5.33, not $0.533, and the stock was suspended at 13:02.
Company announcement, 17-Dec-2014
Comment: that's 9.95% of the company, at a 91% discount to yesterday's closing price of $5.93. In our view, this stock is in a bubble. It will split 4:1 on 19-Dec-2014. At 26-Sep-2014 it was 6.27% owned by Freeman Corp Ltd, a partial subsidiary of Freeman Financial (0279). Yesterday's price values the holding at $553m. Update: we see that 147.9m shares have crossed the exchange at $5.33, not $0.533, and the stock was suspended at 13:02.
ICube (0139) lends up to HK$50m to Freeman Corp Ltd
Company announcement, 3-Dec-2014
That's on top of the HK$88m it invested in the same company in September. Both companies are in the "Chung Nam Network".
Company announcement, 3-Dec-2014
That's on top of the HK$88m it invested in the same company in September. Both companies are in the "Chung Nam Network".
Freeman (0279) circular reveals investment in subsidiary by NIF (1227)
Company circular, 26-Nov-2014
Page 18 shows that NIF invested HK$59.85m for 21m shares (1.67%) in Freeman Corporation Ltd, which, upon completion of the investment by Forefront (0885), will be 60.52% owned by Freeman. It joins Willie (0273), Dragonite (0329) and ICube (0139). All 6 companies are in what we call the "Chung Nam Network". NIF invested 1 day after completing a placing of new shares to raise $89.58m, arranged by HEC Securities Ltd, another multi-owner venture in the network.
Company circular, 26-Nov-2014
Page 18 shows that NIF invested HK$59.85m for 21m shares (1.67%) in Freeman Corporation Ltd, which, upon completion of the investment by Forefront (0885), will be 60.52% owned by Freeman. It joins Willie (0273), Dragonite (0329) and ICube (0139). All 6 companies are in what we call the "Chung Nam Network". NIF invested 1 day after completing a placing of new shares to raise $89.58m, arranged by HEC Securities Ltd, another multi-owner venture in the network.
Forefront (0885) pumps HK$247.5m into Freeman Corp Ltd for 7.16% stake
| Freeman announcement
Company announcement, 27-Oct-2014
Another deal in what we call the "Chung Nam Network". The other shareholders of Freeman Corp Ltd are Freeman Financial (0279), Willie (0273), iCube (0139) and Dragonite (0329).
Company announcement, 27-Oct-2014
Another deal in what we call the "Chung Nam Network". The other shareholders of Freeman Corp Ltd are Freeman Financial (0279), Willie (0273), iCube (0139) and Dragonite (0329).
Enterprise Development (1808) to issue shares to Smart Jump Corp
Company announcement, 21-Oct-2014
The subscriber is wholly-owned by Freeman Corp Ltd, which is majority-owned by Freeman Financial Corp Ltd (0279). All part of what we call the "Chung Nam Network".
Company announcement, 21-Oct-2014
The subscriber is wholly-owned by Freeman Corp Ltd, which is majority-owned by Freeman Financial Corp Ltd (0279). All part of what we call the "Chung Nam Network".
Dragonite (0329) subscribes 4.7% of Freeman Corp Ltd for HK$156.75m
| Dragonite announcement
Company announcement, 26-Sep-2014
Another deal in the Chung Nam Network. This follows Dragonite's subscription 10 days ago for 2.52% of HEC Capital Ltd for HK$137.5m. The other shareholders of Freeman Corp Ltd include Freeman Financial (0279), iCube (0139) and Willie (0273).
Company announcement, 26-Sep-2014
Another deal in the Chung Nam Network. This follows Dragonite's subscription 10 days ago for 2.52% of HEC Capital Ltd for HK$137.5m. The other shareholders of Freeman Corp Ltd include Freeman Financial (0279), iCube (0139) and Willie (0273).
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.
iCube (0139) subscribes 2.8% of Freeman Corp Ltd for HK$88m promissory note
Company announcement, 19-Sep-2014
As a result, the unlisted Freeman Corp Ltd will be 69.7% owned by Freeman Financial (0279), 27.5% owned by Willie (0273) and 2.8% owned by iCube (0139). Freeman Financial owns 5.8% of iCube. All are in what we call the "Chung Nam Network".
Company announcement, 19-Sep-2014
As a result, the unlisted Freeman Corp Ltd will be 69.7% owned by Freeman Financial (0279), 27.5% owned by Willie (0273) and 2.8% owned by iCube (0139). Freeman Financial owns 5.8% of iCube. All are in what we call the "Chung Nam Network".
Willie (0273) to subscribe HK$879m for 28.3% of a subsidiary of Freeman (0279)
| Freeman announcement
Company announcement, 9-May-2014
Willie currently owns 6.81% of Freeman, which owns 4.97% of Willie. Both are in what we call the "Chung Nam Network".
Company announcement, 9-May-2014
Willie currently owns 6.81% of Freeman, which owns 4.97% of Willie. Both are in what we call the "Chung Nam Network".
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