BURWILL HOLDINGS LIMITED 寶威控股有限公司
Freada Cheung Kwan, ex-Chairman of Burwill (0024) and China Cloud Copper (0033) declared bankrupt
| Disclosure of interest
HK Court of First Instance, 3-Jun-2020
It appears from the judgment that Ms Cheung, via 2 BVI companies nominally held by others but for which she was guarantor, borrowed from a subsidiary of China Minsheng Investment Group, then each company bought 4.99% of Burwill, cementing her control with an additional 9.98% without disclosure. She denies ownership but the judge writes "the debtor's assertions are incredulous". We note that as of 15-Jan-2016 she held 19.43% of Burwill.
HK Court of First Instance, 3-Jun-2020
It appears from the judgment that Ms Cheung, via 2 BVI companies nominally held by others but for which she was guarantor, borrowed from a subsidiary of China Minsheng Investment Group, then each company bought 4.99% of Burwill, cementing her control with an additional 9.98% without disclosure. She denies ownership but the judge writes "the debtor's assertions are incredulous". We note that as of 15-Jan-2016 she held 19.43% of Burwill.
Neo-Neon (1868) clarifies previous reports
Company announcement, 10-Mar-2020
This follows a complaint by Webb-site, that the reports referred to "various investing funds issued by Burwill [0024]" when in fact they were convertible bonds which were due to mature on 27-Sep-2019 and are in default. It now emerges that these were "sold" on the last day of 2019, although the buyer, a presumably worthless Samoa shell owned by a Mr Sun Jian, doesn't have to settle until the last day of 2020, so it could default. The sale agreement should have been announced when made, so that's a breach of the Listing Rules.
Company announcement, 10-Mar-2020
This follows a complaint by Webb-site, that the reports referred to "various investing funds issued by Burwill [0024]" when in fact they were convertible bonds which were due to mature on 27-Sep-2019 and are in default. It now emerges that these were "sold" on the last day of 2019, although the buyer, a presumably worthless Samoa shell owned by a Mr Sun Jian, doesn't have to settle until the last day of 2020, so it could default. The sale agreement should have been announced when made, so that's a breach of the Listing Rules.
2-year market ban and censure of Mr Chan Shing for failure to make general offer for Burwill (0024)
SFC, 7-Jun-2018
SFC, 7-Jun-2018
ZJW v SY
HK District Court, 21-Sep-2016
Mr Sun Yan, a former HK-listed company director who now works for a subsidiary of Burwill (0024), succeeds in showing that he has no substantial connection with HK, so the divorce petition by his wife Zhou Jianwu is dismissed. Both are based in Shenzhen. Mr Sun is involved in a claim in HCA 813/2014 which involves over HK$337m of assets held by Superb Jade Ltd, which is owned by his wife's brother. Mr Sun claims beneficial ownership.
HK District Court, 21-Sep-2016
Mr Sun Yan, a former HK-listed company director who now works for a subsidiary of Burwill (0024), succeeds in showing that he has no substantial connection with HK, so the divorce petition by his wife Zhou Jianwu is dismissed. Both are based in Shenzhen. Mr Sun is involved in a claim in HCA 813/2014 which involves over HK$337m of assets held by Superb Jade Ltd, which is owned by his wife's brother. Mr Sun claims beneficial ownership.
Sun Yan v Superb Jade Ltd & others
HK Court of First Instance, 23-Oct-2015
A dispute over the beneficial owner of securities and cash held by Superb Jade Ltd worth as much as HK$300m. Mr Sun Yan is based in Shenzhen but has been a director of various HK-listed companies. He has posted HK$1m as security for costs, which the court rules is adequate given that the defendants still hold the assets which are frozen under a Mareva injunction. Superb Jade is owned by Lin Li Dong, the brother of Sun's wife, Zhao Jianwu.
HK Court of First Instance, 23-Oct-2015
A dispute over the beneficial owner of securities and cash held by Superb Jade Ltd worth as much as HK$300m. Mr Sun Yan is based in Shenzhen but has been a director of various HK-listed companies. He has posted HK$1m as security for costs, which the court rules is adequate given that the defendants still hold the assets which are frozen under a Mareva injunction. Superb Jade is owned by Lin Li Dong, the brother of Sun's wife, Zhao Jianwu.
Genvon (2389) may issue 800m shares @HK$0.325 to Lucky Creation Ltd within 6 months
Company announcement, 17-Jan-2014
Genvon fails to say who owns the subscriber, but claims that the subscriber is "principally engaged in investment in military and network technology companies." Our records show the subscriber is less than 4 months old. Subsequently one Chan Wing Kwai disclosed that he owns 100% of the subscriber. And who is he? The announcement says that if he doesn't exercise his subscription right then it shall be deemed exercised after 6 months - but enforcing this coud be another problem with no money up front. The subscriber has a similar deal going with Burwill (0024) launched on 16-Oct-2013.
Company announcement, 17-Jan-2014
Genvon fails to say who owns the subscriber, but claims that the subscriber is "principally engaged in investment in military and network technology companies." Our records show the subscriber is less than 4 months old. Subsequently one Chan Wing Kwai disclosed that he owns 100% of the subscriber. And who is he? The announcement says that if he doesn't exercise his subscription right then it shall be deemed exercised after 6 months - but enforcing this coud be another problem with no money up front. The subscriber has a similar deal going with Burwill (0024) launched on 16-Oct-2013.
Burwill (0024) may issue 825.6m shares @HK$0.26 to Lucky Creation Ltd within 6 months
Company announcement, 16-Oct-2013
The subscriber has up to 6 months to complete, in up to 2 tranches. A subsequent disclosure of interests shows that the guarantor Mr Chan Wing Kwai owns 100% of the subscriber. He also went short 271m shares on 12-Dec-2013.
Company announcement, 16-Oct-2013
The subscriber has up to 6 months to complete, in up to 2 tranches. A subsequent disclosure of interests shows that the guarantor Mr Chan Wing Kwai owns 100% of the subscriber. He also went short 271m shares on 12-Dec-2013.
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