STYLAND HOLDINGS LIMITED
SFC criticises Kenneth Cheung Chi Shing for breach of the Takeovers Code
| Executive Statement
SFC, 28-Mar-2023
He failed to obtain regulatory approval to become a substantial (10%) shareholder before triggering a mandatory offer obligation for Styland (0211) as part of a concert group with his family. This is not his first rodeo with the SFC.
SFC, 28-Mar-2023
He failed to obtain regulatory approval to become a substantial (10%) shareholder before triggering a mandatory offer obligation for Styland (0211) as part of a concert group with his family. This is not his first rodeo with the SFC.
Ever-Long Finance Ltd v Rebecca Chan Pui Ching
HK District Court, 17-Dec-2014
The plaintiff is owned by Styland (0211). The defendant repaid a 2nd mortgage by borrowing from the plaintiff. A total of $217,100 in fees were charged, reducing the net loan to $712,900, so we calculate that the monthly repayments of $27,023 for 10 years would have resulted in an Annualised Percentage Rate on the net loan of 55.45%.
HK District Court, 17-Dec-2014
The plaintiff is owned by Styland (0211). The defendant repaid a 2nd mortgage by borrowing from the plaintiff. A total of $217,100 in fees were charged, reducing the net loan to $712,900, so we calculate that the monthly repayments of $27,023 for 10 years would have resulted in an Annualised Percentage Rate on the net loan of 55.45%.
Listing Appeals Committee censures Styland and certain directors
SEHK, 24-Oct-2012
10 years after a series of articles on Webb-site put the spotlight on this firm and its people, the Stock Exchange disciplinary process limps to a conclusion, having been overtaken by SFC action in the courts.
SEHK, 24-Oct-2012
10 years after a series of articles on Webb-site put the spotlight on this firm and its people, the Stock Exchange disciplinary process limps to a conclusion, having been overtaken by SFC action in the courts.
Raking muck, Part 6
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)
Former chairman and executive director ordered to pay HK$85 million compensation to Styland
SFC, 7-Mar-2012
This is a major win for the SFC, and comes almost 10 years after Webb-site first blew the whistle on what we called the "Styland Network" in a series of articles rather like the current "Raking Muck" series. Let's hope the SFC follows up on some of our later pieces, and that the defendants actually pay up. They are also ordered to pay interest at 1% over HSBC's prime rate. The bulk of the award dates back to 2000, so interest will be substantial
SFC, 7-Mar-2012
This is a major win for the SFC, and comes almost 10 years after Webb-site first blew the whistle on what we called the "Styland Network" in a series of articles rather like the current "Raking Muck" series. Let's hope the SFC follows up on some of our later pieces, and that the defendants actually pay up. They are also ordered to pay interest at 1% over HSBC's prime rate. The bulk of the award dates back to 2000, so interest will be substantial
SFC v Kenneth Cheung Chi Shing & others
HK Court of First Instance, 7-Mar-2012
The judge at last issues a judgment, 14 months after the hearing.
HK Court of First Instance, 7-Mar-2012
The judge at last issues a judgment, 14 months after the hearing.
Styland (0211) resumes trading; update on disciplinary case and SFC petition
Company announcement, 7-Dec-2011
The SFC petition was heard in Jan-2011 and we are still waiting for the judgement 11 months later.
Company announcement, 7-Dec-2011
The SFC petition was heard in Jan-2011 and we are still waiting for the judgement 11 months later.
Cosmetic appearances
When the ICAC charged a person with engineering fraudulent acquisitions by Uni-Bio Science (0690) last month, we suspect they only saw half the story. Webb-site looks at the overlaps between UBS and Global Green Tech (0274), and at a series of its acquisitions. (25-May-2010)
When the ICAC charged a person with engineering fraudulent acquisitions by Uni-Bio Science (0690) last month, we suspect they only saw half the story. Webb-site looks at the overlaps between UBS and Global Green Tech (0274), and at a series of its acquisitions. (25-May-2010)
SFC v Cheung Keng Ching, Chou Mei, Kevin Lau Ka Man & Siberian Mining
HK Court of First Instance, 18-Mar-2010
This case by the SFC followed our story on Rontex (now Siberian Mining) and others, titled "Toxic IPOs", 21-Mar-2005.
HK Court of First Instance, 18-Mar-2010
This case by the SFC followed our story on Rontex (now Siberian Mining) and others, titled "Toxic IPOs", 21-Mar-2005.
Ever-long Capital Ltd v Rich Delta Development Ltd & Mak Chi Yeung
HK Court of First Instance, 27-Nov-2008
HK Court of First Instance, 27-Nov-2008
SFC seeks suspension, disqualification orders against Chairman, former and current executives of Styland Holdings
SFC, 9-Sep-2008
SFC, 9-Sep-2008
SFC reprimands Ever-Long Securities Co Ltd for inadequate internal controls and staff supervision
SFC, 1-Jun-2006
SFC, 1-Jun-2006
Toxic IPOs in HK
In this epic article, we take you through the IPOs of at least 14 listed companies, 3 of which have already led to criminal charges. We explain the inter-relationships between the companies, sponsors, lead managers, auditors and the INEDs. Before you buy another IPO, stop and read this article. (21-Mar-2005)
In this epic article, we take you through the IPOs of at least 14 listed companies, 3 of which have already led to criminal charges. We explain the inter-relationships between the companies, sponsors, lead managers, auditors and the INEDs. Before you buy another IPO, stop and read this article. (21-Mar-2005)
Jinlin Sun & Wen Lin (on behalf of Styland) v Kenneth Cheung Chi-shing & others
HK Court of First Instance, 13-Oct-2003
HK Court of First Instance, 13-Oct-2003
International Capital Network Holdings Ltd v Capital Ace Holdings Ltd & another
HK Court of Appeal, 6-Sep-2002
HK Court of Appeal, 6-Sep-2002
Capital Ace Holdings Ltd & another v International Capital Network Holdings Ltd & others
HK Court of First Instance, 3-Sep-2002
HK Court of First Instance, 3-Sep-2002
International Capital Network Holdings Ltd v Capital Ace Holdings Ltd & another
HK Court of Appeal, 9-Aug-2002
HK Court of Appeal, 9-Aug-2002
StyNet, Part 3: Riverhill
In Part 3 of our series on the Styland network, we look at Riverhill, a stock in which Styland and Digital World made early acquisitions at stratospheric prices. Riverhill's turnover collapsed after the IPO, which was based on a 9-project track record, part of which was sub-contracted and part of which came from a company sold to Digital World for a similarly stratospheric price. (8-Aug-2002)
In Part 3 of our series on the Styland network, we look at Riverhill, a stock in which Styland and Digital World made early acquisitions at stratospheric prices. Riverhill's turnover collapsed after the IPO, which was based on a 9-project track record, part of which was sub-contracted and part of which came from a company sold to Digital World for a similarly stratospheric price. (8-Aug-2002)
Styland cancels rights issue
Company announcement, 6-Aug-2002
This comes after adjourning the EGM on 30-Jul-2002. The stock has been trading ex-entitlement since 22-Jul-2002 and was suspended on 29-Jul-2002.
Company announcement, 6-Aug-2002
This comes after adjourning the EGM on 30-Jul-2002. The stock has been trading ex-entitlement since 22-Jul-2002 and was suspended on 29-Jul-2002.
International Capital Network Holdings Ltd v Capital Ace Holdings Ltd & another
HK Court of First Instance, 5-Aug-2002
HK Court of First Instance, 5-Aug-2002
StyNet, Part 2: Asia's Inworld City
Continuing our series on the Styland network, we take you through the wheeling and dealing surrounding Inworld, most of whose flimsy track record came from companies in the network - including Digital World, Rainbow, Renren, Riverhill and Styland itself. You will also see an incredible set of pre-IPO transactions in the stock. Is Hong Kong really Asia's World City? (24-Jul-2002)
Continuing our series on the Styland network, we take you through the wheeling and dealing surrounding Inworld, most of whose flimsy track record came from companies in the network - including Digital World, Rainbow, Renren, Riverhill and Styland itself. You will also see an incredible set of pre-IPO transactions in the stock. Is Hong Kong really Asia's World City? (24-Jul-2002)
StyNet, Part 1: Digital Mess
In the first of a series of articles, we'll take you through a labyrinth of transactions involving a motley collection of GEM listings, including Inworld, International Capital Network, Rainbow and Riverhill, two bombed-out main board stocks - Digital World and renren, and a company at the centre of the network, Styland. We kick off with a detailed study of Digital World and its dealings. (21-Jul-2002)
In the first of a series of articles, we'll take you through a labyrinth of transactions involving a motley collection of GEM listings, including Inworld, International Capital Network, Rainbow and Riverhill, two bombed-out main board stocks - Digital World and renren, and a company at the centre of the network, Styland. We kick off with a detailed study of Digital World and its dealings. (21-Jul-2002)
Styland withdraws "Long Term" shareholder criterion to qualify for bonus shares in rights issue
Company announcement, 5-Jul-2002
Company announcement, 5-Jul-2002
Styland proposes "Long Term Bonus Shares"
Company announcement, 18-Jun-2002
...to human registered shareholders who hold the subscribed rights shares for at least 6 months. That would involve tracking individual share certificates to distinguish them from other shares the holder owns. Anyway it is grossly unfair to all other non-human shareholders (including everyone in CCASS) who are diluted without any payment for the shares. The proposal was later abandoned.
Company announcement, 18-Jun-2002
...to human registered shareholders who hold the subscribed rights shares for at least 6 months. That would involve tracking individual share certificates to distinguish them from other shares the holder owns. Anyway it is grossly unfair to all other non-human shareholders (including everyone in CCASS) who are diluted without any payment for the shares. The proposal was later abandoned.
SFC prosecutes Mr Ng Shun Fu for aiding and abetting unregistered dealing in securities
SFC, 12-Aug-1999
SFC, 12-Aug-1999
SFC prosecutes Mr Lai Yiu Keung under the Securities (Disclosure of Interests) Ordinance
SFC, 29-Dec-1998
SFC, 29-Dec-1998
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