Wang, Ya Nan 王亞南
Tongda and Templeton
When Tongda (0698) trumpeted a "strategic" investment by Templeton in December, and again in the 2012 results this month, demonstrating confidence that the company would reach "new heights", they omitted to mention one very important thing, leaving them both open to prosecution for making misleading statements likely to induce others to buy the shares. (30-Mar-2013)
When Tongda (0698) trumpeted a "strategic" investment by Templeton in December, and again in the 2012 results this month, demonstrating confidence that the company would reach "new heights", they omitted to mention one very important thing, leaving them both open to prosecution for making misleading statements likely to induce others to buy the shares. (30-Mar-2013)
Tongda (0698): Breach of Listing Rules - connected transaction with director
Company announcement, 22-Mar-2011
The circular dated 4-Sep-09, regarding the acquisition of the company which owned the property, from the Chairman of Tongda, stated that the tenant was "an Independent Third Party". It now emerges that 58.82% of the tenant is (and presumably, was) owned by the Chairman's brother, an executive director of Tongda, Mr Wong Ah Yeung. They and 2 more brothers jointly control Tongda.
Company announcement, 22-Mar-2011
The circular dated 4-Sep-09, regarding the acquisition of the company which owned the property, from the Chairman of Tongda, stated that the tenant was "an Independent Third Party". It now emerges that 58.82% of the tenant is (and presumably, was) owned by the Chairman's brother, an executive director of Tongda, Mr Wong Ah Yeung. They and 2 more brothers jointly control Tongda.
Tongda circular on acquisition of property from connected person
Company circular, 4-Sep-2009
We note that Castores Magi valued the property at 31-Jul-2009 at HK$68.216m. But when Tongda completed the deal on 15-Oct-2009, it recognised fair value of investment property of only HK$45.880m, a drop of 32.7%. The vendor was the Chairman of Tongda. The property was already leased to an "Independent Third Party" which later turned out to be majority-owned by another executive director, the Chairman's brother. With 2 other brothers, they jointly control Tongda.
Company circular, 4-Sep-2009
We note that Castores Magi valued the property at 31-Jul-2009 at HK$68.216m. But when Tongda completed the deal on 15-Oct-2009, it recognised fair value of investment property of only HK$45.880m, a drop of 32.7%. The vendor was the Chairman of Tongda. The property was already leased to an "Independent Third Party" which later turned out to be majority-owned by another executive director, the Chairman's brother. With 2 other brothers, they jointly control Tongda.
Sign up for our free newsletter
Recommend Webb-site to a friend
Copyright & disclaimer, Privacy policy