Town Health International Medical Group Limited 康健國際醫療集團有限公司

Kwok Hiu Kwan v Johnny Chen & Convoy Global (1019)
HK Court of First Instance, 4-Mar-2020
The spectacular implosion of Dr. Cho's 'nefarious network'The Enigma Network
Bloomberg, 15-May-2019
Today is the 2nd anniversary of Webb-site's publication of the Enigma Network. So far, nobody has been charged with any offence, and no SFC action has been taken to bring in the liquidators to wind up any of the listed companies involved.
ICAC searches Town Health (3886) offices again
Company announcement, 23-Aug-2018
The first raid was on 9-Feb-2018, jointly with the SFC. This time the ICAC is interested in the "office or workplace occupied by a person". Town Health is in the "Enigma Network" revealed by Webb-site in May 2017.
ICAC and SFC raided Town Health (3886) offices on 9-Feb
Company announcement, 13-Feb-2018
Comment: this is another step forward in the investigation of the "Enigma Network" which Webb-site first exposed last year.
SFC suspends Town Health (3886)
SEHK, 27-Nov-2017
That's 2 today, and 5 of the 50 stocks in our "Enigma Network" are now suspended by the SFC. Town Health is the biggest yet, with a market cap of HK$5.19bn. It is a member of the Hang Seng Mid-Cap Index.
Hanison (0896) may buy 21/F of Kings Wing Plaza, Shatin
Company announcement, 1-Jun-2017
The vendors and their owners are unnamed, but we can tell you that they are HKEI (1082), which owns 60%, and Finsoft (8018) which owns 40%. 2 weeks ago, Hanison signed MoUs to buy 20/F from Convoy (1019) and 22/F from Town Health (3886), so this completes the penthouse triplex. All 4 vendors are in what we call the "Enigma Network".
Hanison (0896) may buy 20/F, 22/F of Kings Wing Plaza, Shatin
Company announcement, 17-May-2017
The vendors are not identified, but we'll tell you that 20/F is owned by Convoy (1019) which bought it for HK$107.4m in Jan-2015, and 22/F (top floor) is owned by Town Health (3886) which acquired Faithful Sun Ltd in 2016. Both vendors are in what we call the "Enigma Network". The price is about HK$10k per gross sq ft, and quite sensibly, Hanison is buying companies which own the properties to legally avoid 8.5% double stamp duty. The 21/F in the sandwich is owned by Ultimate Elite Investments Ltd, which is 60% owned by HKEI (1082) and 40% by Finsoft (8018), two other members of the Enigma Network.
The Enigma Network: 50 stocks not to own
Sometimes, all you need to tell a story is a picture. (15-May-2017)
Pass the cyclotrons
Starting in the basement of St Teresa's Hospital, visiting the Science Park and analysing 12 years of transactions with some lucky disclosure on BVI owners, we follow the movements of 2 cyclotrons in and out of listed companies and show you where the money was made and lost. (11-Oct-2016)
China Wah Yan (0648) buys 9.9% of New Ray Medicine (6108) at 265% above market
Company announcement, 23-Jun-2016
The BVI vendor is not named, nor is its owner, but we can tell you the vendor is owned by Town Health (3886) which cut its stake from 14.38% to 4.38%.
Jun Yang Financial (0397) coughs up details of investments
Company announcement, 25-May-2016
Following a complaint by Webb-site to SEHK, Jun Yang reveals that at 31-Dec-2015, it held 9.93% of Convoy (1019), 4.99% of Town Health (3886) and 3.57% of Tech Pro Technology (3823), a bubble stock we warned you about last year.
GET (8100) buys Million Worldwide Investment Ltd for HK$20m
Company announcement, 11-Mar-2016
The BVI vendor is not named and nor is its owner. At least at 31-Dec-2013, the target was owned by Asset Management International Ltd, which is 60% owned by Town Health (3886) and 40% by Silk Road Energy Services (8250).
Jun Yang Solar (0397) annual report reveals investments
Company filing, 23-Apr-2015
Note 24 on p113 shows that at 31-Dec-2014, it held 2.49% of Tech Pro Technology (3823) and 4.49% of Town Health (3886). We calculate those had a market value of HK$235m and HK$280m respectively.
Jia Meng (8101) buys China Universal Ltd for HK$24m
Company announcement, 21-Apr-2015
Jia Meng doesn't say who the BVI vendor is or who owns that, but says the vendor is owned by an unnamed private company which in turn is 60% owned by an unnamed individual. We can tell you that China Universal at 31-Dec-2014 was 60% owned by Town Health (3886) and 40% owned by China Natural Investment (8250) via their JV, Asset Management International Ltd, so there appears to have been a change since then.
Town Health (3886) sells 70% of Ever Full Harvest Ltd to subsidiary of CMGC (8081)
Company announcement, 31-Dec-2014
CMGC (8081) subsidiary buys 70% of Ever Full Harvest Ltd from Town Health (3886)Circular
Company announcement, 31-Dec-2014
The buyer is Luck Key Investment Ltd, which is already 9.9% owned by Town Health and 90.9% owned by CMGC. After this deal, it will be 35.02% owned by Town Health and 64.98% by CMGC.
Some bubbles for New Year
With the exchange shut for 2014, we take a close look at two bubbles and the other listed companies surrounding them. (31-Dec-2014)
CMGC (8081) issues 9.9% of Luck Key Investment Ltd to Town Health (3886) for HK$2.7m
Company announcement, 26-Aug-2014
11 months ago, CMGC completed the acquisition of Luck Key for HK$85m, including $17.979m for the equity and the rest for a shareholder loan. One of the vendors was Town Health.
China Natural Inv (8250) subscribes 208 shares in Town Health Asset Management Ltd for HK$83mTown Health announcement
Company announcement, 30-Jun-2014
As a result, THAM is 60% owned by Town Health (3886) and 40% by CNI.
Town Health (3886) buys 70% of Ever Full Harvest Ltd for HK$21m
Company announcement, 27-Aug-2013
The underlying asset is Hong Kong Cyclotron Laboratories Ltd (HKCL), which makes isotopes for PET scans. No word on who owns the other 30%. We note that Town Health once owned HKCL but sold it for HK$100 on 12-Dec-2008. This time, the vendor is owned by "Yuen Siu Wah" about whom we know nothing. His Chinese-character name does not appear in the Chinese version of this announcement. A doctor by that name works or worked for Town Health.
M Dream Inworld (8100) buys 4.89% of EPRO (8086) from Town Health (3886)
Company announcement, 13-Jun-2013
China Natural Inv (8250) subscribes 17 shares in Town Health Asset Management Ltd for HK$17mTown Health announcement
Company announcement, 16-May-2013
This increases its stake from 25% to 26.39% and implies a valuation of $917m on the joint venture. Town Health (3886) is reduced from 75% to 73.61%.
M Dream Inworld (8100) buys Dragon Oriental Investment Ltd from Town Health (3886) for HK$42mTown Health announcement
Company announcement, 15-May-2013
Modern Education (1082) buys Achieved Success Co Ltd from Town Health (3886) for HK$35mTown Health announcement.
Company announcement, 14-May-2013
Computech (8081) buys Luck Key Investment Ltd for HK$85mCircular
Company announcement, 16-Apr-2013
The vendors are China Gogreen (0397) for 47.89%, Town Health (3886) for 46.01% and Dr Bennet Fung Yiu Tong for 6.10%.
Town Health (3886) sells 46.01% of Luck Key to Computech (8081)
Company announcement, 16-Apr-2013
Town Health owns 7.01% of China Gogreen (0397), one of the other vendors.
China Gogreen (0397) sells 47.89% of Luck Key to Computech (8081)
Company announcement, 16-Apr-2013
Town Health (3886) buys Dragon Oriental Investment Ltd for HK$43mChina Gogreen announcement
Company announcement, 4-Feb-2013
Town Health fails to say who owns the vendor. We can tell you it is China Gogreen (0397).
China Natural Inv (8250) injects Million Worldwide Investment Ltd into JV with Town Health (3886)Town Health announcement
Company announcement, 9-Sep-2012
China Gogreen (0397) subsidiary issues shares to Dr Bennet Fung Yiu Tong for HK$8.1mCircular
Company announcement, 5-Oct-2010
Prior to this, Luck Key Investment Ltd was owned 51% by China Gogreen and 49% by Town Health (3886), for whom Dr Fung works. As a result of the new issue, Luck Key will cease to be a subsidiary of China Gogreen and its transactions will no longer be subject to the Listing Rules.
Town Health (3886) subscribes 3.77% of Bonjour (653) for HK$81mBonjour announcement
Company announcement, 7-Apr-2010
China Strategic bubble
We warn investors of a bubble in the stock of China Strategic, the 80% owner of the proposed buyer of Taiwan's Nan Shan Life Insurance, partly financed by a massive note issue convertible into 78bn shares at $0.10 each. We publish the placing list and analyse the names in the deal. Finally, we warn investors to avoid 7 companies in the "Chung Nam network", which has lost HK$6.2bn in 5 years. (13-Nov-2009)
Town Health (3886) circular on acquisition of minority interest in FOMT
Company circular, 5-Nov-2009
Town Health (3886) merges medical isotope business into subsidiary of HK Health Check (0397)HK Health Check circular
Company announcement, 15-Oct-2009
Town Health is swapping Health Walk Ltd for 49% of Luck Key Investment Ltd, which will be 51% owned by HK Health Check. Simultaneously, Health Walk is buying the remaining 22% of its subsidiary, FOMT, for HK$19m in new Town Health shares (4.49% of Town Health). The pre-tax profit margin of FOMT in the 2 years to 31-Mar-2009 s 85% and 67%, which suggests a lack of competition in the sector.
Town Health (3886) sells properties to HK Health Check (0397) for HK$38.5m
Company announcement, 28-Aug-2009
Choi's choice of degrees
We examine the academic qualifications of Francis Choi Chee Ming, founder of private toy company Early Light and Vice Chairman of Regal Hotels (0078) and Town Health (8138). (21-Nov-2007)
Second Opinion
Time for a second visit to the surgery for Town Health, which we critcised last year. Now, with the shares down another 78%, they have made a placing with persons who the SFC is not satisfied are independent of the controlling shareholder, while the SEHK has approved the issue. This highlights the ongoing conflict between the SEHK, one of the World's only for-profit regulators, and the SFC, a conflict which is holding up the reform of the market. (20-Jun-2001)
Town Health Warning
Turning our sights to the GEM, we find that newly listed Town Health, blessed with a deep-discount investment from Cheung Kong, has discovered the perfect acquisition, just 4 weeks after its listing, from someone who should have been identified in the prospectus. What's more, the Vice Chairman had an undisclosed interest in the target, a top-five supplier to the Group. (19-Nov-2000)

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