Templeton dumps Tongda (0698)
Disclosure of interest, 9-Apr-2013
The firm sold 75m shares on-market on 3-Apr-2013 at an average of $0.476, cutting below the 5% disclosure threshold. That follows the Webb-site article of 30-Mar-2013. The sale price as 53.5% above the $0.31 purchase price on 11-Dec-2012.
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)
Tongda (0698) reveals 76% increase in staff headcount in last 6 years
Company announcement, 19-Oct-2012
This announcement follows a complaint regarding non-disclosure, filed by Webb-site with SEHK on 2-Oct-2012.
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.
Tongda (0698) issues warrants to Mr Cheung Chun Sek
Company announcement, 12-Nov-2010
The 1-year warrants are issued at $0.005 each with a subscription price of $0.345, a combined discount of 7.8%. The shares equate to 3.34% of the existing issued shares. We have no idea who Mr Cheung Chun Sek is. UPDATE: The warrants eventually expired unexercised.
Tongda (0698): we misstated the profits of the acquisition target in connected transaction announcement
Company announcement, 4-Sep-2009
Tongda claims this was due to "typographical errors in the Announcement due to inadvertent mistakes". Like getting ALL the digits wrong!
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.
Tongda corrects "trivial and inadvertent disclosure mistake" of receivables in annual report
Company announcement, 28-Nov-2008
Comment: the new classification appears to change the basis from invoice date to due date, with $192m of receivables overdue at 31-Dec-07. It is impossible to tell how old the receivables are. There has been no restatement for 30-Jun-08.

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