SATINU MARKETS LIMITED 中南金融有限公司

Huarong and the Chung Nam Network
Webb-site can reveal another SFC investigation underway involving dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another connection between China Huarong (2799) and what we call the "Chung Nam Network". The more we scrutinise Huarong, the worse it looks. Will the State end up bailing out the bailer? (3-Oct-2018)
Breaking: SFC freezes up to HK$10.17bn of assets in 3 brokers
Webb-site has deduced that these are assets of Mr Yang Zhihui, missing Chairman and majority shareholder of Landing (0582), and that he is reasonably suspected of fraud causing losses of HK$10.17bn to China Huarong (2799), the ex-Chairman of which is under a corruption investigation in China. We also turn the spotlight on China Goldjoy (1282) which was an enthusiastic buyer of Landing at prices far higher than its Chairman paid beforehand. (1-Oct-2018)
Freeman (0279) buys 63.66m shares (7.95%) of Pak Wing (8316) on 7-Jun-2018CCASS changes
Disclosure of interest, 11-Jun-2018
The price of $1.25 per share is 2.5x the $0.50 at which Pak Wing's Chairman, Zhang Weijie, placed 74.52m shares via Freeman on 13-Jul-2017 which went to Win Wind Securities. After some market sales, we can see 63.66m shares remaining in WW by 3-Oct-2017, after which blocks moved from WW to Satinu Markets (and 7.452m out of CCASS) until Freeman picked them all up in this purchase. All of WW, Satinu and Freeman are in what we call the "Chung Nam Network". The foundation subcontractor had net tangible assets of just $0.002 per share at 30-Sep-2017.
Landing (0582) controller moves 33.84% from Future Stars Securities to Enerchina Securities
Enerchina Securities is owned by Enerchina (0622) and is part of what we call the "Chung Nam Network". The controller of Landing is its Chairman, Yang Zhihui. We could be in for a hard Landing. (20-Dec-2017)
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 11-Dec-2015
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 18-Aug-2015
Xiwang Steel (1266) controller moves 75% from HEC Securities to BOCI Securities on 29-Apr-2015
 (30-Apr-2015)
Mission Capital (1141) to subscribe 5.46% of Cordoba Homes Ltd for HK$103.4m
Company announcement, 6-Jan-2015
MC fails to say who owns Cordoba, but we can tell you that as of 18-Sep-2012, it was 100% owned by HEC Capital Ltd, which is at the core of the Chung Nam Network and also owns HEC Securities Ltd, which is currently underwriting an open offer of new shares by MC to raise $209.7m net - so half of that goes back. HECC owns 9.19% of MC.
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of First Instance, 14-Oct-2014
Penta successfully sues a BVI company at the centre of what we call the "Chung Nam Network" over a guarantee of a profit from a subscription of shares in Mascotte (0136) which followed a heavy loss on an earlier subscription in Freeman (0279). The claimed quantum is HK$211m. After a restructuring, Allied Weli is now a 100% subsidiary of HEC Capital Ltd.
Norman Ho Yik Kin, former ED of Tack Fiori (0928) disqualified for 6 years
HK Court of First Instance, 9-Oct-2014
Xiwang Steel (1266) controller deposits 75% with HEC Securities on 30-Sep-2014
 (1-Oct-2014)
Carson Yeung Ka Sing: reasons for verdict
HK District Court, 28-Feb-2014
Raking muck, Part 1
In the first of a multi-part series, we delve into a transaction by the HK offshoot of Xinhua, the PRC's official news agency, and the people behind it. (21-Feb-2012)
Passport funds v eSun (0571) & others: costs
HK Court of First Instance, 19-Jan-2012
Passport funds v eSun (0571) & others
HK Court of First Instance, 8-Jun-2011
Chung Nam Securities & responsible officers fined HK$1.3m re PCCW trades
SFC, 26-Aug-2010
This relates to the vote-rigging of the headcount in PCCW's privatisation exposed by Webb-site in 2009. The judge in the Court of First Instance said "I agree with the submission of the SFC that there are sufficiently cogent reasons to infer that the 132... persons in whose names the single board lots were acquired through Chung Nam...did so as a result of a plan devised by Eugene Chuang...to boost the head-count...The purchase of 125 single board lots would appear to have been financed by Eugene Chuang".
Chung Nam Securities Ltd, Ng Kwai Cho & Cheng Wai Chung v SFC
SFAT, 26-Aug-2010
Censure and/or criticism of 5 directors of Mascotte
SEHK, 4-Aug-2010
For failing to disclose promptly the humungous losses on investments which, we note, were made after the company became a member of what we call the "Chung Nam Network".
Code Agriculture and Nanjing Everyday
Take a RMB8m investment in a start-up TV channel, whip up some projections, sprinkle on a valuation from the ubiquitous BMI Appraisals, add a large pinch of salt according to taste, bake for 2 months and you have a RMB350m sale to Code Agriculture (8153). Too bad that the air then went out of this pudding. (25-May-2010)
Silence loud on police raids over PCCW's failed privatisation
South China Morning Post, 11-Mar-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)
China Railway Games
In part 2 of a series, we look at how HK$16bn of market cap evaporated when bubbles around China Railway Logistics, PME and Forefront burst. Each dealt with the same purported arm of the Ministry of Railways for joint ventures in wagon-leasing, media and online ticketing, each of which failed to get started. A miriad of BVI shells with shadowy owners are involved, but at least one has exposed himself in a court case. (11-Jun-2009)
Re PCCW Ltd proposed scheme of arrangement for privatisation
HK Court of Appeal, 11-May-2009
PCCW - Grounds of Appeal
In our view the judgment in the Court of First Instance on PCCW's scheme of arrangement and the alleged vote-rigging provides ample grounds for appeal. We look at the ruling in detail and where the SFC may be taking this case on Thursday at the Court of Appeal. (13-Apr-2009)
Re PCCW Limited scheme of arrangement
HK Court of First Instance, 6-Apr-2009
SFC fines and reprimands Chung Nam Securities Ltd and Henry Chuang Yueheng
SFC, 12-Nov-2008
Henry Chuang Yueheng & Chung Nam Securities Ltd v SFC
SFAT, 11-Nov-2008
Henry Chuang Yueheng & Chung Nam Securities Ltd v SFC
SFAT, 10-Oct-2008
Chung Nam Securities Ltd v Anthony Wong Chi Ho
HK District Court, 6-Nov-2006
Super Master Holdings Ltd v Chung Nam Securities Ltd & Puregain Assets Ltd
HK Court of Appeal, 18-May-2005
Super Master Holdings Ltd v Chung Nam Securities Ltd & Puregain Assets Ltd
HK Court of First Instance, 26-Mar-2004
SFC reprimands Ms Chan Suk Chi & Ms Lee Wai Chung of Chung Nam Securities Ltd
SFC, 18-Feb-2003
Court dismisses appeal by China United Holdings Ltd (0273)
SFC, 27-Nov-2002
SFC suspends Mr Lam Ying Chi for 10 months for front-running
SFC, 1-Jun-2000
SFC suspends registrations of Messrs Cheng Wai Chung, Tan Kin Kwok & Chan Fan Tat
SFC, 18-May-2000
SFC reprimands Chung Nam Securities Limited for allowing front-running and naked short-selling
SFC, 20-Apr-2000
SFC reprimands Mr Tsang Kwing Yin of Chung Nam Securities Ltd
SFC, 17-Apr-2000
Chung Nam Securities Ltd v Chan Fan Tat
HK Court of First Instance, 25-May-1999

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