Allied Weli Development Limited

Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 28-Aug-2017
The person funding Allied Weli's appeal is revealed as one Lee Kuo Juy. That person is also a substantial shareholder of Inno-Tech (8202).
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 18-Jul-2017
"there is evidence which suggests dissipation of the assets of the Company". The appeal against the winding-up order is rejected and the person funding Allied Weli's appeal is ordered to be identified for a costs order against him.
Allied Weli Development Ltd ordered to be wound up
HK Court of First Instance, 22-Feb-2016
"I'm satisfied that the contents of the petition justify the court exercising its discretion to wind up the Company on the grounds of insolvency so that its affairs can be thoroughly investigated." - Justice Jonathan Harris
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
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.
Hao Tian (0474) buys a yacht for HK$65m
Company announcement, 25-Oct-2012
The yacht, named "aquarius" has been floating around the "Chung Nam Network" for years - its holding company, Uprite Ltd, was acquired by Willie (0273) in May-2008 from a company 75%-owned by Eugene Chuang Yue-chien, brother of Willie's Chairman. Uprite was then injected into a BVI vehicle, Cordoba Homes Ltd, in which numerous listed companies in the network invested. We now consider Hao Tian to have joined the network.
Tack Fat (0928) proposes 90m options for directors and 210m options for "consultants"
Company announcement, 6-Oct-2011
100m options go to Alice Yu Man Fung. She is an SFC-licensed representative of Radland International Ltd. 10m go to Margaret Wong Wan Men. She is a Responsible Officer of CU Corporate Finance Ltd. Both Radland and CUCF are fellow subsidiaries of Chung Nam Securities, all owned by Hennabun Capital Group Ltd. We don't know who Ko Po Yee is, but s/he gets 100m options.
China Yunnan Tin (0263) subscribes HK$90m at $6 per share for 3.88% of Hennabun
Company announcement, 4-Aug-2011
Capital VC Ltd (2324) proposes to issue 29.72% of enlarged capital to Willie (0273)Willie announcement
Company announcement, 9-Jun-2011
The subscription is at a 59% discount to NAV at 30-Apr-2011. Capital VC will thereby enter what we call the "Chung Nam Network" which includes several listed companies and 2 other Chapter 21 investment companies: Unity (0913) and Radford (0901), the share graphs of which speak for themselves.
Freeman (0279) sinks another HK$250m into Hennabun
Company announcement, 18-May-2011
This will be offset by a loan of $250m which Freeman made under an agreement dated 1-Nov-2010. The previous subscription of Hennabun shares on 3-Mar-2011 was also offset against the same amount of outstanding loan, but it is a revolving loan facility, so every time it is offset, they can draw it back down again.
Forefront (0885) subscribes HK$108m for 4.79% of Hennabun
Company announcement, 6-May-2011
Forefront is in what we call the "Chung Nam Network". Hennabun owns Chung Nam Securities Ltd.
Freeman (0279) converts HK$253m of debt into shares of Hennabun
Company announcement, 3-Mar-2011
Enerchina (0622) invests HK$300m in 18.01% of Cordoba Homes Ltd
Company announcement, 25-Jan-2011
Before this, Cordoba is owned as follows: 40.71% owned by "a listed company". That is Willie (0273), 17.57% by Hennabun, into which Enerchina has already sunk HK$200m, and 32.94% and 8.78% owned by "two private companies". The last time we heard, those are Ristora Investments and Supreme Castle Investments, owned by Karen Lo Ki Yan and Paul Suen Cho Hung respectively. Enerchina is now firmly part of what we call the "Chung Nam Network".
Heritage sells 19.75% of money-lending unit to Hennabun
Company announcement, 4-Jan-2011
Waytung Global (0021) sells subsidiary with Hennabun stake for HK$10k
Company announcement, 29-Dec-2010
The purchaser is a BVI company, the owner of which is not disclosed. This vehicle held a stake in Hennabun Capital Group Ltd, for which the group originally paid HK$59m in 2003. We calculate that by the time of this disposal, the original stake of 32,000,000 shares had been consolidated into 320,000 shares and diluted to 0.15%, not 0.23% as stated.
Freeman (0279) subsidiary Hennabun issues HK$200m in shares to Enerchina (0662)
Company announcement, 4-Nov-2010
Freeman also lends $500m to Hennabun from 1-Nov-2010, to be reduced to $250m by 31-Dec-2010.
Enerchina (622) sinks HK$200m into Hennabun, subsidiary of Freeman (0279)
Company announcement, 1-Nov-2010
Hennabun, the core of the Chung Nam network, has been loss-making for the last 7 years, totalling losses of $1,112m.
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
Willie (0273) lends HK$50m to subsidiary of Hennabun Capital
Company announcement, 22-Jun-2010
The announcement discloses that Hennabun is 41.12% owned by Eugene Chuang, the brother of Willie's chairman. The last time we heard, Hennabun was also a subsidiary of Freeman (0279).
Forefront (0885) lends HK$75m to Chung Nam Finance Ltd
Company announcement, 21-Jun-2010
The announcement mentions that the borrower is owned by Hennabun Capital Group Ltd, which is 2.7% owned by Mascotte (0136) which owns 11.74% of Forefront. It doesn't mention that Hennabun is controlled by Freeman (0279).
Hennabun issues HK$301m 2-year 0% convertible note to Mr Zeng Yi
Company announcement, 9-Feb-2010
We know nothing about Mr Zeng Yi.
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)
Freeman completes purchase of Hennabun stake from Eugene Chuang Yue Chien
Company announcement, 30-Sep-2009
Freeman completes HK$250m subscription to Hennabun
Company announcement, 19-Feb-2009
Freeman buys 79.46% of Hennabun from Eugene Chuang Yue Chien for HK$105.8m in convertible notes, and subscribes $250m to HennabunCircular
Company announcement, 10-Dec-2008
Willie buys "Aquarius" yacht from Hennabun, then approx 75%-owned by Eugene Chuang Yue Chien, for HK$94m
Company announcement, 2-May-2008
Freeman sells 48.96% stake in Hennabun to Eugene Chuang Yue Chien for HK$50m
Company announcement, 29-Jun-2007
Willie buys House A, Sunshine Villa from Hero City Trading Ltd for HK$88m
Company announcement, 15-Jun-2007
Note: at the time of this transaction, Hero City was a subsidiary of Hennabun which was controlled by Freeman. On 21-Dec-05, Hennabun acquired Collier Assets Ltd, which owned the house via Apex Novel Ltd, for $49m, being $85m for the house less bank loan of $36m. Collier Assets was formerly owned by Karen Lo Ki Yan.
Freeman lends $50m to Hennabun
Company announcement, 27-Jun-2006
Inner Mongolia Development buys 53.8m shares (6.18%) of Hennabun from Heritage for shares
Company announcement, 12-Jun-2006
Inner Mongolia Development buys Hennabun convertible note from Willie for $100m, and converts it into 50.07% of Hennabun
Company announcement, 2-May-2006
China United buys 9.64% of Hennabun from Golden Resources for HK$72m in shares
Company announcement, 11-Mar-2004
China United (0273) agrees to buy shares in Radford (0901) from Hennabun
Company announcement, 2-Dec-2003
Golden Resources Development (0677) subscribes shares in Hennabun, subsidary of China United
Company announcement, 15-Oct-2003

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