OCI International Holdings Limited (KY) 東建國際控股有限公司

Dragonite (0329) sells money-lender to CW Financing Ltd
Company announcement, 7-Nov-2016
Dragonite fails to say who owns the buyer. We know that in 2015, it was owned by Cordoba Homes Ltd, a hub in what we call the "Chung Nam Network".
The Joint Global implosion
A collapse in a hub of the "Chung Nam Network" has wiped about HK$2bn off the balance sheets of at least 11 listed companies, many of which never announced that they had invested in it. We piece together an ugly jigsaw and call on the SFC to investigate and HKEX to wake up and require announcements. (30-Sep-2016)
China Opto (1332) discloses the junk held by Win Wind Capital Ltd
Company announcement, 28-Jun-2016
This follows a complaint filed by Webb-site on 23-Jun-2016 that the Major Transaction circular, which was presumably vetted by the Stock Exchange, failed to include any information on the underlying investments held by Win Wind Capital Ltd, with which China Opto is engaged in a share swap. Several of the stocks are in what we call the "Chung Nam Network".
Dragonite (0329) pools shares of HEC Capital Ltd with others
Company announcement, 11-May-2016
This announcement of a transaction 8 months earlier follows a complaint by Webb-site regarding the opacity of the 2015 results. Dragonite is a member of what we call the "Chung Nam Network". Dragonite fails to disclose the governance arrangements of Joint Global Ltd such as its board composition, or how, with an 8.89% stake, Dragonite will have any influence over its decisions. In our view, this should have been a disclosable transaction under Chapter 14 of the Listing Rules as it represents 15.1% of total assets at 31-Dec-2014.
Re bankrupt Ian Chu Chi Ho
HK Court of First Instance, 21-Jan-2016
Application by money-lenders in what we call the "Chung Nam Network" for the removal of the bankruptcy trustees is dismissed. The trustees have entered into a funding agreement and are looking into "a number of apparently suspicious transactions arising from the relationship of the Bankrupt" with the lenders. Most of the money purportedly borrowed by Ian Chu Chi Ho was paid by the lenders directly HEC Finance 92 Ltd, another company in the network. That was formerly Chung Nam Finance Ltd.
Dagonite (0329) buys 6.09% of Freewill Holdings Ltd for HK$180m
Company announcement, 24-Nov-2015
The announcement fails to disclose who owns the vendor, but as of 26-Oct-2015, it was 100% owned by HEC Capital Ltd, which is 32.99% owned by the target, Freewill Holdings Ltd. The target is also owned by 5 other listed companies in what we call the "Chung Nam Network".
Enterprise Development (1808) belatedly discloses what it held at 30-Jun-2015
Company announcement, 24-Nov-2015
All 3 disclosed holdings are in HK-listed companies in what we call the "Chung Nam Network", as is Enterprise Development.
China Optoelectronics (1332) subscribes HK$90m for 3.98% of Co-Lead Holdings Ltd
Company announcement, 5-Nov-2015
Co-Lead is a hub in what we call the "Chung Nam Network". Before this deal it is 55.27% owned by Mason Financial (0273), 16.58% by Rentian Technology (0885), 10.13% by Dragonite (0329), 5.58% by China Soft Power Technology (0139), 3.87% by National Investment Fund (1227), 2.86% by Celebrate (8212) and 5.71% by unknown others.
Celebrate (8212) subscribes HK$50m for 2.86% of Co-Lead Holdings Ltd for HK$50m
Company announcement, 29-Jul-2015
Celebrate buys into a hub in the Chung Nam Network. Co-Lead's other holders include: Mason Financial (0273) with 55.27%, Rentian Technology (0885) with 16.58%, Dragonite (0329) with 10.13%, China Jinhai (0139) with 5.58% and National Investments Fund (1227) with 3.87%.
China Jinhai (0139) injects shares of Freeman Corp Ltd into Co-Lead Holdings LtdWillie announcement
Company announcement, 6-Jul-2015
The other holders of Co-Lead are Willie (0273), National Investments Fund (1227), Rentian Technology (0885) and, after completion, Dragonite (0329). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Dragonite (0329) injects shares of Freeman Corp Ltd into Co-Lead Holdings LtdWillie announcement
Company announcement, 6-Jul-2015
It fails to state that West West Ltd is owned by China Jinhai (0139). The other holders of Co-Lead are Willie (0273), National Investments Fund (1227) and Rentian Technology (0885). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Dragonite (0329) grants HK$200m loan facility to HEC Capital Ltd
Company announcement, 19-Jun-2015
HEC Capital Ltd is a hub in what we call the "Chung Nam Network", of which Dragonite is a member. Dragonite is also a shareholder of HEC Capital Ltd.
Dragonite (0329): HK$9.4m claim by AT Consult Limited
Company announcement, 20-May-2015
Pass the parcel: Willie (0273) buys basement of China United Centre from HEC Capital for HK$170m
Company announcement, 20-Apr-2015
Avoiding 8.5% double stamp duty, Willie is buying the BVI company which indirectly owns the property. It was previously owned by Dragonite (0329) until 21-Jan-2014, by Heritage (0412) until 4-May-2011 and by Z & Z International Ltd until 25-Apr-2008. Even earlier, it was owned by China United Holdings Ltd, the former incarnation of Willie, which bought the property in 1997 for HK$470m. So it has now come full circle. All are in the "Chung Nam Network"
The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)
Re bankrupt Ian Chu Chi Ho: applications by money lenders
HK Court of First Instance, 4-Dec-2014
The applicants are owned by Willie (0273), Dragonite (0329) and Forefront (0885), all part of what we call the Chung Nam Network. Mr Chu was an asset manager at Seekers Advisors H.K. Ltd, which is owned by HEC Capital Ltd, a hub of the network. The judge says "it is no secret that the applicants are the subject of [the trustees'] investigation". The trustees are partners of RSM Nelson Wheeler.
Re bankrupt Ian Chu Chi Ho: application by money lenders to see trustees' funding agreement is dismissed
HK Court of First Instance, 18-Nov-2014
"The majority of the funds borrowed by the Bankrupt were paid by Forefront, Sun Willie and Dragonite directly to HEC Finance without ever being paid to the Bankrupt...Further investigations by the Trustees indicate that the Bankrupt continues to be employed by Seekers Financial" - affirmation of trustee Kenny Wong Kwok Keung.
Dragonite (0329) subscribes 4.7% of Freeman Corp Ltd for HK$156.75mDragonite announcement
Company announcement, 26-Sep-2014
Another deal in the Chung Nam Network. This follows Dragonite's subscription 10 days ago for 2.52% of HEC Capital Ltd for HK$137.5m. The other shareholders of Freeman Corp Ltd include Freeman Financial (0279), iCube (0139) and Willie (0273).
Dragonite (0329) subscribes 2.52% of HEC Capital Ltd for HK$137.5m
Company announcement, 16-Sep-2014
Dragonite and HEC Capital are members of what we call the "Chung Nam Network". On 21-Jan-2014, Dragonite sold the basement of China United Centre to a company that is or was owned by HEC Capital for HK$140m, almost the same amount it has injected into HEC Capital in today's deal.
Dragonite (0329) sells basement of China United Centre for HK$140m
Company announcement, 21-Jan-2014
Actually they are selling the BVI co which indirectly owns it, thereby avoiding 8.5% Double Stamp Duty (if passed). The owner of the buyer is not disclosed, but later filings show that at 18-Sep-2012 it was a 100% subsidiary of HEC Capital Ltd. Both Dragonite and HEC Capital are in what we call the "Chung Nam Network".
Dragonite (0329) aborts share issue to Alice Yu Man Fung
Company announcement, 29-May-2012
The condition, which has not been fulfilled, is the listing of the shares by the Listing Committee of the Stock Exchange. We wonder why this was not fulfilled.
Dragonite (0329) issues shares to Alice Yu Man Fung
Company announcement, 23-Apr-2012
The subscriber is an SFC-licensed representative of Radland International Ltd, sister of Chung Nam Securities Ltd. Dragonite is in what we call the "Chung Nam Network".
Dragonite (0329): here's a list of the stocks we've been punting
Company announcement, 3-Nov-2011
See pages 29-33.
Mr Lam Suk Ping moves from Mascotte (0136) to Dragonite (0329)
Company announcement, 1-Jun-2011
Both are members of what we call the "Chung Nam Network".
Dragonite (0329) buys basement of China United Centre from Heritage (0412), does placingHeritage announcement
Company announcement, 6-May-2011
The Dragonite placing is via Chung nam Securities Ltd. Both listed companies are in what we call the "Chung Nam Network".
Dragonite (0329) issues shares to Ms Choi Ka Nam, ED of Radford Capital (0901)
Company announcement, 30-Mar-2011
Dragonite and Radford are both members of what we call the "Chung Nam Network". The issue price is a 12.1% discount to today's close, for an issue size which is less than half the 44.8m shares traded today (30-Mar-2011).
Unity (0913) issues shares to Au Yeung Kai Chor, ED of Dragonite (0329)
Company announcement, 30-Mar-2011
Unity and Dragonite are both members of what we call the "Chung Nam Network". The shares are issued at a 68.8% discount to the net asset value per share of $0.96 at 28-Feb-2011.
Alice Yu Man Fung subscribes $33.2m for 11.76% of Ruyan (0329)
Company announcement, 11-Jun-2010
The subscriber is a licensed representative of Orient Securities Ltd.

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