Censure of GT (0263) and certain directorsThe Joint Global implosion
SEHK, 14-May-2019
This relates to our investigative report "The Joint Global implosion" of 30-Sep-2016. The announcement states that the Listing Department began investigating in mid-Oct-2016. In our view, the SFC and possibly the Commercial Crime Bureau should be investigating the circumstances of the collapse of Joint Global, which wiped over HK$2bn off the balance sheets of at least 11 listed companies in what we call the "Chung Nam Network".
HKICPA fines Mr Lee Ping Kai HK$30k
HKICPA, 9-Oct-2017
Filling the blanks: Mr Lee is/was a director of Pan-China (H.K.) CPA Ltd, which did the audit of GT Group (0263) for 2014 and the interim review for 2015. HKICPA fails to name either of these. Webb-site filed a complaint against the auditor with the Financial Reporting Council in Dec-2015.
Joint Global Ltd joint venture agreement dated 15-Sep-2015
Company filing, 7-Jun-2017
Thanks to the SFC's Takeovers Code, this agreement has been published online by CMBC Capital Holdings Ltd (1141), one of the 11 entities in what we call the "Chung Nam Network" which pooled their shares in HEC Capital Ltd into Joint Global Ltd, which then imploded like a black hole. It relates to our story "The Joint Global implosion", 30-Sep-2016.
Hanbo Enterprises (1367) lends HK$20m to Mr Cheung Che Kin
Company announcement, 19-Dec-2016
We note that 8 months ago he borrowed HK$80m for 1 year from GT Group (0263), a member of what we call the "Chung Nam Network". We are now placing Hanbo in that 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 Innovative Finance (0412) bubble
Hao Tian Development (0474) has confirmed our view by dumping 9.06% of CIFG at a 61.9% discount, still well above the net tangible asset value of $0.099. CIFG should trade below NTAV due to its appalling governance and membership of what we call the "Chung Nam Network". The purported profits of its leasing division are largely illusory and depend heavily on 1 customer in which CIFG has invested. HTD has also been allowed by HKEX to skirt the Listing Rules on corporate transactions. (26-Sep-2016)
Tai Shing (8103) reveals investment stakes and losses
Company announcement, 6-Jul-2016
At 31-Mar-2016, it held 0.3% of Eforce (0943) and 2.4% of Union Asia Enterprise (8173). During the year to 31-Mar-2016, it lost money on GT (0263) and Carnival (0996). All are in what we call the "Chung Nam Network".
GT Group (0263) lends HK$80m to Mr Cheung Che Kin
Company announcement, 14-Apr-2016
GT (0263) corrects 2014 EPS again
Company announcement, 22-Dec-2015
This follows a complaint to SEHK by Webb-site on 6-Dec-2015, that the purported correction announced in August was incorrect. The auditor, which also got the initial correction wrong, is Pan-China (H.K.) CPA Ltd. Webb-site has filed a complaint against them with the Financial Reporting Council.
GT (0263) belatedly discloses what it held at 30-Jun-2015
Company announcement, 26-Nov-2015
All of the 5 identified shareholdings are in listed companies in what we call the "Chung Nam Network", as is GT.
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.
GT (0263) "clarifies" 2014 EPS
Company announcement, 10-Aug-2015
Comment: in our view, the number of shares is still wrong, therefor so is the EPS. The 5:1 consolidation carries a factor of 0.2, and the rights issue of 9:1 at $0.6 carries a factor of $1.02/$0.642 based on the closing price on 10-Feb-2015, so the adjusted shares should be 123.741m. The auditor is Pan-China (H.K.) CPA Ltd.
Putting the FRC in Farcical
In a shocking failure to recognise a basic and obvious accounting and auditing error, HK's Financial Reporting Council rejected our complaint. The listed company involved has now admitted the error. We call on the FRC's Process Review Panel to investigate how it deals with complaints. (16-Apr-2015)
Subscription agreement between Hao Tian (0474) and HEC Capital Ltd dated 18-Sep-2012
Company filing, 2-Jul-2014
This is a recent filing under the Takeovers Code. Schedule 1 reveals the shareholdings in HEC Capital Ltd on the subscription date, including 10 other listed companies which we consider to be in the "Chung Nam Network".
China Yunnan Tin Minerals (0263) sells 8.77% of Freeman Securities back to Freeman (0279)Freeman announcement
Company announcement, 21-Mar-2013
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)
China Yunnan Tin (0263) subscribes HK$90m at $6 per share for 3.88% of Hennabun
Company announcement, 4-Aug-2011
China Yunnan Tin Minerals (0263) subscribes HK$129m for 215m shares (6.41%) of Cordoba Homes Ltd
Company announcement, 15-Apr-2011
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)

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