Celebrate International Holdings Limited 譽滿國際(控股)有限公司

Imagi (0585) 2021 results
Company announcement, 16-Mar-2022
This reveals that on 2-Dec-2021, Era Bright Ltd, a money-lending subsidiary of Touyun Biotech (1332) subscribed 17m shares (2.97%) of Imagi Brokerage Ltd for HK$25m, reducing Imagi from 90.01% to 87.34%. The other 9.69% is held by CEGFL (0379), which also owns 18.55% of Era Bright, which is 79.22% owned by Touyun Biotech and 2.23% owned by Celebrate (ex-8212).
CST (0985) subscribes 1050 shares (7.39%) of Co-Lead Holdings Ltd for HK$250m
Company announcement, 7-Dec-2021
Co-Lead is a hub company in what we call the "Chung Nam Network". The announcement contains a partial list of its shareholders.
Blue River (0498) supplemental info on CB issuer Co-lead Holdings Ltd
Company announcement, 4-Jun-2021
A "listed company with a minority shareholding" (that would be Freeman, 0279, in provisional liquidation) is "purportedly unable to obtain access to the books and records of the Issuer due the the non-cooperation of the Issuer's management". On the other hand, Blue River says it has no such problems, and names the sole director of Co-lead, Ms Gloria Ip Yeuk Ping. Co-lead is a hub company in what we call the "Chung Nam Network".
Southwest Securities (HK) Brokerage Ltd v Michael Ng Kwok Wing & another (CACV 250/2020)
HK Court of Appeal, 20-May-2021
Having filed an appeal, Mr Ng failed to appear and his case was dismissed. The plaintiff's cross-appeal, for a judgment debt rather than damages, succeeds, and Mr Ng owes $163.5m plus 30% p.a. since 16-Apr-2019 under the terms of the facility agreement in event of default.
Celebrate (ex-8212): liquidators FTI Consulting were appointed on 27-Jul-2020 (6 months ago)
Company announcement, 2-Feb-2021
CEGFL (0379) interim results for 30-Jun-2020
Company announcement, 26-Aug-2020
This reveals that on 13-Mar-2020, the Group subscribed 18.55% of the enlarged share capital of Era Bright Ltd, a money lender, for HK$15m. We can add that EB is a subsidiary of China Touyun Tech (1332) with a minority holding by Celebrate (8212).
Celebrate (8212) update
Company announcement, 2-Jul-2020
After Citizens (owned by Oshidori, 0622) on 12-May applied for winding-up in HCCW 95/2020, and after Manivest (appointed by Southwest, 0812) on 13-May applied for interim receivers in HCMP 469/2020, Citizens on 18-May applied to intervene in that case, to be heard on 18-Jun, but on 15-Jun Manivest applied to join HCCW 95/2020 and appoint their choice of liquidators, RSM, so on 18-Jun they withdrew HCMP 469/2020. The liquidation hearing is set for 9-Jul. Meanwhile on 19-Jun, Southwest wrote to the judge regarding the withdrawal, making what Celebrate calls "completely unfounded allegations against the Board… and other parties" and enclosing a chart. In response, the Board now adjourns the EGM requisitioned by Manivest (who have a 64.66% shareholding) to replace the Board which was scheduled for 3-Jul.
Southwest Securities (HK) Brokerage Ltd v Michael Ng Kwok Wing & others (HCA 1200/2019)
HK Court of First Instance, 11-Jun-2020
The court awards summary judgment to Southwest Securities against Nieumarkt Investments Ltd and Michael Ng Kwok Wing, who belatedly claimed a hidden collateral agreement that he was just a nominee on behalf of Southwest to takeover Celebrate (8212), which the judge calls "not reasonably capable of belief". Curiously, the 3rd defendant, Alan Lee Yuk Lun, is not involved in this application.
Celebrate (8212): Receiver Mr Tang Shing Tung, who was appointed by Citizens Money Lending Corp Ltd, resigns
Company announcement, 25-May-2020
Celebrate (8212): receivers of controlling shareholding seek interim receivers or transaction limit on Celebrate's assets
Company announcement, 15-May-2020
The summons was filed on 13-May-2020, the day after Citizens Money Lending Corp Ltd (owned by Oshidori, 0622) filed a petition seeking a winding-up. The receivers were appointed by Southwest Securities (0812) which provided a loan for the 2017 takeover by Michael Ng Kwok Wing (via Nieumarkt Investments Ltd), secured on the controlling shareholding.
Citizens Money Lending Corp Ltd seeks winding-up of Celebrate (8212)
Company announcement, 14-May-2020
The winding-up petition was filed in the HK High Court on 12-May-2020. Citizens is wholly-owned by Oshidori (0622). The petition claims a debt of HK$27.16m pursuant to a loan agreement dated 25-Jan-2019. This comes just 7 days after the receivers of the controlling shareholding petitioned the court to appoint a receiver over the company's assets.
Receivers of controlling shareholder petition court to appoint receiver over assets of Celebrate (8212)
Company announcement, 14-May-2020
The receivers, Horace Ho Man Kit and Peter Mok Kwan Leong of Manivest Asia Ltd, were appointed by Southwest Securities (0812), which is trying to recover a loan secured against the controlling shareholding in Celebrate. The petition was filed on 5-May-2020.
Southwest Securities (0812) receivers of 64.66% of Celebrate (8212) resigned, replaced
Company announcement, 7-Apr-2020
Celebrate (8212) interim results for 31-Dec-2019
Company announcement, 13-Feb-2020
This reveals that on 2 and 3-Jul-2019, days after its year-end, Celebrate subscribed 30 shares (0.30%) of Freeman Opto Money Lending Corp Ltd @$50k for $1.5m and 1000 shares (9.09%) of Longtop Enterprises Ltd @$1500 for $1.5m. Both are money-lenders. By the end of 2019, the former investment was impaired to just $76k. The rest of FOML is owned by Freeman (0279) and the rest of Longtop is owned by Imagi (0585).
Southwest Securities (0812) appoints receivers of 64.66% of Celebrate (8212)
Company announcement, 3-Feb-2020
Although the appointment was purportedly made on 26-Nov-2019, "enforcement" was made on 24-Dec-2019 and a disclosure of interests was filed on 27-Dec-2019 and acknowledged by Celebrate on 30-Dec-2019. Proceedings against the borrower, Nieumarkt Investments Ltd, and guarantors Michael Ng Kwok Wing and Anson Li Chung Ngai are ongoing.
Celebrate (8212): controlling shareholder Michael Ng Kwok Wing "brutally attacked"
Company announcement, 18-Dec-2019
Celebrate (8212) belated annual results for 30-Jun-2019Annual report
Company announcement, 29-Nov-2019
Revealing that, under threat of delisting, on 25-Jun-2019 it completed a subscription of 300,000 shares (0.30%) of Simagi Finance Co Ltd @HK$5 for $1.5m, and the next day completed a subscription of 3,000 shares of Era Bright Ltd (23.08%) @HK$500 for $1.5m. Both are money-lenders. We can add that China Touyun Tech (1332) and Rentian Tech (0885) own 13m and 10m shares (13.09% and 10.07%) of Simagi, which they subscribed in 2018 for $65m and $50m respectively. 70.83% is owned by Jocasta Ventures Ltd, which is 36.17% owned by Freeman (0279). The rest of Era Bright is owned by China Touyun Tech.
Southwest Securities (812) proceedings re defaulted HK$158.4m loan against Michael Ng Kwok Wing & Alan Lee Yuk Lun
Company announcement, 8-Jul-2019
The loan to Nieumarkt Investments Ltd is guaranteed by the two individuals and secured on its 64.66% shareholding in Celebrate (8212). The loan was used to finance the takeover of Celebrate in 2017.
Celebrate (8212): Citizens Money Lending Corp Ltd appoints Mr Tang Shing Tung as Receiver of all assetsAnnual report
Company announcement, 4-Jul-2019
This is pursuant to a debenture created on 25-Jan-2019 and an alleged event of default. We note that Vincent Chow Chi Wah, INED of Celebrate since 31-Aug-2018, is Managing Director of Oshidori (0622), which owns the lender. In our view, directors of creditors, which are in a commercial relationship and rank ahead of shareholders on a liquidation of a company, should not also act as INEDs. Update: Celebrate's annual report at 30-Jun-2019 shows that it borrowed HK$100m under the facility and had invested $50m in Oshidori shares during the 6 months to June.
Celebrate (8212) to buy Hope Securities Ltd from David KiCCASS transfer
Company announcement, 29-Jan-2019
The broker, licensed on 9-Apr-2018, has only 2 licensed staff and only one stock in its CCASS account, Imagi (0585), transferred last Friday from Satinu Markets Ltd. Celebrate, Imagi and Satinu are all part of what we call the "Chung Nam Network". The deal is subject to SFC approval for the change of substantial shareholders of the broker. Update: the deal was terminated on 23-Aug-2019.
Celebrate (8212): ED Philip Suen Yick Lun "vehemently denied" SFC allegations against him
Company announcement, 19-Dec-2018
Union Asia (8173) coughs up details of investments at 31-Mar-2017
Company announcement, 18-May-2017
This follows a complaint by Webb-site to SEHK 2 days ago that this information was missing from the annual report. The holdings include 4.71% of eForce (0943), 3.79% of Trillion Grand (8103) and 4.04% of Celebrate (8212). All 4 companies are in what we call the "Chung Nam Network".
Union Asia (8173) coughs up details of investments at 30-Sep-2016
Company announcement, 17-Nov-2016
This follows a Webb-site complaint to HKEX on 14-Nov-2016 and reveals sub-5% holdings in eForce (0943), Trillion Grand (8103), Inno-Tech (8202) and Celebrate (8212), amongst others.
Celebrate (8212) coughs up investment details at 30-Jun-2016.
Company announcement, 3-Oct-2016
This follows a Webb-site complaint on 23-Sep-2016.
Nuns in the property habit
The Sisters of Saint Paul of Chartres will pay HK$390m for a vacant Kowloon residential site opposite their private hospital. The site changed hands in January for just $298m, and half of it was acquired in 2010-11 for $76.4m. We trace the history of the site. (20-Nov-2015)
China Optoelectronics (1332) subscribes HK$90m for 225 shares (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) lends HK$5m to Michael Ng Kwok Wing
Company announcement, 13-Oct-2015
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%.
FRC Investigation Report on W.H. Tang & Partners CPA Ltd
Accounting & Financial Reporting Council, 20-Mar-2015
Following a request by Webb-site, this is the first full Investigation Report released to the public since 2011.
HKICPA fines Louis Tang Wai Hung, Chow Chi Kit & W.H. Tang & Partners CPA Ltd
HKICPA, 30-Dec-2014
This concerns Celebrate (8212), an acquisition circular and its annual audit for 30-Jun-2010. This is the 2nd sanction in a year against Mr Tang and his firm. The panel calls them "serious breaches" and fines them HK$50k each. Seriously? Another reason why the HKICPA should stop self-regulating. Celebrate paid the firm audit fees of HK$2.7m that year, so the fine is trivial. A ban on practising for a prolonged period would be more meaningful.
HK Life (8212) buys 49% of Baron's School of Music Ltd for HK$47.04m
Company announcement, 28-Feb-2012
The owner of the BVI vendor is not disclosed. The net assets are not disclosed. The $96m "preliminary valuation" by an unnamed valuer is at 9.2x turnover and 238 times earnings for 2011. The price appears to be highly inflated.
China Vanguard's Grand Promise
China Vanguard (8156) bought an asset from its controlling shareholder at 6.5 times the price at which China Motion (0989) turned it down. Now it is struggling to redeem convertible bonds the target issued to Goldman Sachs and Evolution Capital. We also query a year-end HK$139m cash outflow to buy a company which was once owned by the controlling shareholder, with negative net assets. Finally we look at a pending acquisition by Aptus, its subsidiary. (10-Dec-2009)
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
B&B and Aptus
We issue a Webb-site.com "bubble rap" warning on Aptus (8212) and its parent B&B (8156). Aptus claims to have a deal with an arm of CNPC, parent of PetroChina, which apparently needs tiny GEM companies to help finance its mainland oilfields, while B&B, a honey trader, has bought a ticket in the mainland lottery which we expect will give you a worse return than the Mark Six if you buy the stock. We also take a close look at the financial engineering behind all this. (22-May-2006)
Breach of GEM Listing Rules 18.03,18.48A,18.49,18.66 & 18.79
Company announcement, 1-Mar-2004
Breach of GEM Listing Rules 18.66 & 18.79
Company announcement, 13-Feb-2004
Breach of GEM Listing Rules 18.03,18.48A & 18.49
Company announcement, 30-Jan-2004
Breach of GEM Listing Rules 18.03 & 18.49
Company announcement, 31-Dec-2003
Breach of GEM Listing Rule 10.12(4)
Company announcement, 10-May-2002

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