Renco Holdings Group Limited (BM) 融科控股集團有限公司

Li Yongjun & spouse buy 16.3% of HKBridge Financial (2323)
Disclosure of interest, 11-Jul-2019
The seller is Tian Yuan Manganese Ltd, controlled by Mr Jia Tianjiang. 360m shares at HK$0.75 cost $270m.
The Huarong-CMB network: 26 stocks not to own
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)
China HKBridge (2323) lends HK$900m to Ascend Trade Ltd
Company announcement, 12-Dec-2017
The borrower is owned and guaranteed by Mr You Wenpeng, about whom we know nothing. The loan is secured on shares of Bank of Jinzhou (0416.HK), which listed on 7-Dec-2015. The cornerstone investor in that IPO was Ningxia Tianyuan Manganese Industry Co Ltd, which is 99.62% owned by Mr Jia Tianjiang, who controls 16.39% of China HKBridge.
Huarong Int Fin (0993) invests HK$1.56bn into funds managed by China HKBridge (2323) and lends it HK$450mHKBridge announcement
Company announcement, 15-May-2017
2 funds will be established, each with HK$1bn, of which HIF will inject HK$780m and HKBridge $220m. So the loan to HKBridge is enough to fund its entire HK$440m contribution.
Topsearch (2323) stuffs HK$200m into a new fund
Company announcement, 25-Jan-2017
Topsearch (2323) sinks HK$340m into Huarong fund to buy HK$2.23bn of shares in Fullshare (0607)
Company announcement, 23-Dec-2016
Announced late on the last working day before Christmas. The General Partner is owned by China Huarong Asset Management (2799). The current Fullshare price (or is that, "full share-price") is $3.43, implying a target of about 650m shares, or 3.3% of Fullshare. The other 3 limited partners in the fund are not named. 2 LPs rank ahead of Topsearch for capital and a coupon of 7.5-8% p.a., then Topsearch for its capital, then LP4 for its capital, then anything left is split between Topsearch and LP4. So this is a leveraged bet on Fullshare.
Topsearch (2323) subscribes 7.68% of North Mining (0433) for HK$235m @$0.412North Mining announcement
Company announcement, 9-Dec-2016
Topsearch (2323) buys & subscribes 9.15% of SkyNet (8176) @$4.80 for HK$200mSkyNet announcement
Company announcement, 23-Nov-2016
Topsearch is buying 6.25m shares (1.49% of existing shares) from Eternity Investment (0764), and subscribing for 35,416,666 new Skynet shares. Eternity is selling down 25m shares of its existing 52m shares (12.39%) stake. At $4.80, the existing market cap of SkyNet is $2015m, but at 30-Jun-2016, it had net tangible assets of just HK$81.4m. Pre-placing, the top 6 holders have 91.48% of SkyNet. It's a bubble.
Topsearch (2323) issues 240m shares (16.67% of enlarged) @$2 to China Tian Yuan Manganese
Company announcement, 14-Nov-2016
The placeee, the placing agent and an 18% associate of Topsearch are all controlled by Mr Jia Tianjiang.

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