National Investments Fund Limited 國盛投資基金有限公司

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 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.
Forefront (0885) to pool holdings in Freeman Corp Ltd with Willie (0273) and anotherWillie announcement
Company announcement, 19-Jun-2015
The third holder is Up Wonderful Ltd, the owner of which is not disclosed, but we can tell you that at 31-Dec-2014 it was owned by National Investments Fund Ltd (1227). These are all in what we call the "Chung Nam Network". The pooled vehicle, Co-Lead, will be owned 5.11% by NIF, 21.90% by Forefront and 72.99% by Willie.
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)
Freeman (0279) circular reveals investment in subsidiary by NIF (1227)
Company circular, 26-Nov-2014
Page 18 shows that NIF invested HK$59.85m for 21m shares (1.67%) in Freeman Corporation Ltd, which, upon completion of the investment by Forefront (0885), will be 60.52% owned by Freeman. It joins Willie (0273), Dragonite (0329) and ICube (0139). All 6 companies are in what we call the "Chung Nam Network". NIF invested 1 day after completing a placing of new shares to raise $89.58m, arranged by HEC Securities Ltd, another multi-owner venture in the network.
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".
Mascotte (0136) sells 5.82% of Sun Mass Funding to National Investments Fund (1227) for HK$50mSale aborted, 19-Apr-2013
Company announcement, 10-Apr-2013
Both companies are in the "Chung Nam Network"
Bubble warning: CFII (1227)
Webb-site.com warns investors to avoid China Financial Industry Investment Fund Ltd (1227), a closed-end investment company trading at over 28 times its net asset value. We also find a surprising addition to the ranks of its independent directors. (13-Jul-2007)
Breach of Listing Rules 13.49(1) & 13.46(2)
Company announcement, 27-Apr-2005
Toxic IPOs in HK
In this epic article, we take you through the IPOs of at least 14 listed companies, 3 of which have already led to criminal charges. We explain the inter-relationships between the companies, sponsors, lead managers, auditors and the INEDs. Before you buy another IPO, stop and read this article. (21-Mar-2005)
SFC prosecutes Miss Tsui Muk Lan for disclosure failure
SFC, 28-Oct-2004
SFC prosecutes Caric Lee Shi Tat for disclosure failure
SFC, 30-Sep-2004
SFC prosecutes Kenny Leung Kin Man for disclosure failure
SFC, 23-Jun-2004
Concentration warning
Company announcement, 19-Apr-2004

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top