Future World Financial Holdings Limited 未來世界金融控股有限公司

CSPT (0139) swaps 1 Lincoln Road for shares in FWF (0572)Future World announcement
Company announcement, 29-Dec-2017
FWF owns 9.21% of CSPT, just below the 10% threshold at which this would be a connected transaction. CSPT owns 8.48% of FWF which will increase to 21.46% on completion. Both are in what we call the "Chung Nam Network". The deal involves the transfer of the BVI company that owns the house, thereby avoiding a prohibitive 30% stamp duty on the $400m property.
Skyway Securities (1141) buys 2 Lincoln Road from Central Wealth Financial (0572) at HK$403mCWF announcement
Company announcement, 4-Mar-2016
Skyway is buying the BVI shell that owns the house via a HK subsidiary, avoiding 23.5% or $94.7m in Buyer's Stamp Duty (15%) and Double Stamp Duty (8.5%). CWF completed the purchase of the HK subsidiary on 30-Nov-2015. CWF reveals that the ultimate vendor then is a substantial shareholder of Skyway and an Executive Director of Skyway is sister of that person. So that person must be Lam Hoi Sze, brother of Lin Yuehe, Chairman of Skyway since 1-Mar-2016. CWF will become a 9.31% shareholder of Skyway.
China For You (0572) buys 19 Cumberland Road, Kowloon
Company announcement, 2-Feb-2016
CFY is actually buying a HK company for HK$117m, which owns the property with a mortgage of up to HK$117m. The property is valued at $240m. The vendor, Eternal Vantage Investment Ltd, is owned by a "merchant" whose name is not disclosed, but she is the niece of the vendor in another acquisition announced on 17-Aug-2015. Eternal Vantage obtained a loan facility of HK$200m from Skyway Securities (1141) on 19-Nov-2015. Transferring the company avoids 23.5% in Buyer's Stamp Duty and Double Stamp Duty on the house. Instead they pay 0.2% on the value of the shares.
China For You (0572) buys 2 Lincoln Road at HK$400m gross
Company announcement, 17-Aug-2015
The property is valued at HK$400m but they are buying the HK company that owns it, Metro Victor, with bank debt of $190m, for HK$210m net, of which $80m is in cash and the rest is a 2% 2-year note. The corporate transfer saves 23.5% in Buyer's Stamp Duty (15%) and Double Stamp Duty (8.5%) that anyone but a permanent resident without a home would pay. Instead they will pay 0.2% on the HK shares, or HK$380k. Metro Victor was owned by Hang Fat Ginseng (0911) until 2-Apr-2012, before its IPO. The sale then valued the property at HK$237m.
China Packaging (0572) loses control of operating subsidiary after chairman went missing
Company announcement, 25-Mar-2014
China Packaging (0572) suspends missing Chairman
Company announcement, 28-Jan-2014
Deutsche Bank petitions to wind up China Packaging over toxic derivatives
Company announcement, 9-Jul-2009
Deloitte quits as China Packaging auditor over unresolved issues
Company announcement, 8-Jul-2009
Breach of Listing Rules: late results
Company announcement, 30-Jun-2009
Termination of toxic derivatives by Deutsche Bank after non-payment
Company announcement, 15-May-2009
Breach of Listing Rules: late results, due to problems with audit
Company announcement, 30-Apr-2009
Comment: a tin pot company opens a can of worms.
Termination of Deutsche Bank toxic derivatives
Company announcement, 11-Nov-2008
Sinotronics follows the lead of First Natural Foods and declines to comply with payment request. DB then terminates. Now what about China Packaging?
Termination of Deutsche Bank toxic derivative
Company announcement, 3-Nov-2008
First Natural Foods says it was "induced" by Deutsche Bank's "representations" to sign the contract, and now regards it as unenforceable. Comment: good, now what about Sinotronics and China Packaging, amongst others?
Deutsche Bank's toxic derivatives
Two years ago, we successfully deterred the issuance of further toxic convertibles by listed companies in Hong Kong. Now we find that another bank is peddling toxic derivatives to small listed companies, including three small, apparently cash-rich, HK-listed industrial companies from Fujian. Both sides are to blame. Listed companies should only use derivatives to reduce risk, not to increase it, and banks should not be selling such unsuitable and toxic products to unsophisticated clients. (30-Nov-2007)

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