Hao Tian Finance Company Limited 昊天財務有限公司

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)
Prosperity (0803) to pay HK$100m for 10% of Hao Tian Finance Co LtdHao Tian announcement
Company announcement, 9-Apr-2015
Prosperity may be about to enter what we call the "Chung Nam Network", of which Hao Tian (0474) is a member.

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