Win Today Limited

Raking muck, Part 2
Continuing our series, we look at a set of over-priced acquisitions and questionable transactions by China Post e-Commerce and others, building a matrix which demonstrates the close connections between the persons involved. We call on the SFC to investigate. (27-Feb-2012)
Raking muck, Part 1
In the first of a multi-part series, we delve into a transaction by the HK offshoot of Xinhua, the PRC's official news agency, and the people behind it. (21-Feb-2012)
Tsun Yip (8356) buys 17% of China New Media (HK) Co Ltd from Vicky Yu Wai Yin
Company announcement, 29-Jul-2011
For HK$70.04m of which $25m in cash and $45.04m in promissory notes. This follows the earlier purchase of 19% by Inno-Tech (0254) and the purchase 3 days ago of 7% by China Railsmedia (0745). The target is 51% owned by China Outdoor Media (8202). Its valuation is still claimed at $412m despite being loss-making and having negative net assets of $1m.
China Railsmedia (0745) buys 7% of China New Media (HK) Co Ltd from Vicky Yu Wai Yin
Company announcement, 26-Jul-2011
For HK$28.8m, of which $13m in cash and $15.8m in promissory note.
Inno-Tech (8202) buys 19% of China New Media (HK) Co Ltd from Vicky Yu Wai YinCircular
Company announcement, 18-Feb-2011
For HK$78m, half in cash, half in convertible bonds. The target is 51% owned by China Outdoor Media (0254), is loss-making, and has net liabilities of $0.7m but is valued at $412m.
China Post E-Commerce (8041) buys 40% of iKanTV Ltd from Win Today Ltd
Company announcement, 25-Sep-2009
For HK$77m in shares @$0.55. The announcement fails to disclose who owns the vendor, but subsequent shareholding filings show that it was 100% owned by Vicky Yu Wai Yin. The target is a loss-making startup with net liabilities of $4.26m and prior to this was 51% owned by China Outdoor Media (0254), which is in the process of selling 4% to the Company.
China Post E-Commerce (8041) terminates one of yesterday's deals
Company announcement, 28-Aug-2009
The deal was terminated because under the Listing Rules the company cannot issue shares within 30 days of a repurchase. The deal was resurrected on 25-Sep-2009.
China Post E-Commerce (8041) buys 4% of iKanTV Ltd from China Outdoor Media (0254) for $9.2mChina Outdoor Media announcement
Company announcement, 27-Aug-2009
The controlling shareholder of the buyer is also a 24.23% shareholder and CEO of the vendor, but it is not a connected transaction for the buyer under the Listing Rules because he owns less than 30% of the vendor so it is not his "associate". It is an exempt connected transaction for the vendor because it is less than HK$10m. Another deal in the same announcement, to buy 40% from another vendor, was terminated the next day.
eCyberChina (0254) shares resumes trading after 4 years
Company announcement, 5-Oct-2007
After the 30:1 open offer to recapitalise the company, there are 4 placees arranged by the underwriter, who are said to be mutually independent and have no intention to join the board. 29.53% goes to Joseph Lau Chi Yuen, 11.25% to "Vicky Yu", 9.99% to "Frankie Ma" and 4.97% to Wu Ka Cheung, a total of 55.74%. Mr Lau joined the board as CEO 53 days later.

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