Touyun Biotech Group Limited 透雲生物科技集團有限公司

Planetree (0613) buys back 16.47% of Green River Associates Ltd from Mr Au-Yeung Kai Wah for HK$80m
Company announcement, 28-Dec-2023
As of 7-Dec-2022, the shares were held by a 100% subsidiary of CST (0985). So Mr Au-Yeung must have acquired them since then. That's the second asset in a week that Planetree has bought back which was previously owned by CST, following the $50m purchase of 5.32% of Planetree Securities Ltd from Kenneth Chan Chak Kai a week earlier. CST was privatised on 5-Dec-2023. One of 3 unnamed other holders of GRA is probably Touyun (1332) which held 13 shares (5.10%) at 30-Jun-2023.
China Smarter Energy (1004) tries to explain why it only got HK$1.2m for assets which others valued around 100x higher
Company announcement, 14-Apr-2023
CSE valued its 1.71% stake of Seekers Partners Ltd at 31-Dec-2021 at HK$0.04 per share or $1.126m, but on the same date, Shandong Hi-Speed (0412) valued its 2.91% stake at $4.396 per share ($211m), after a 25% discount for lack of marketability, and Touyun Biotech (1332) valued its 0.55% stake at $27m ($2.96 per share). CSE says it couldn't attract buyers because all 3 investees refused to provide financial data - to which SHS and Touyun apparently had access. Similar gross disparities apply to the stake in FreeOpt Holdings Ltd. In the end, CSE sold all 3 to Mr Au Yeung Kai Chor in order to finalise their overdue audited accounts and resume trading.
Planetree (0613) coughs up ownership structure of borrower on 3rd attempt
Company announcement, 12-Oct-2022
5 listed companies currently in what we call the "Chung Nam Network" have indirect stakes in Freeman Opto Money Lending Corp Ltd, via a cross-holding pair of Marshall Islands vehicles. They include Carnival (0996), suspended since Mar-2020, which never previously identified its 2017 investment in FreeOpt Holdings Ltd, China Smarter Energy (1004), suspended since Apr-2021, and National Investments Fund (1227), delisted last month.
Imagi (0585) 2021 results
Company announcement, 16-Mar-2022
This reveals that on 2-Dec-2021, Era Bright Ltd, a money-lending subsidiary of Touyun Biotech (1332) subscribed 17m shares (2.97%) of Imagi Brokerage Ltd for HK$25m, reducing Imagi from 90.01% to 87.34%. The other 9.69% is held by CEGFL (0379), which also owns 18.55% of Era Bright, which is 79.22% owned by Touyun Biotech and 2.23% owned by Celebrate (ex-8212).
CST (0985) subscribes 1050 shares (7.39%) of Co-Lead Holdings Ltd for HK$250m
Company announcement, 7-Dec-2021
Co-Lead is a hub company in what we call the "Chung Nam Network". The announcement contains a partial list of its shareholders.
Touyun Biotech (1332) discloses ownership of "Purchaser B" in its sale of Hope Capital Ltd | Previous announcement
Company announcement, 12-Nov-2021
Cordoba Homes Ltd is 61.99% owned by "a private family trust with Mr. Eugene Chuang as the sole beneficiary" and 28.08% owned by China Evergrande (3333). The other 9.93% is owned by "an independent third party". Note: we've been tracking Cordoba for years as part of the "Chung Nam Network". Various listed companies have held stakes in Cordoba Homes, but this is the first time we've seen China Evergrande as a shareholder.
Touyun Biotech (1332) subsidiary sells Hope Capital Ltd to Imagi (0585), Oshidori (0622), Cordoba Homes (30% each) and David Ki (10%) for HK$160m | Imagi announcement
Company announcement, 1-Nov-2021
The vendor, Galaxy Vantage Ltd, is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. Oshidori owns 28.53% of Blue River and 21.31% of Imagi. The target owns Hope Securities Ltd. The ownership of Cordoba Homes Ltd is not disclosed. Mr Ki previously sold Hope Capital Ltd to the vendor in a share-swap transaction which completed on 10-Dec-2020, less than a year ago. All the listed companies and Cordoba are in what we call the "Chung Nam Network", members of which frequently deal with each other.
Touyun Biotech (1332) subsidiary sells 90.1% of Genius Spring Ltd to Planetree (0613) for HK$40m | Planetree announcement
Company announcement, 29-Oct-2021
The vendor is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. The owner of the other 9.9% of Genius Spring is not disclosed, but our records show it was 9.9% owned by Imagination Holding Ltd as at 5-Dec-2016. This is another transaction in what we call the "Chung Nam Network".
Blue River (0498) supplemental info on CB issuer Co-lead Holdings Ltd
Company announcement, 4-Jun-2021
A "listed company with a minority shareholding" (that would be Freeman, 0279, in provisional liquidation) is "purportedly unable to obtain access to the books and records of the Issuer due the the non-cooperation of the Issuer's management". On the other hand, Blue River says it has no such problems, and names the sole director of Co-lead, Ms Gloria Ip Yeuk Ping. Co-lead is a hub company in what we call the "Chung Nam Network".
PYI (0498) subscribes HK$100m for 27.3% of Galaxy Vantage Ltd | CTT announcement
Company announcement, 23-Feb-2021
GV is 83.9% owned by China Touyun Tech (1332) and 16.1% owned by David Ki, who sold his brokerage Hope Securities Ltd to GV in 2020 in exchange for the stake. GV also owns a 12.1% stake in Simagi Finance Co Ltd.
Planetree (0613) subsidiary Planetree (Cayman) Capital Ltd (formerly Liberty Capital Ltd) buys out remaining minorities | CTT announcement
Company announcement, 4-Aug-2020
9.8% comes from Oshidori (0622) and 8.0% from China Touyun Tech (1332), at a total price of HK$93.6m ($117,000 per share).
China Touyun Tech (1332) subsidiary Era Bright Ltd lent HK$50m to Osman Bin Kitchell
Company announcement, 29-Apr-2020
The 1-year loan began on 20-Sep-2019, so this is late disclosure. It bore interest at 10% p.a. and was guaranteed by an unnamed company but was repaid in Jan-2020. Osman bin Kitchell, described only as "a merchant", is and was the Acting Chairman of Imagi (0585). Both companies are in what we call the "Chung Nam Network".
China Touyun Tech (1332) acquires Hope Securities Ltd from David Ki
Company announcement, 17-Mar-2020
Mr Ki swaps the holding company for about 16.1% of Galaxy Vantage Ltd valued at HK$41m. GV is currently a 100% subsidiary of CTT and has an investment portfolio. This follows an earlier deal to sell the brokerage to Celebrate (8212) which was terminated in Aug-2019.
Planetree (0613): supplemental disclosure on the other holders of Liberty Capital Ltd
Company announcement, 14-Feb-2020
Referring to its earlier announcement of a capital injection into Liberty Capital Ltd, Planetree now confirms the identity of the other holders. "Investor A" is Oshidori (0622) and "Investor B" is China Touyun Tech (1332). We note that Oshidori first mentioned the subscription of 440 shares in its interim results on 28-Aug-2019, and CTT first mentioned the subscription of 360 shares in its interim results on 23-Aug-2019. There is still no explanation of how the issued shares were reduced from 3800 to 2800 before the capital injection.
CEGFL (0379) swaps property vehicle for 35% of Top Insight, a subsidiary of Planetree (0613) | Planetree announcement
Company announcement, 23-Jan-2020
Prior to this, Top Insight is 100% owned by Planetree (BVI) Capital Ltd, which is indirectly 100% owned by Planetree (Cayman) Capital Ltd, which is 82.22% owned by Planetree (0613), 9.78% owned by Oshidori (0622) and 8.00% owned by China Touyun Tech (1332). The deal basically combines 2 properties under one holding joint venture.
Planetree (0613) injects HK$227.7m into subsidiary Liberty Capital Ltd | Circular
Company announcement, 22-Jan-2020
This increases its stake from 2000/2800 (71.43%) to 3700/4500 (82.22%). The remaining holders will be "Investor A" with 9.78% and "Investor B" with 8.00%. After Planetree's original investment in Liberty, there were 3800 shares and it held 52.63%, so this also begs the question: when were 1000 shares cancelled?
Celebrate (8212) belated annual results for 30-Jun-2019 | Annual report
Company announcement, 29-Nov-2019
Revealing that, under threat of delisting, on 25-Jun-2019 it completed a subscription of 300,000 shares (0.30%) of Simagi Finance Co Ltd @HK$5 for $1.5m, and the next day completed a subscription of 3,000 shares of Era Bright Ltd (23.08%) @HK$500 for $1.5m. Both are money-lenders. We can add that China Touyun Tech (1332) and Rentian Tech (0885) own 13m and 10m shares (13.09% and 10.07%) of Simagi, which they subscribed in 2018 for $65m and $50m respectively. 70.83% is owned by Jocasta Ventures Ltd, which is 36.17% owned by Freeman (0279). The rest of Era Bright is owned by China Touyun Tech.
Rentian (0885) annual report 2018 | CTT (1332) annual report
Company filing, 30-Apr-2019
This reveals in note 18 that in Aug-2018, Rentian subscribed HK$175m for 2.11% of Satinu Resources Group Ltd (we estimate 21.875m shares @$8) and $50m for 11.63% of Simagi Finance Co Ltd (10m shares @$5), both by issuing promissory notes. Subsequently another issue diluted It to 10.10%. We can add that at year-end, Simagi is held 88.37% by Jacosta Ventures Ltd, which is 36.17% owned by Freeman (0279), and 13.13% by China Touyun Tech (1332) which subscribed 13m shares for $65m.
China Touyun Tech (1332) 2018 results
Company announcement, 27-Mar-2019
This reveals that in the 2nd half, CTT subscribed another 138 shares of Co-Lead Holdings Ltd, for HK$55.2m, and 13m shares of Simagi Finance Co Ltd, for $65m.
Imagi (0585) sells its half of a money-lender to JV partner | Circular
Company announcement, 2-Feb-2018
The announcement fails to state who owns the purchaser, Bob May Incorporated (BVI), but the subsequent circular says it is Ms. Betty Long Wei, "a Hong Kong businesswoman active in the area of investment". The JV, Imagination Holding Ltd, owns Simagi Finance Co Ltd, a money lender. The circular also reveals that on 5-Dec-2016, the JV subscribed for "certain shares" of Genius Spring Ltd, which was 100%-owned by China Touyun Tech (1332), another company in what we call the "Chung Nam Network". The CTT 2016 accounts show that was a 9.9% stake in Genius Spring, subscribed for HK$21.39m. We note that Ms. Long was the owner of an LED company which had an aborted sale to CTT in 2015.
China Touyun (1332) sells 11.78% of Win Wind back to Enerchina (0622) for an IOU
Company announcement, 25-Jan-2018
Both companies are in what we call the "Chung Nam Network".
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 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)
China Opto (1332) discloses the junk held by Win Wind Capital Ltd
Company announcement, 28-Jun-2016
This follows a complaint filed by Webb-site on 23-Jun-2016 that the Major Transaction circular, which was presumably vetted by the Stock Exchange, failed to include any information on the underlying investments held by Enerchina (0622) subsidiary Win Wind Capital Ltd, with which China Opto is engaged in a share swap. Several of the stocks are in what we call the "Chung Nam Network". This also reveals that Win Wind (via Global Mind Investment Ltd) subscribed HK$100m for its 310 shares (5.44%) of an unnamed company which can only be Co-Lead Holdings Ltd. We calculate that this occurred between 7 and 29 July 2015, based on dilution of other holders.
China Opto (1332) coughs up details of financial assets
Company announcement, 31-May-2016
Following a complaint by Webb-site to SEHK, China Opto reveals that at 31-Dec-2015, it held 4.88% of Freeman Financial (0279) and other holdings in what we call the "Chung Nam Network".
China Optoelectronics (1332) swaps 28.56% of itself for 11.78% of Win Wind Capital Ltd | Enerchina announcement
Company announcement, 30-Mar-2016
Prior to this, Win Wind is 100% owned by Enerchina (0622). Both companies are in what we call the "Chung Nam Network".
China Optoelectronics (1332) does money-lending JV with Freeman (0279)
Company announcement, 30-Dec-2015
As the HK$300m joint venture will be 50:50, it will not be a subsidiary of either company, and therefore any loans it makes will be beyond the scope of the connected transaction rules. Another deal in what we call the "Chung Nam Network". There is no announcement by Freeman.
China Optoelectronics (1332) subscribes CB in Win Wind Capital Ltd
Company announcement, 23-Dec-2015
Another deal in what we call the "Chung Nam Network". We believe that Win Wind Capital Ltd was formerly known as Enerchine Capital Ltd. It is owned by Enerchina Holdings Ltd (0622).
China Optoelectronics (1332) subscribes HK$90m for 225 shares (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.
China Optoelectronics (1332) subscribes HK$80.03m for 3.45% of Freewill Holdings Ltd
Company announcement, 17-Jul-2015
Note: although the deal was stated to be subject to a due diligence investigation "to be carried out", this investigation was apparently completed within 1 hour and 12 minutes after the 22:48 announcement, because the subsequent interim report states that the transaction completed the same day. Freewill is a hub invested by 4 other listed companies in what we call the "Chung Nam Network".
Qualipak (1332) sells 544m shares (6.92%) of Mission Capital (1141)
Disclosure of interest, 3-Jun-2015
The sale price of $0.225 was a 52.6% discount the closing price of $0.475 on 29-May-2015. On the same day, China Jinhai (0139) bought the same number of shares at $0.485 per share. So was someone in the middle, and why? All 3 companies are in what we call the "Chung Nam Network".
Qualipak (1332) to buy LED lighting firm and change its name to China Optoelectronics | Termination
Company announcement, 20-Apr-2015
The vendor is owned by Betty Long Wei. The price is HK$469.25m and the net assets are just HK$13.55m. Update: after the name change, the deal was terminated on 29-Oct-2015 as the target "is going through a corporate restructuring which will drastically affect the present business format".
Qualipak (1332) sells 7/F, China United Centre, to Mission Capital (1141) | MC announcement
Company announcement, 16-Feb-2015
Another transaction in the "Chung Nam Network". Of the HK$90m price, $79.9m is satisfied with 850m new shares in Mission Capital, or 11.70% as enlarged. MC at last disclosure is 9.19% owned by HEC Capital, 9.25% owned by Freeman Corp (both being network hubs) and 29.68% by Paul Suen Cho Hung. The transfer of the BVI property owner avoids $7.65m of double stamp duty.
ICube (0139) buys 15/F China United Centre in shell from Qualipak (1332) | Qualipak announcement
Company announcement, 28-Nov-2014
Both companies are in what we call the "Chung Nam Network". By transferring the BVI shell they avoid HK$7.82m of Double Stamp Duty at 8.5%.

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