Finsoft Financial Investment Holdings Limited

Enigma fallout: the social media fund
We piece together disclosures by 4 listed companies in the Enigma Network to reveal a pseudo-fund which held a single 55% stake in a social media company, posing new questions for the regulators. (28-Apr-2019)
Hanison (0896) may buy 21/F of Kings Wing Plaza, Shatin
Company announcement, 1-Jun-2017
The vendors and their owners are unnamed, but we can tell you that they are HKEI (1082), which owns 60%, and Finsoft (8018) which owns 40%. 2 weeks ago, Hanison signed MoUs to buy 20/F from Convoy (1019) and 22/F from Town Health (3886), so this completes the penthouse triplex. All 4 vendors are in what we call the "Enigma Network".
Hanison (0896) may buy 20/F, 22/F of Kings Wing Plaza, Shatin
Company announcement, 17-May-2017
The vendors are not identified, but we'll tell you that 20/F is owned by Convoy (1019) which bought it for HK$107.4m in Jan-2015, and 22/F (top floor) is owned by Town Health (3886) which acquired Faithful Sun Ltd in 2016. Both vendors are in what we call the "Enigma Network". The price is about HK$10k per gross sq ft, and quite sensibly, Hanison is buying companies which own the properties to legally avoid 8.5% double stamp duty. The 21/F in the sandwich is owned by Ultimate Elite Investments Ltd, which is 60% owned by HKEI (1082) and 40% by Finsoft (8018), two other members of the Enigma Network.
The Enigma Network: 50 stocks not to own
Sometimes, all you need to tell a story is a picture. (15-May-2017)
Finsoft (8018) sells 5% of C&C International Healthcare Group Ltd to New Ray Medicine (6108) for HK$25.5mNRM announcement
Company announcement, 16-Mar-2017
AMCO United (0630) sells 40% of Ultimate Elite Investments Ltd to Finsoft (8018)Finsoft announcement
Company announcement, 5-Dec-2016
The target owns 21/F of Kings Wing Plaza, 3 On Kwan St, Shatin. The other 60% is held by HK Education (1082), which sold 40% to AMCO United in Jan-2016. HK Education owns 26.66% of IECCT (8081) which owns 15.83% of Finsoft. (8086) buys Full Profit Property Services Co Ltd from Finsoft (8018) for HK$20mFinsoft announcement
Company announcement, 1-Dec-2016
Finsoft bought it for HK$6m on 30-Dec-2015 from Jia Meng (8101). Disclosure on "discloseable transactions" in HK is so minimal that it is impossible to tell whether the surge in profits represents 1-time items (such as gains on listed securities) or not.
GET (8100): breach of Listing Rules, on Discloseable Transactions and Major Disposals
Company announcement, 28-Oct-2016
Following a complaint by Webb-site to HKEX, GET now accepts that it should have disclosed transactions in listed shares dating back to 8-Jul-2014, some of which were "Major Disposals" requiring shareholder approval, for which it now seeks ratification.
New Ray Medicine (6108) buys 39% of C&C International Healthcare Group Ltd for HK$189.31m
Company announcement, 18-Oct-2016
The first 9% does not require shareholders' approval but the second tranche does. NRM fails to say who owns the rest of the target or who owns the vendor, JFA Capital, but we can tell you JFA Capital is 49.5% owned by Convoy (1019). JFA has already sold 4% to Rui Kang Pharmaceutical (8037) and 5% to Finsoft (8018), both in July.
GET (8100) injects 1.61% of China Parenting (8361) for 17.75% of Finsoft (8018)Finsoft announcement
Company announcement, 27-Sep-2016
In our view, China Parenting is a bubble stock, trading on about 6.6x NAV. On 31-Jul-2015 GET acquired a 2.73% stake in return for issuing 14.91% of itself to China New Economy Fund (0080). Pass the parcel. Finsoft shareholders would have to be either mad or conflicted to approve this, which of course they probably will.
Finsoft (8018) buys 5% of C&C International Healthcare Group Ltd for HK$24.27m
Company announcement, 18-Jul-2016
Finsoft fails to say who owns the vendor, JFA Capital, or who owns the rest of the target. This follows a purchase of 4% by Rui Kang (8037) three days ago.
Finsoft (8018) buys China Universal Ltd for HK$25.9m from Jia Meng (8101)Jia Meng announcement
Company announcement, 7-Mar-2016
Finsoft doesn't say who owns the BVI vendor, but there is a parallel announcement by Jia Meng which doesn't say who owns the BVI buyer. Together, we get the picture.
Finsoft (8018) buys Full Profit Property Services Co Ltd from Jia Meng (8101) for HK$6mJia Meng announcement
Company announcement, 30-Dec-2015
Lerado's umbrellas and open offer
At last, Lerado (1225) admits that it holds 2% of the China Jicheng (1027) umbrella bubble, still worth HK$561m, which is more than it proposes to raise in an abusive, deep-discount open offer. The circular fails to say why they don't just sell the CJ shares instead. We call on shareholders to save themselves and vote against. (27-Oct-2015)
Bubbles and troubles in Hong Kong
Pour yourself a coffee and digest this long article as we investigate several ongoing abusive "open offers" and placings as well as show you who's been making out in multi-billion-dollar bubbles. We call on regulators and rule-makers to take action. (24-Sep-2015)
Concentration warning in Finsoft (8018)
SFC, 5-Feb-2015
This follows the warning in a Webb-site article on 31-Dec-2014.
Some bubbles for New Year
With the exchange shut for 2014, we take a close look at two bubbles and the other listed companies surrounding them. (31-Dec-2014)
Finsoft (8018) allotments and concentration warning
Company announcement, 25-Sep-2013
The top 10 placees get 96% of the float.

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top